JoeSixPat
Pro Bowl Player
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http://www.nypost.com/sports/jets/62063.htm
Interestingly profootballtalk.com suggests that the $12 million cap hit the Jets would technically take might not be all that unpalatable to the team - especially considering that no one expects them to contend in 2006
NY Post said:February 17, 2006 -- The Jets are feverishly attempting to come to an agreement with Chad Pennington to restructure the quarterback's contract before March 3, which marks the start of the NFL's new year, a time when teams must get under the salary cap.
But while the Jets continue to negotiate with Pennington's agent, there are rumblings within with organization about whether the Jets should keep the injury-plagued quarterback at all.
Two members of the Jets' offense told The Post they believe the Jets should release Pennington.
The comments reveal a definite crack in a foundation that was built with Pennington as the leader in the Jets' locker room as well as the face of the franchise.
"I think we should release him; he's too injury-prone," one player said.
"He's like an egg back there," another player said, referring to Pennington's fragility. "I mean, look at the ways he's gotten hurt. He hasn't even been hit that hard. The injuries have come from awkward hits and falls. I think we should just cut him."
That's easier said than done, because cutting Pennington would subject the Jets to a $12 million salary-cap hit in 2006. For a team that's already some $26 million over the cap, that's a daunting prospect.
Interestingly profootballtalk.com suggests that the $12 million cap hit the Jets would technically take might not be all that unpalatable to the team - especially considering that no one expects them to contend in 2006
profootballtalk.com said:JETS NET CAP HIT FOR CUTTING CHAD? ZERO
As the New York Jets try to finagle a reduction in quarterback Chad Pennington's 2006 wages, some NFL observers are explaining that the Jets have no real leverage because cutting Pennington would give rise to a $12 million cap hit.
We've confirmed that, indeed, dumping Pennington will result in a $12 million cap charge due to the $22 million he already has received under a contract signed in 2004. But cutting Pennington also will result in a savings of $9 million owed to Pennington in 2006.
Coupled with the $3 million signing bonus proration, the net cap hit technically would be zero.
Actually, cutting him would result in $3 million in cap savings, since there's a $3 million LTBE incentive in Pennington's deal based on him participating in a percentage of the team's special teams snaps in 2006. Though such devices are used to increase the basis for the 30 percent rule, it wasn't necessary in Pennington's contract, since his 2007 salary is only $4 million, far less than his $9 million pay in 2006.
Regardless, this incentive means that there's currently $15 million tied up under Pennington's name. Since the $3 million eventually will go away when it becomes impossible for him to participate in 05 percent of the special teams snaps, cutting him would be a wash.
There's another minor twist. The Jets have the right to guarantee his 2006 base salary of $6 million. So if they keep Chad at his current wages in 2006 and guarantee the base (and if we ignore the $3 million incentive payment), his cap number would be $7.5 million. Since cutting him would cost $12 million against the cap, the net cap hit as a practical matter would be $4.5 million.
But given that the CBA extension likely will get done, cutting Chad now gets him off the books, with no cap charges in future years. And because no one expects the Jets to do much on the field in 2006, it might be wise for the Two Utes who are running the show to bite the bullet now.
The bottom line here is that if Pennington refuses to take a significant pay reduction, the fact that cutting him creates a $12 million cap charge should not be an impediment to getting rid of him -- especially since keeping him at a $7.5 million cap number will require paying him $9 million in 2006, but taking a $12 million cap hit by releasing him requires the placement of no further cash into his already unjustifiably deep pockets.
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