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Wendell has a $1,000,000 salary, plus a weekly roster bonus of $12,500 per game that he is active, which works out to $200,000 for the full season.
There was also an $850,000 signing bonus, which is a sunk cost.
Wendell's cap number is $1,625,000.
If he is cut or traded then the Pats will take a cap hit of $850,000 (for his signing bonus).
The cap savings for the Patriots is $705,000 if he is cut or traded.
PatsCap.com | Ryan Wendell
A vet minimum contract would give a team signing him a lowered cap number, which is that of the minimum contract for a player with two years experience, or $570,000. Wendell's contract does not qualify for that cap discount because (a) his salary is in excess of the vet minimum for a player with his experience ($730,000); (b) it is for more than one year; and (c) it contains combined bonus money in excess of $65,000.
Should another team want to pick him up and qualify for that vet minimum discount, then they would have to sign him to a one-year deal with a salary of $730,000 and signing and/or roster bonuses of no more than $65,000.
Thank you, jmt57. For that kind of money, I wouldn't mess around by cutting Wendell. Just my opinion.
As I said, I think it's always the hope that a cheaper/younger rookie will step up in justification of a veteran release to save money, but in this case---it's not just that significant of a savings.
Of course, we've seen Belichick make moves to save far less, so I could be wrong. I just think we'll be needing him this year one way or another.