Santana Moss and Clinton Portis restructured, among others?

by Skin Patrol on Mar 7, 2007 10:46 AM EST in Redskins News

the Redskins reworked the contracts of Portis and star wide receiver Santana Moss, converting large portions of their 2007 base salaries to bonuses, which become guaranteed but can also be prorated for cap purposes. The players lose no money in the transaction, and Portis's cap figure went from $7.1 million to $4 million, according to sources, while Moss's charge was lowered from $5 million to $3.2 million.

I've already said my piece on restructures and won't bore you with those again. Should be some additional news on cap space making cuts of John Hall and others later this week. PFT says that we're making cap room to go after Dre Bly, which might be a reasonable claim. I will update this thread with any additional cuts/restructures as they come in.

Some additional Redskins notes from The Post are worth mentioning:

The Redskins have been in contact with free agent guard Adam Timmerman, his agent said, and although some in the organization believe the 35-year-old may be beyond his productive stage, he remains a possibility to replace departed Derrick Dockery.

I did not mention Timmerman on the Free Agent Guard list though I've heard his name mentioned elsewhere. I did mention Sean Mahan, Ruben Brown, and Cosey Coleman though and all are named in the article as possible Dockery replacements.

And finally:

Smoot's deal is actually worth a maximum of $21 million over five years and not $25 million, as previously reported, according to sources. Smoot received $7 million to sign and the deal is essentially worth $11.5 million over three years. . . . Safety Vernon Fox received a $300,000 signing bonus as part of the three-year deal he received over the weekend, sources said, and will earn the veteran minimum in base salary.

Smoot's deal is worth less than reported and the 11.5M over 3 years is a bargain. Depending on how he plays, he could earn the last contract years though we'll have an opportunity to get out of it if he doesn't pan out. Bases=covered.

There was some concern that Vernon Fox had been signed for a higher contract than he's worth. I think we're ok. League minimum for Vernon is just under 600K, plus 100K per year in prorated signing bonus. 700K a year is peanuts for a guy who is on the field (even if only for special teams).

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And isn't Fox's cap hit...

actually smaller than his contract? I thought vets signed for the minuimum actually had a smaller cap hit then their contract.

I could be wrong...

All in all, it almost looks like the team knows what it is doing... I'm not really to call Vinny Billy Beane or anything... just saying.

by TexSkins on Mar 7, 2007 1:37 PM EST reply actions

Fox wouldn't qualify

To qualify for the Veteran League Minimum you need to have played at least 4 years (check), must received veteran league minimum (check), must sign a one year contract (doh!), and signing bonuses cannot exceed 40K (doh!).

It's still peanuts and, in Fox's case, it really doesn't save us that much. He's only entering his 6th year so he still costs around 700K with prorated signing bonus, and veteran league minimum exemption is 425K -- less than 300K a year. It's better for like 9-11 year vets where you'll end up paying closer to 1M a year without it.

Go Register. Or else.

by Skin Patrol on Mar 7, 2007 1:44 PM EST up reply actions