Miguel

Background - as part of his 3-year extension Seymour was due to get a $18.66 million option bonus. The $18.66M option bonus was actually two option bonuses. The first (6.66M) was due between aug. 4 of this year and march of next year. The second ($12M) is due by March 7, 2007. Ever since John Czarnecki reported on 9/8 that the Pats were under the cap by $10.3 million I have thought that the Patriots paid Seymour the $6.66 million option bonus since that was the only way my numbers came close to his report. A very reliable source confirmed that the Patriots did exercise the $6.66 million option bonus and that it was not converted into a roster bonus.

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Pats726

Great info...would it have been better to have been a roster bonus?? What is the difference...going forward capwise..anything??

RayClay

Always appreciated, Miguel.

Could you translate for the salary cap learning impaired? Can we pay him the other bonus early to use this years cap money?

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Miguel

Before the exercise of the $6.66 million option bonus, the $18.66 million was being prorated over the 3 years of the extension (2007/2008/2009 - $6.22 million per year) and none of it was counting against the 2006 cap. Now 25% of the $6.66 million or $1.65 million is counting against the 2006 cap lowering the cap hits in 2007/2008/2009 by $550,000.

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My youngest sister's best friend is on the board of directors of a food pantry in Malden, Massachusetts that distributed 285,000 meals and meal equivalents in 2005. I am asking that if you have found my salary cap pages useful that if you are able to do so, please make a donation to it. Please contact me for more information.

Miguel

I do not think so. I think that Seymour falls under this rule - " (a) The contract of a Veteran Player may not be renegotiated to increase the Salary to be paid to the player during the original terms of the contract for a period of twelve months after the player’s most recent contract renegotiation. ". His contract was renegotiated in April, 2006.

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My youngest sister's best friend is on the board of directors of a food pantry in Malden, Massachusetts that distributed 285,000 meals and meal equivalents in 2005. I am asking that if you have found my salary cap pages useful that if you are able to do so, please make a donation to it. Please contact me for more information.

BradyManny

With 10 mill free, why don't they just pay off all 6.6 mill this year?

Miguel

A question better addressed to BB and Scott Pioli.

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My youngest sister's best friend is on the board of directors of a food pantry in Malden, Massachusetts that distributed 285,000 meals and meal equivalents in 2005. I am asking that if you have found my salary cap pages useful that if you are able to do so, please make a donation to it. Please contact me for more information.

BradyManny

In your opinion, is that still a possibility at this point(absorbing more of hit)?

I have been adamant for quite some time that this roster is good enough to win the Super Bowl and that what is best for the team in the long term is to use the free cap space to absorb cap hits for its two megastars. I would be shocked if that space went unused this season. It just doesn't make any sense.

But then again, I basically no nothing about salary cap.

Miguel

I do not think that it is possible for the Patriots to further increase Seymour's 2006 cap number.

__________________
My youngest sister's best friend is on the board of directors of a food pantry in Malden, Massachusetts that distributed 285,000 meals and meal equivalents in 2005. I am asking that if you have found my salary cap pages useful that if you are able to do so, please make a donation to it. Please contact me for more information.

Fencer

Miguel, Have you posted an estimate anywhere of how much the Pats could easily pull cap money forward on existing contracts, as opposed to: 1. True new contracts? 2. The mid-season unrealistic LTBE incentives trick?