Patriots and Jerod Mayo Have Agreed to a Restructured Contract

[Miguel]

They mentioned $4.5M could become $6M with incentives. So could it be:

$4.5M salary (fully guaranteed)
$3.6M old signing bonus
$1.5M incentives

==================

$9.6M Cap hit for 2015

Doubtful that the incentives would be classified LTBE (Likely to be earned)

 

[Miguel]

Question......what happens to the $3.6 million in signing bonus for 2015 and the $2.4M for 2016. The $3.6M cant go anywhere, right?

Existing signing bonus prorations can not be changed during a restructure, paycut, or an extension.,

 

[RI Patriots fan]

Doubtful that the incentives would be classified LTBE (Likely to be earned)

So the incentives could be classified as NLTBE and the cap hit taken next year?

So maybe it is:

$4.5 M + 3.6M = $8.1M for 2015

$4M + 2.4M + previous year's NLTBE that were earned = $6.4M-$7.9M for 2016

 

[DarrylS]

Predicted this move a while ago.. the more money they free up, the more money available for when Solder, Hightower, Collins have their time at the trough..

I makes perfect sense.. what I liked about Mayo, besides Miss Mayo, during the last Superbowl run was seeing him on the sidelines during the biggest show..

 

[RI Patriots fan]

Existing signing bonus prorations can not be changed during a restructure, paycut, or an extension.,

I didn't think so....thanks.

 

[Miguel]

Reached NLTBE incentives would not necessarily increase Mayo's 2016 cap number. He could have incentives for 2015 but not for 2016.

 

[RI Patriots fan]

Reached NLTBE incentives would not necessarily increase Mayo's 2016 cap number. He could have incentives for 2015 but not for 2016.

It seems unlikely that Mayo would accept a $900k salary for 2015, so more than likely the cap hit will be no less than $4.5M salary + $3.6M previous signing bonus = $8.1M. Assuming that his salary will $4.5M and not $900k, we're probably looking at tops (assuming he doesn't earn any of the incentives), a $2M cap savings in 2015.

Obviously, this assumes that what has been reported is true.

 

[RobertWeathers]

So the incentives could be classified as NLTBE and the cap hit taken next year?

So maybe it is:

$4.5 M + 3.6M = $8.1M for 2015

$4M + 2.4M + previous year's NLTBE that were earned = $6.4M-$7.9M for 2016

Good effort on the math but there is no way that Mayo has a $8.1 salary & ~ $8.1m cap hit for 2015. I think it's closer to the $6.25.

He's played 12 games in 2 years.

 

[Oswlek]

The Pats don't tend to do moves like this unless there is a corresponding move that cost money coming down the pipeline.

I don't think this is true. Just last year they dumped Mankins without a subsequent transaction. I don't recall a corresponding move when they reworked Vince's contract either.

It's just more of the same, Mayo was too costly so they lowered his number, giving him a chance to earn it back if his play returned to pre-injury levels. No more, no less.

 

[Pats Fanatic]

I don't know how many will get this reference.

 

[meatface]

glad to see them keep Mayo

 

[RI Patriots fan]

Good effort on the math but there is no way that Mayo has a $8.1 salary & ~ $8.1m cap hit for 2015. I think it's closer to the $6.25.

He's played 12 games in 2 years.

It wasn't a $8.1M salary. It was a $4.5M salary plus the old signing bonus.

I'm not commenting on his value to the team. I was merely looking at what was reported and it was reported that he was getting $4.5M with the opportunity to make $6M.

If it is $4.5 M, then either he's either getting a $900k salary or $4.5M salary. Then the old signing bonus has to be added which would be $3.6M. So if this news report is correct then the 2015 cap hit has to be either $4.5M or $8.1M along with any incentives that might be earned.

 

[ashley]

glad to see them keep Mayo

Me too, he's a great leader and when on the field, a terrific player!!!!!

 

[Hammer of Thor]

Reached NLTBE incentives would not necessarily increase Mayo's 2016 cap number. He could have incentives for 2015 but not for 2016.

Agreed that technically this is true. Effectively though, it does have a real impact because, if all 1.5m in incentives is NLTBE and it's achieved, the team's cap is 1.5m less in 2016.

Sort of like Revis having a 5m dead money hit in 2015. As an alternative they could have simply given him all 12m as a base salary for 2014 and therefore have had no dead money hit for Revis in 2015. But their carryover cap from 2014 would have been 5m less and thus the team salary cap would have been 5m less in 2015. Effectively gets to the same place.

 

[Miguel]

Corrected minimum of $1,000,000 comes from
1.) Lowering salary from $6.25 million to $5,250,000.

New cap number would consist of
$5,250,000 salary ($4.25 million fully guaranteed)
$3,600,000 old signing bonus proration
$250,000 workout bonus
$187,500 46-man active roster bonus
==========
$9,287,500

The $5,250,000 salary plus the $250,000 workout bonus plus the possible $500,000 in earnings from the 46-man active roster bonuses equals maximum compensation of $6 million as reported by Mike Garofolo.

 

[Ochmed Jones]

Glad to see Mayo is on board.

Interesting because earlier someone speculated that they were not going to rework Mayo's deal while he was injured. Maybe he passed a physical?

Extension for Solder next?

 

[farn]

Count me in as "glad".

Truth is : probably not much in terms of cap savings by cutting Mayo. And though injuries have been difficult, he is still south of 30. When healthy he is a VG player. And by all accounts, BB loves this guy.

Stay healthy Mayo. Do a "2014 Gronk".

 

[Miguel]

http://www.patsfans.com/salary-cap/?p=1669 is my blog about Chya's dad's restructure

 

[Brady_to_Moss]

Save $$ and still see him as a patriot..love it

 

[jmt57]

Someone gets the best news of it all. Mayo must have passed his physical because he couldn't have re worked a contract without one.

This would seem to mean that Mayo should be fully ready to do everything possible during the OTA's and that will be big for him. This is going to be a very daunting OTA and TC for the defense in general, but for the LB's especially. Getting Mayo back as early as possible will go a long way toward making Hightower's recovery easier to deal with.

You beat me to it, but this is well worth repeating.

Many were clamoring for the Patriots to re-work Mayo's deal heading into free agency, but that was not possible because you can't do that with an injured player.

The fact that the Patriots were able to do this now - 4½ months before the season begins - is certainly a good sign for the Pats' defense.