I presume there is no limit to the guarantee amount. If so, wouldn't this be a great way for any high demand college kid to shop his services to the highest bidder/preferred team, without having to go through the draft process?
I'm certainly no expert, but I think that the main limitations are those of the 2011 CBA:
https://nfllabor.files.wordpress.com/2010/01/collective-bargaining-agreement-2011-2020.pdf
In particular:
- All undrafted players are signed to 3 year contracts, vs. 4 year contracts for drafted players (Art 7, Sec 3(a), p. 24).
- Since they would only have accrued a maximum of 3 seasons of experience at the end of their original contract, undrafted players who are not extended automatically become Restricted Free Agents. The CBA requires 4 accrued years of experience to qualify for UFA status. They are subject to being given a qualifying offer sheet by their original teams.
- Undrafted free agents can have their contracts re-negotiated or extended after 2 years, vs. 3 for drafted players (Art 7, Sec 3(k i-ii), p. 28).
- No team may exceed a total of $75,000 in bonuses to all of it's signed undrafted players (Art 7, Sec 1 (i)), so obviously that precludes giving any player a big signing bonus.
I'm not sure that the CBA says anything about how much total money you can offer a UDFA, or how much of it can be guaranteed, only how big of a signing bonus you can give; however, most UDFA contracts fall under the "rookie contract" description, and count towards the total amount that a team can spend on its rookies. This is usually not a factor, since most UDFAs are given minimal signing bonuses and non-guaranteed contracts that don't count towards the rule of 51, and the majority are cut before final roster cutdwns. I believe UDFA "rookie contracts" are also subject to the "25% rule", in that teams are prohibited from giving a player a raise of more than 25% annually, but I'm not 100% certain. I'm also not 100% sure, but I think that the other restrictions that apply to contracts for drafted rookies also apply (prohibiting things like option bonuses, voidable years, and limitations on outside cash and non-cash provisions) (Art 7, Sec 3 (b iii-iv), p. 25). They do not qualify for performance incentives (Art 7, Sec 6(a)).
Assuming Collins is exonerated, I would think his main concern would be to minimize his short term loss and also his time to a 2nd contract. Concessions that I would guess his agent might try to get from teams vying for his services might include:
- Amount of total money, within whatever limitations the CBA allows. Probably not much wiggle room here.
- Guaranteed money, within whatever limitations the CBA allows.
- Waiver of RFA status. I'm guessing that it's perfectly legal to sign a contract in which a team promises that it won't use apply a RFA qualifying offer, or will only apply one at the level of the original draft level (none in this case), effectively making Collins a UFA after 3 years. This would also put pressure on a team to extend him after 2 seasons, rather than risk losing him in free agency.
Just some guesses, but if I were Collins' agent I would be looking at every possible CBA loophole and how I could exploit it to minimize his loss. If so, teams that are more willing to play would have a much better chance of signing him.
All this is of course moot if Collins' legal situation remains murky.