How can the Colts pay their players??
1.) Convert PM's 10 million roster bonus into a signing bonus thereby saving $8.33 million on the cap. Cap savings - $8.33 million.
2.) Extend Tarik Glenn's contract by a year. Let's say that he ends up with a $2.5 million salary and a $2 million signing bonus. Savings - $1 million.
3.) Get Stokely to agree to lower his new money take from $2.6 million to $1.2 million with the opportunity to earn back the money with incentives.
Savings - $1.4 million. If he does not agree to the deal, release him for about the same amount of cap savings.
4.) Convert $2.5 million of Booger McFarland's $5.5 million salary into a signing bonus - Savings - $1.25 million.
5.) I have no clue what the Colts are going to do with Corey Simon but they could save $3.955 million on the cap by releasing him on 6/2. That 3.955 million is pretty close to what the Colts would need to sign their draft picks, pay for players 52,53 and have about $1.25 million in reserve.
6.) Convert $2 million of Robert Mathis' $3.9 million roster bonus into a signing bonus - Savings - $1.6 million.
Five simple moves that takes the Colts from $2.5 million under the cap to about $16 million under. There are other moves available to the Colts.
What will be the 2007 cap numbers for the Colts' free agents??
What will be the net cap hit?? Remember since the Colts already have more than 51 players for the 2007 season that the Rule of 51 applies. If the free agent’s cap number is among the 51-highest on the team, the base salary of the player whose cap number had been 51st-highest no longer counts against the cap. In most cases, then, the effect of signing a free agent will either be $285,000 or $360,000 less than his cap number for 2007.
Please note that it appears from
http://www.jsonline.com/story/index.aspx?id=558630
that Ricky Proehl and Matt Ulrich had phony LTBE incentives added to the contracts so the Colts' adjusted cap number is probably be higher than $109 million which can only help the Colts.