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Favre retirement would provide salary-cap windfall
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<blockquote data-quote="Greg C." data-source="post: 129038" data-attributes="member: 195"><p>Here's an article from the Press Gazette. It's further proof that the Packers are in good shape financially. Favre is earning about what he deserves, and if he retires virtually all of his pay will immediately disappear from the salary cap:</p><p></p><p>Posted January 6, 2007</p><p>Favre retirement would provide salary-cap windfall</p><p>By Pete Dougherty </p><p><a href="mailto:pdougher@greenbaypressgazette.com">pdougher@greenbaypressgazette.com</a></p><p></p><p>If quarterback Brett Favre retires this offseason, the Green Bay Packers will pick up $9.6 million of room on their healthy 2007 salary cap.</p><p></p><p>The Packers are believed to be close to $25 million under the 2007 cap, though that number will go down slightly when they make contract tenders to their restricted and exclusive-rights free agents, and even further if they sign any players to long-term deals before the start of free agency in March.</p><p></p><p>If Favre retires, the Packers' judicious handling of his contract the last several years would result in only $1.4 million in "dead" money against their cap, according to a source with access to NFL Players Association salary data. That number would go down to $600,000 in "dead" money in 2008 if he plays in 2007 and then retires.</p><p></p><p>The Packers' pay-as-you-go approach with Favre stands in contrast, for instance, to the Tennessee Titans, who had to eat more than $9 million in cap space after trading franchise quarterback Steve McNair before the season.</p><p></p><p>"Obviously, we all hope (Favre) continues to play," said Andrew Brandt, the Packers' vice president of player finances. "Hopefully, we've managed the cap to be prepared for when he eventually does retire."</p><p></p><p>For the last several years, the Packers have refrained from restructuring Favre's contract on a yearly basis to clear salary-cap room for the short term. So, Favre has only $1.4 million of prorated roster bonuses remaining for the combined 2008-10 seasons, when his contract runs out.</p><p></p><p>His salary for next season is $11 million. If he retires, the Packers will clear that base salary from their books but add the $1.4 million in accelerated signing bonus, for a net gain of $9.6 million on their 2007 cap. If Favre plays in 2007 and then retires, the Packers will clear his $12 million base salary from their 2008 cap and pick up only $600,000 in accelerated bonus, for a net gain of $11.4 million.</p><p></p><p>General Manager Ted Thompson has plenty of cap room to work with this year, and having extra room from Favre's retirement doesn't mean Thompson will go on a major spending spree in free agency. But it would allow him and Brandt to go even further in front-loading contracts to save money on future caps, much like they did last year with the signings of defensive end Aaron Kampman and free-agent cornerback Charles Woodson.</p><p></p><p>Kampman and Woodson received a combined $8 million in roster bonuses last year, which counted against the 2006 cap but not future caps, like signing bonuses would have.</p><p></p><p>This offseason, the Packers will be trying to re-sign defensive lineman Cullen Jenkins, and perhaps extending the contracts of cornerback Al Harris and linebacker Nick Barnett, as well as pursuing free agents from other teams. </p><p></p><p>(P.S. I can't figure out how to post a link. Apparently it's like some sort of secret handshake. Or maybe the instructions are somewhere on this site but I'm overlooking them. I couldn't find them in Forum FAQ.)</p></blockquote><p></p>
[QUOTE="Greg C., post: 129038, member: 195"] Here's an article from the Press Gazette. It's further proof that the Packers are in good shape financially. Favre is earning about what he deserves, and if he retires virtually all of his pay will immediately disappear from the salary cap: Posted January 6, 2007 Favre retirement would provide salary-cap windfall By Pete Dougherty [email]pdougher@greenbaypressgazette.com[/email] If quarterback Brett Favre retires this offseason, the Green Bay Packers will pick up $9.6 million of room on their healthy 2007 salary cap. The Packers are believed to be close to $25 million under the 2007 cap, though that number will go down slightly when they make contract tenders to their restricted and exclusive-rights free agents, and even further if they sign any players to long-term deals before the start of free agency in March. If Favre retires, the Packers' judicious handling of his contract the last several years would result in only $1.4 million in "dead" money against their cap, according to a source with access to NFL Players Association salary data. That number would go down to $600,000 in "dead" money in 2008 if he plays in 2007 and then retires. The Packers' pay-as-you-go approach with Favre stands in contrast, for instance, to the Tennessee Titans, who had to eat more than $9 million in cap space after trading franchise quarterback Steve McNair before the season. "Obviously, we all hope (Favre) continues to play," said Andrew Brandt, the Packers' vice president of player finances. "Hopefully, we've managed the cap to be prepared for when he eventually does retire." For the last several years, the Packers have refrained from restructuring Favre's contract on a yearly basis to clear salary-cap room for the short term. So, Favre has only $1.4 million of prorated roster bonuses remaining for the combined 2008-10 seasons, when his contract runs out. His salary for next season is $11 million. If he retires, the Packers will clear that base salary from their books but add the $1.4 million in accelerated signing bonus, for a net gain of $9.6 million on their 2007 cap. If Favre plays in 2007 and then retires, the Packers will clear his $12 million base salary from their 2008 cap and pick up only $600,000 in accelerated bonus, for a net gain of $11.4 million. General Manager Ted Thompson has plenty of cap room to work with this year, and having extra room from Favre's retirement doesn't mean Thompson will go on a major spending spree in free agency. But it would allow him and Brandt to go even further in front-loading contracts to save money on future caps, much like they did last year with the signings of defensive end Aaron Kampman and free-agent cornerback Charles Woodson. Kampman and Woodson received a combined $8 million in roster bonuses last year, which counted against the 2006 cap but not future caps, like signing bonuses would have. This offseason, the Packers will be trying to re-sign defensive lineman Cullen Jenkins, and perhaps extending the contracts of cornerback Al Harris and linebacker Nick Barnett, as well as pursuing free agents from other teams. (P.S. I can't figure out how to post a link. Apparently it's like some sort of secret handshake. Or maybe the instructions are somewhere on this site but I'm overlooking them. I couldn't find them in Forum FAQ.) [/QUOTE]
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