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Chris Samuels and Jon Jansen restructured

Predictably, as it is now an annual event (we should make t-shirts!), Jon Jansen and Chris Samuels saw their contracts restructured in order to accomodate the Redskins financial strategy. Per a quick update from a sorely missed Redskins Insider:

the Skins redid Chris Samuels's contract the other day after doing Jansen's as well - combined the deals created $6.3 million in cap space, so the Skins are roughly $3 million under and still have 3-4 other contracts they could rework to create more room.
Not a lot of details available on how that gets worked out though it permits speculation. Using PC's cap page, updated today because the man never sleeps, it already appears he's factored in the changes. Jansen and Samuels both appear to have base salaries ~730K. For Jansen, that's about half a million lower than his '09 base and over 3M lower than his '10 salary, telling me his base moneys this year were transferred in large part to guaranteed moneys. Ditto on Samuels, though the extent of the alteration is easier to identify; his '08 salary is over 4M lower than his '09 salary. In other words, those two guys are playing for millions below what their original contracts stipulated in base salaries right now. This makes perfect sense for them because it means the team simply cut those two players a checks for the amount their base salaries were lowered, and that money can't be taken away by them being cut, as it might were it merely base salary.

Jason La Canfora says 3M, he'd know, but PC says 2M, and he'd also know (that page explicitly acknowledges Samuels' restructure). So those two ranges should give you a pretty good idea about where we are capwise as of this moment. 2-3M isn't enough to work with given the upcoming free agency period and, of course, the draft, but there's still plenty of work to be done and we have yet to cut anybody of significance. Or at all; reader(s), have we cut anyone yet?

Elsewhere, David Elfin at Redskins 360 pegs the number at 1.2M over, but also takes a stab at predicting our next restructure:

Now the Redskins just need to redo one more player -- running back Clinton Portis, receiver Santana Moss, quarterback Mark Brunell, defensive tackle Cornelius Griffin and linebacker Marcus Washington are the likeliest targets -- to get below the NFL's mandated cap limit for the start of the free agent signing period on Friday.
Definitely Mark Brunell, but my understanding was his contract runs out anyways? If it had to be a restructure as opposed to an outright cutting, I'd choose either Portis or Moss for their relative youth among the list and because I think both could be productive for many years into the future here in Washington. I think that's also true of Marcus Washington and Cornelius Griffin but, given their age and recent injury histories, I'd just as soon gamble on younger players.

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Lloyd Cut!!!
and it's about damn time!

by CptChaosSidekick on Feb 26, 2008 6:08 PM EST   0 recs

Can't Find but think the Impact is (-3M)
Everyone's reporting Llyod being cut but nobody is talking the cap hit, as far as I can find.
He's on the books for some 4M this year, and the cut adds another 3M.

So, Depending on whom to believe in cap space were still slightly over or about 4M over now that Lloyd's been cut.

by dr WNC on Feb 26, 2008 6:54 PM EST to parent up   0 recs

Update-By Jason La Canfora
The cut does not save Washington any immediate salary cap space, with the free agency and trade period beginning at 12:01 a.m. Friday, but will create additional room this June. Lloyd, who could not be reached to comment, was designated a June 1 cut for salary cap purposes, executive vice president Vinny Cerrato said, which means his salary cap figure of $4.2 million will drop to $1.8 million on June 1. (Lloyd will count $5.5 million in dead cap space in 2009.)
Washington Post
Wednesday, February 27, 2008; Page E04

by dr WNC on Feb 27, 2008 8:46 AM EST to parent up   0 recs

I believe we only get two
pre-June cuts that can be treated as late cuts, so there goes one of them.

by Skin Patrol on Feb 27, 2008 9:17 AM EST to parent up   0 recs

True but...
Will any others be cut that can impact the cap numbers which need to be pushed off to 2009?

by dr WNC on Feb 27, 2008 9:43 AM EST to parent up   0 recs

Don't know
and I can't recall if we used both of ours last year. I thought we did for David Patten, but am not sure.

by Skin Patrol on Feb 27, 2008 1:55 PM EST to parent up   0 recs

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