Current Redskins Salary Cap Status - 2008

[Schneed10]

Originally Posted by CrazyCanuck

I just did an update with Portis and Suish.

Suish got an EFA tender of $520K.

Seems Portis did an overhaul on his contract. Here's what I can decipher so far:

- His contract was extended 2 years (thru 2013).
- He received an $8.5M salary in 2012 and 2013.
- His salary was reduced by $500K in 2010 and 2011.
- He converted $4.4435M of 2008 salary to SB.
- He converted $5.882M of 2009 salary to SB.
- We saved $2.723M on the 2008 cap.
- We saved $4.16M on the 2009 cap.

After these changes I have us at $5.073M under the 2008 cap. This differs from the reported figure of $8M under. I will reconfirm my numbers when PC updates his sheets.

I think that reported figure of $8.0 million in room includes the $2.4 million in savings that we'll realize for Brandon Lloyd on June 1.

In one of his blog entries, JLC was saying that the Skins were (at the time) currently $4.9 million under the cap, and then once the Portis deal was done, they'd have $8.0 million in room.

Turns out that $4.9 in room was exactly what you and I had the team at after Lloyd clears the books.

Now we have the Skins (post Lloyd) at $7.45 million in room, which is only $0.55 off. JLC could have been rounding, or he could have simply not known how ridiculously complicated and creative that Portis extension was. Seriously, Snyder gave Portis his 2009 base salary money a year early as part of this extension in order to allow that amount to allocate over 2008, 2009, and beyond, clearing some of that hit off the books now. This shows an unwavering financial commitment to Clinton Portis as a Redskin for life. And rightfully so, the guy is one of the best all-around football players in the NFL. Pound for pound, quite possibly the best pass blocker in the entire NFL. Brilliant contract restructuring there.

[MTK]

Originally Posted by Schneed10

I think that reported figure of $8.0 million in room includes the $2.4 million in savings that we'll realize for Brandon Lloyd on June 1.

In one of his blog entries, JLC was saying that the Skins were (at the time) currently $4.9 million under the cap, and then once the Portis deal was done, they'd have $8.0 million in room.

Turns out that $4.9 in room was exactly what you and I had the team at after Lloyd clears the books.

Now we have the Skins (post Lloyd) at $7.45 million in room, which is only $0.55 off. JLC could have been rounding, or he could have simply not known how ridiculously complicated and creative that Portis extension was. Seriously, Snyder gave Portis his 2009 base salary money a year early as part of this extension in order to allow that amount to allocate over 2008, 2009, and beyond, clearing some of that hit off the books now. This shows an unwavering financial commitment to Clinton Portis as a Redskin for life. And rightfully so, the guy is one of the best all-around football players in the NFL. Pound for pound, quite possibly the best pass blocker in the entire NFL. Brilliant contract restructuring there.

Snyder and Vinny are big CP guys. I remember reading that they were gushing about him with the potential HC candidates during the interview process.

[Redskins_P]

I may be the only person to ever say this on this board, but I think that the Portis/Bailey trade was totally worth it. CP has been a true leader since the day he stepped foot in Redskins Park.

Hindsight is always 20/20, but I honestly think we got the better half of that trade.

I just think CP brings so much more to the table.

[SmootSmack]

It was absolutely worth it. 100%. Champ had to leave. Some things are bigger than football.

[Redskins_P]

Originally Posted by SmootSmack

It was absolutely worth it. 100%. Champ had to leave. Some things are bigger than football.

Absolutely. I completely agree.

[GTripp0012]

Schneed, did you remember to take the 300,000 ish away for the rule of 51 regarding Suisham? If the 8 million figure (factoring in Lloyd) is correct, Suisham's net hit on the 2008 cap should not exceed 215K. I'm not keeping a running total on the exact number to the decimal point, but 8 million minus 215K is 7.785 million, as opposed to 7.45 million.

[CrazyCanuck]

Originally Posted by Schneed10

Seriously, Snyder gave Portis his 2009 base salary money a year early as part of this extension in order to allow that amount to allocate over 2008, 2009, and beyond, clearing some of that hit off the books now.

I'm not positive they gave it all to him a year early, some of it might be a guaranteed payment in 2009.

I updated my sheets under the assumption that they gave it all to him now. I'll double check when PC releases his numbers.

[Schneed10]

Originally Posted by GTripp0012

Schneed, did you remember to take the 300,000 ish away for the rule of 51 regarding Suisham? If the 8 million figure (factoring in Lloyd) is correct, Suisham's net hit on the 2008 cap should not exceed 215K. I'm not keeping a running total on the exact number to the decimal point, but 8 million minus 215K is 7.785 million, as opposed to 7.45 million.

Yeah I netted that out already. CC has a good handle on the variances between him and PC, and given that JLC quotes PC all the time, I suspect that's the difference between JLC's $8.0 and our $7.45.

[Schneed10]

Originally Posted by CrazyCanuck

I'm not positive they gave it all to him a year early, some of it might be a guaranteed payment in 2009.

I updated my sheets under the assumption that they gave it all to him now. I'll double check when PC releases his numbers.

Ah, that would make a lot of sense.

[CrazyCanuck]

From: Redskins, Cartwright Agree To a Three-Year Contract - washingtonpost.com

"Under the terms of his new deal, Cartwright, a six-year veteran, will receive a $300,000 signing bonus with a base salary of $605,000 in 2008 -- the minimum for a player with six years in the league. He will receive a $200,000 roster bonus and a $745,000 salary in 2009 and a $1.5 million salary in 2010."

Rock's cap hits are as follows:
2008: $705
2009: $1,045
2010: $1,600

After inputting him into my sheets I have us at $4.738M under the 2008 cap.

[SKINSnCANES]

Originally Posted by CrazyCanuck

From: Redskins, Cartwright Agree To a Three-Year Contract - washingtonpost.com

"Under the terms of his new deal, Cartwright, a six-year veteran, will receive a $300,000 signing bonus with a base salary of $605,000 in 2008 -- the minimum for a player with six years in the league. He will receive a $200,000 roster bonus and a $745,000 salary in 2009 and a $1.5 million salary in 2010."

Rock's cap hits are as follows:
2008: $705
2009: $1,045
2010: $1,600

After inputting him into my sheets I have us at $4.738M under the 2008 cap.

Thank ya sir! Appreciate it!

Wanna go figure out the Seahawks running back cap hit for the other thread!?!?

[Schneed10]

Originally Posted by CrazyCanuck

From: Redskins, Cartwright Agree To a Three-Year Contract - washingtonpost.com

"Under the terms of his new deal, Cartwright, a six-year veteran, will receive a $300,000 signing bonus with a base salary of $605,000 in 2008 -- the minimum for a player with six years in the league. He will receive a $200,000 roster bonus and a $745,000 salary in 2009 and a $1.5 million salary in 2010."

Rock's cap hits are as follows:
2008: $705
2009: $1,045
2010: $1,600

After inputting him into my sheets I have us at $4.738M under the 2008 cap.

Thanks CC, the top post in this thread has been updated to reflect this.

[Warrior1971]

I hear over at ES that Phillip Daneils has renegotiated. Is there any facts to this?

[Schneed10]

Originally Posted by Warrior1971

I hear over at ES that Phillip Dameils has renegotiated. Is there any facts to this?

It appears to be accurate, though I can't tell yet if it was a paycut or a restructure. I'd guess restructure. The Skins probaby realize that if they tried to hardball Daniels into a paycut, he'd probably say OK cut me and catch on real quick with Gregg Williams in Jacksonville. Plus, Daniels is still very highly regarded by Blache and the Redskins front office, so regardless of what the fans may think of him, I can't see it being a paycut. I'd guess a restructure of some kind. CC will probably have an update on the numbers for us pretty soon.

[CrazyCanuck]

Originally Posted by Warrior1971

I hear over at ES that Phillip Dameils has renegotiated. Is there any facts to this?

It looks like they restructured his $1.1M roster bonus as well as $900K of salary, but I'll have to wait for more info to confirm.

Assuming they restructured as above, they saved $1.33M on the 2008 cap.

After these changes I have us at $6.071M under the 2008 cap.