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Silverstein on contract situation
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<blockquote data-quote="TJV" data-source="post: 491182" data-attributes="member: 4300"><p><span style="font-family: 'Arial'"><span style="color: #000000">Here’s what Brees’ contract was reported to be: $37 million signing bonus and $3 million first-year base salary in 2012, $9.75 million in 2013, $10.75 million in 2014, $18.75 million in 2015 and $19.75 million in 2016. That’s $7.4M per season cap hit from the signing bonus plus the annual salaries. Say for example the Saints want to save some money on the cap in 2015 because they want to reduce the $26M cap hit for that season. They owe him $38.5M for the last two years of the deal so if they extend his deal in 2015 by two years and pay him a $30M signing bonus in 2015 and a $1M salary, their cap hit goes from $26M to just under $16M for 2015. And Brees makes sure the revised contract pays him more than the $38.5M he was going to make in those two years. The problem with doing this is it increases the cap hit going forward. </span></span></p><p> </p><p><span style="font-family: 'Arial'"><span style="color: #000000">Remember how many times Favre re-did his deal after signing the 10-year $100M contract in 2001? Each time he received more money in signing bonus to reduce the cap hit. </span></span></p></blockquote><p></p>
[QUOTE="TJV, post: 491182, member: 4300"] [FONT=Arial][COLOR=#000000]Here’s what Brees’ contract was reported to be: $37 million signing bonus and $3 million first-year base salary in 2012, $9.75 million in 2013, $10.75 million in 2014, $18.75 million in 2015 and $19.75 million in 2016. That’s $7.4M per season cap hit from the signing bonus plus the annual salaries. Say for example the Saints want to save some money on the cap in 2015 because they want to reduce the $26M cap hit for that season. They owe him $38.5M for the last two years of the deal so if they extend his deal in 2015 by two years and pay him a $30M signing bonus in 2015 and a $1M salary, their cap hit goes from $26M to just under $16M for 2015. And Brees makes sure the revised contract pays him more than the $38.5M he was going to make in those two years. The problem with doing this is it increases the cap hit going forward. [/COLOR][/FONT] [FONT=Arial][COLOR=#000000]Remember how many times Favre re-did his deal after signing the 10-year $100M contract in 2001? Each time he received more money in signing bonus to reduce the cap hit. [/COLOR][/FONT] [/QUOTE]
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Silverstein on contract situation
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