Current Redskins Salary Cap Status - 2008

[Schneed10]

The first post in this thread has been updated to reflect the release of WR Brandon Lloyd. His release causes a cap hit of $2.9 million this year, but clearing him off the 2009 books completely, under the assumption that his release was designated a pre-June 1 move.

We're still looking for confirmation that he was indeed a pre-June 1 release. If we hear otherwise, we will update the numbers again.

[CrazyCanuck]

Originally Posted by Schneed10

The first post in this thread has been updated to reflect the release of WR Brandon Lloyd. His release causes a cap hit of $2.9 million this year, but clearing him off the 2009 books completely, under the assumption that his release was designated a pre-June 1 move.

We're still looking for confirmation that he was indeed a pre-June 1 release. If we hear otherwise, we will update the numbers again.

From: washingtonpost.com

"His release, long anticipated, does not save Washington any immediate salary cap space, with the free agency and trade period beginning at 12:01 a.m. Friday, but will create additional room this June. Lloyd, who could not be reached to comment, was designated a June 1 cut for salary cap purposes, executive vice president Vinny Cerrato said, which means his salary cap figure of $4.2 million will drop to $1.8 million on June 1. (Lloyd will count $5.5 million in dead cap space in 2009.) "

- So Lloyd will stay on the books at $4.238M until June 1. On June 1 his 2008 cap hit will go down to $1.833M of deadcap. He will cost us $5.333M of deadcap in 2009.

[That Guy]

explanation -
in the NFL, you used to be able to either cut players and take the full hit immediately, or wait till june 1st and take the hit for the following season... in the last CBA, both sides thought it was stupid to keep players on rosters that teams didn't want while all the free agency money dried up, so now teams can designate two players per year as post june 1 cuts, while releasing them immediately, saving everyone some hassle.

[SBXVII]

Hey, not to be A butt hole......I kinda liked seeing all the plays to be made and "EXICUTED" next to them. It may have been messier but my pea brain can't remember which assumed changes have already happened. In other words I was just hoping to keep a record as to which players have helped out.

I know I should have taken notes. sorry. maybe just a list of names as to who has been reworked once and a while. Thank You.

[Schneed10]

Originally Posted by SBXVII

Hey, not to be A butt hole......I kinda liked seeing all the plays to be made and "EXICUTED" next to them. It may have been messier but my pea brain can't remember which assumed changes have already happened. In other words I was just hoping to keep a record as to which players have helped out.

I know I should have taken notes. sorry. maybe just a list of names as to who has been reworked once and a while. Thank You.

Actually me and CC were thinking the same thing. I'm working on adding that piece back again.

[Schneed10]

Originally Posted by CrazyCanuck

From: washingtonpost.com - nation, world, technology and Washington area news and headlines

"His release, long anticipated, does not save Washington any immediate salary cap space, with the free agency and trade period beginning at 12:01 a.m. Friday, but will create additional room this June. Lloyd, who could not be reached to comment, was designated a June 1 cut for salary cap purposes, executive vice president Vinny Cerrato said, which means his salary cap figure of $4.2 million will drop to $1.8 million on June 1. (Lloyd will count $5.5 million in dead cap space in 2009.) "

- So Lloyd will stay on the books at $4.238M until June 1. On June 1 his 2008 cap hit will go down to $1.833M of deadcap. He will cost us $5.333M of deadcap in 2009.

Thanks CC.

The top post in this thread has been updated to reflect Brandon Lloyd's status as a Post-June 1 cut. Thus, our current status reverts back to the $1.4 million of room we were previously reporting. Cap space for Brandon Lloyd will be realized on June 1 in the amount of $2.4 million.

We'll carry him on our 2009 books, at $5.3 million of deadcap space as CC mentioned.

[Schneed10]

The top post in this thread has been updated to provide a summary of the executed transactions.

[SBXVII]

Thank You!!! : )

[CrazyCanuck]

Great work Schneed. Love the executed section, you're really on the mark! They should hire you to balance the federal budget.

PS - Like the sig too, good idea.

[CrazyCanuck]

During my sleep something occurred to me - why the hell would the Skins designate Lloyd as a June 1 cut now??? Don't get me wrong, I understand the cap reasons, but why not just wait until June 1?

The spirit of the "early June 1" rule was that guys could count as June 1 cuts while being released earlier so as not to miss the free agent window starting in March. It's a courtesy rule so as not to penalize the player by making him miss the heat of free agency.

Now if this was Thomas or Samuels or someone who had given a bunch of good years to the team then I fully understand letting them out early. But why Lloyd? By all accounts Lloyd was not exactly a team player, in fact the opposite. And since there is no financial incentive for the Skins to let him out early, why do it? Why not let him rot on the sidelines until June?

The only explanation that makes sense to me is that Lloyd agreed to pay the Skins some money back under the table, probably in the form of a donation to Snyder's favorite charity - The Cerrato Fund.

Anyone have a different take?

[Bill B]

Originally Posted by CrazyCanuck

During my sleep something occurred to me - why the hell would the Skins designate Lloyd as a June 1 cut now??? Don't get me wrong, I understand the cap reasons, but why not just wait until June 1?

The spirit of the "early June 1" rule was that guys could count as June 1 cuts while being released earlier so as not to miss the free agent window starting in March. It's a courtesy rule so as not to penalize the player by making him miss the heat of free agency.

Now if this was Thomas or Samuels or someone who had given a bunch of good years to the team then I fully understand letting them out early. But why Lloyd? By all accounts Lloyd was not exactly a team player, in fact the opposite. And since there is no financial incentive for the Skins to let him out early, why do it? Why not let him rot on the sidelines until June?

The only explanation that makes sense to me is that Lloyd agreed to pay the Skins some money back under the table, probably in the form of a donation to Snyder's favorite charity - The Cerrato Fund.

Anyone have a different take?

CC - I thought the Skins did it now because Llyod had a roster bonus of $1.8 million if he was on the team in March 2008 and the Skins did not want to pay him the roster bonus.

[Schneed10]

One thing about that though, CC. The Redskins were due to pay Lloyd a $1.8 million roster bonus at some point, which is part of the $4.2 million he's on the books for in 2008. JLC was saying that the team never intended to give him that money so that was the incentive for jettisoning him now. I think they wanted to avoid having to pay that $1.8 million. Do you know when he was due to receive that payment?

Looks like Bill had the same question, beat me to it!

[CrazyCanuck]

Ah yes! I forgot about that roster bonus. That is the answer. Thank you gentlemen.

[skinsfan242]

I like how the Lloyd money comes off the books at Rookie signing time. That means we can't go out and spend it.

[That Guy]

maybe they didn't want the drama. that karma can bite you later on when other players see that happening.

it's not like he's going to get a huge contract ever again, and that bonus thing.