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SmootSmack · 03-02-2006, 06:07 PM

Interesting update from profootballtalk.com on Portis' new deal, particularly the part about him being a free agent earlier.

PORTIS GETS MORE MONEY, SHORTER DEAL

We reported on Wednesday that the Redskins were in the process of restructuring the contract of running back Clinton Portis by converting a roster bonus to a guaranteed payment, spreading out the cap charge over multiple years.

With the prospects of an extended CBA less and less likely, and with the Redskins poised to make massive cuts before the start of the 2006 league year, a league source tells us that the Redskins and Portis have reached a tentative agreement on a sweeping restructuring that: (1) pushes money from future years forward; (2) contains more than $1.5 million in guaranteed salary in 2007; (3) pays him $300,000 more through 2008 that his prior contract would have; and (4) expires three seasons earlier, making him eligible for unrestricted free agency in 2009 at the age of 27.

The agreement is contingent upon an extension to the CBA not being reached.

Under the new deal, Portis gets a $1.99 million roster bonus in 2006 and a salary of $545,000. He receives an option bonus of $8.2515 million in 2007, which includes a non-exercise penalty. He also receives $1.517 million in guaranteed salary and $545,000 in non-guaranteed salary.

The guarantee includes a provision exempting him from the standard offset principle, which reduces any money he earns from another team if he is released prior to 2007. If the 'Skins cut him before the 2007 season, he pockets the full $1.517 million regardless of what he earns elsewhere.

In 2008, he receives an option bonus in the amount of $1.517 million, with a non-exercise provision requiring the team to pay him that same amount. He also gets a base salary of $545,000.

Due to the 30 percent rule, the new deal expires after the 2008 season, allowing Portis to hit the open market in 2009.

We're not sure how much cap room this new deal creates, but it's undoubtedly a short-term benefit for the Redskins, since to get it done they're giving Portis more money and tying him up for three less years.

03-02-2006, 06:07 PM	#17
SmootSmack Uncle Phil Join Date: Feb 2004 Posts: 45,256	Re: Portis restructures too Interesting update from profootballtalk.com on Portis' new deal, particularly the part about him being a free agent earlier. PORTIS GETS MORE MONEY, SHORTER DEAL We reported on Wednesday that the Redskins were in the process of restructuring the contract of running back Clinton Portis by converting a roster bonus to a guaranteed payment, spreading out the cap charge over multiple years. With the prospects of an extended CBA less and less likely, and with the Redskins poised to make massive cuts before the start of the 2006 league year, a league source tells us that the Redskins and Portis have reached a tentative agreement on a sweeping restructuring that: (1) pushes money from future years forward; (2) contains more than $1.5 million in guaranteed salary in 2007; (3) pays him $300,000 more through 2008 that his prior contract would have; and (4) expires three seasons earlier, making him eligible for unrestricted free agency in 2009 at the age of 27. The agreement is contingent upon an extension to the CBA not being reached. Under the new deal, Portis gets a $1.99 million roster bonus in 2006 and a salary of $545,000. He receives an option bonus of $8.2515 million in 2007, which includes a non-exercise penalty. He also receives $1.517 million in guaranteed salary and $545,000 in non-guaranteed salary. The guarantee includes a provision exempting him from the standard offset principle, which reduces any money he earns from another team if he is released prior to 2007. If the 'Skins cut him before the 2007 season, he pockets the full $1.517 million regardless of what he earns elsewhere. In 2008, he receives an option bonus in the amount of $1.517 million, with a non-exercise provision requiring the team to pay him that same amount. He also gets a base salary of $545,000. Due to the 30 percent rule, the new deal expires after the 2008 season, allowing Portis to hit the open market in 2009. We're not sure how much cap room this new deal creates, but it's undoubtedly a short-term benefit for the Redskins, since to get it done they're giving Portis more money and tying him up for three less years. __________________ You're So Vain...You Probably Think This Sig Is About You