Seymour Contract Details

[bucky]

For anyone who cares about the details:

http://insider.espn.go.com/nfl/insider/columns/story?columnist=pasquarelli_len&id=2408421


The total value for four years is $30.026 million.

Seymour received a $5.34 million signing bonus.
The first option bonus is for $6.66 million and is payable between Aug. 4 of this year and next March.
The second of the option bonuses, for $12 million, is due the first week of next March.

Failure to exercise the options means that Seymour's base salary for 2007 goes from $600,000 to $19.26 million, all of it guaranteed, and that he becomes an unrestricted free agent after the '07 season.


Base Salaries:
2006-$585,000
2007-$600,000
2008-$730,000
2009-$3.685
offseason workout bonuses of $106,720 each for 2006-2009.

The cap charges:
$4.42 million for 2006 (identical to pre-extension cap charge)
$8.26 million for 2007,
$8.391 million for 2008 and
$11.34 million for 2009.

 

[patchick]

Failure to exercise the options means that Seymour's base salary for 2007 goes from $600,000 to $19.26 million, all of it guaranteed, and that he becomes an unrestricted free agent after the '07 season.

So it's an "option" the same way that "give me your wallet or I'll shoot you" is an option. Ahh, contracts.

Anyway, good to have you aboard Richard. A rich and richly deserved deal.

 

[Miguel]

I swear that this board is determined to get Ian into trouble by posting Insider material on this board.

 

[bucky]

Sorry. If Ron Borges can do it, why can't we? At least I'm paying for Insider and giving credit where it's due.

 

[pats1]

I swear that this board is determined to get Ian into trouble by posting Insider material on this board.

You can get the exact same info from Reiss' blog:

http://www.boston.com/sports/football/patriots/reiss_pieces/2006/04/seymour_analysi_1.html

UPDATE: ESPN.com's Len Pasquarelli reports on Friday that the $18.66 million option bonus is split into two parts. The first part is $6.66 million, and according to Pasquarelli can be paid any time from Aug. 4 of this year to next March. The second part is $12 million and is due next March. This detail is crucial because it allows the Patriots to use some of their current cap space by executing the first part of the option before the end of the 2006 league year.

 

[lobster]

I read the details of Seymour's contract first on Reis's blog and then read the posts here and I didn't see any problem with the post here.

 

[bucky]

So if the first Option bonus can count towards the 2006 cap, the cap figures would look like this:

2006 - $11.08 mil
2007 - $6.04 mil
2008 - $6.17 mil
2009 - $9.12 mil.

Creative use of cap space. Let's hope they do the same with Branch.

 

[AdamJT13]

So if the first Option bonus can count towards the 2006 cap, the cap figures would look like this:

2006 - $11.08 mil
2007 - $6.04 mil
2008 - $6.17 mil
2009 - $9.12 mil.

Creative use of cap space. Let's hope they do the same with Branch.

Option bonuses are prorated. The Patriots would have to convert that $6.66 million to have it all count this season.

 

[PatsFanInVa]

This is all so beautiful...

Option bonuses are prorated. The Patriots would have to convert that $6.66 million to have it all count this season.

So essentially the Pats have given themselves the flexibility to pay later if they so desire, but with up to 6.66M they can convert to a future-saving cap hit this year.

Ohhhhhhhhhhh.

Now I get why they usually sign their guys by the time of training camp.

PFnV

 

[PatsFanInVa]

2006-$585,000
2007-$600,000
2008-$730,000
2009-$3.685
offseason workout bonuses of $106,720 each for 2006-2009.

The cap charges:
$4.42 million for 2006 (identical to pre-extension cap charge)
$8.26 million for 2007,
$8.391 million for 2008 and
$11.34 million for 2009.

Jeepers, it looks like Seymour's cap hit spikes by 3M right when Brady's decreases by 3M. Of course, both will be wanting new deals right about then and all sorts of things can happen before that time, dealwise... but if the above is accurate, I like it lots as is.

Of course, you pay that $6.66M up front, and it subtracts 2.22 from 07-09's cap hits all the way around... that's one more middle-class guy on the roster through 09, created out of biting one bullet, one year, when we have the cap room to do so and (if this board is to be believed) the mechanism with which to do it!

PFnV

 

[spacecrime]

Option bonuses are prorated. The Patriots would have to convert that $6.66 million to have it all count this season.

Convert it to what?

I guess the bottom line question is will the Pats be able to use up a big chunk of cap space (~$10 Mil +) on Seymour this year (2006)?

 

[PatsFanInVa]

Convert it to what?

I guess the bottom line question is will the Pats be able to use up a big chunk of cap space (~$10 Mil +) on Seymour this year (2006)?

Well, yes, if they choose to... Miguel seems to think they're going to take the big hit on Seymour next year, as slated (as always, apologies if I misstate his position, but that's how it looks.) But they've got the $16M under cap to do it with.

But with all the other deals left to do (especially Branch), if they want to move money to this year, the option's clearly open, with the 16M still left.

Or, the "frontloading" concept is simply not the priority I think it is - being the amateur - and the Pats are coiling to spring on Donnie Edwards, Ty Law, some guys left without a chair when the music stops between the draft and 6/1, etc. etc. etc.

PFnV

 

[AdamJT13]

Convert it to what?

Salary, a roster bonus or an easily reachable incentive. But I wouldn't expect that to happen. Really, there's no reason to take any additional cap hit this season, since any leftover cap room can be pushed forward with the LTBE loophole.

 

[flutie2phelan]

Really, there's no reason to take any additional cap hit this season, since any leftover cap room can be pushed forward with the LTBE loophole.

But can you fast-forward, say, 10 million dollars that way?

Wouldn't the league be likely to make trouble ... or the NFLPA?

 

[PatsFanInVa]

Flutie, if it's a problem, they could just give Branch $10M of his deal in salary this year (a simplification - you'd spread it over several players whose deals are doable now, so no one player becomes a huge risk).

But that's assuming that the thinking by the brass is to pay out a lot this year and free up the ducats for 07-09, of which we have no proof. (Though it seems to make sense to me.)

If it weren't that the off-season is so boring otherwise, I'd stop speculating at all!

PFnV