Todd Collins Re-Ups

[mauiRedskinbarn]

Originally Posted by SmootSmack

(from JLC: The Todd Collins Contract - Redskins Insider)

According to sources, here's the breakdown on the deal TC just signed.

It is indeed 3 years, worth a max of $9 million, with a $3 million signing bonus (but there's a cap-saving quirk as well).

In essence, he'll get $4 million guaranteed - the $3 million signing bonus, a $100,000 workout bonus due this spring, and his $900,000 salary for 2008 (assuming he does not get hurt in the offseason somehow).

In 2009 he has another $100,000 workout bonus and a base of $1.9 million

In 2010 he has another $100,000 workout bonus and a base of $2.9 miullion (again, base salaries in the NFL are not guaranteed).

However, instead of his 2008 cap hit being $2 million ($1 million proration of the signing bonus + $100,000 bonus + salary), it's actually $1.5. How you might ask?

Sources said the deal is actually for six years, but the final three years are set up as such so they will void automatically (much like Mark Brunell's last deal voided after 2007). But for cap purposes the $3 million signing bonus is spread over 6 years rather than 3 - hence $1.5 million cap hit rather than $2 million.

The Redskins made re-signing Collins their chief priority, with owner Daniel Snyder involved and negotiations going well past 2 am and picking up again in the morning, according to sources. The Skins spent considerable time trying to get this done, including Coach Jim Zorn flying to Quincy, Mass. yesterday.

good work redskins, making this their priority and minimizing the cap hit, I must say well done. Now all we have to do is draft colt brennen in the 5th round and we'll have the best quarterback core in the league. lol

[Schneed10]

Originally Posted by SmootSmack

(from JLC: The Todd Collins Contract - Redskins Insider)

According to sources, here's the breakdown on the deal TC just signed.

It is indeed 3 years, worth a max of $9 million, with a $3 million signing bonus (but there's a cap-saving quirk as well).

In essence, he'll get $4 million guaranteed - the $3 million signing bonus, a $100,000 workout bonus due this spring, and his $900,000 salary for 2008 (assuming he does not get hurt in the offseason somehow).

In 2009 he has another $100,000 workout bonus and a base of $1.9 million

In 2010 he has another $100,000 workout bonus and a base of $2.9 miullion (again, base salaries in the NFL are not guaranteed).

However, instead of his 2008 cap hit being $2 million ($1 million proration of the signing bonus + $100,000 bonus + salary), it's actually $1.5. How you might ask?

Sources said the deal is actually for six years, but the final three years are set up as such so they will void automatically (much like Mark Brunell's last deal voided after 2007). But for cap purposes the $3 million signing bonus is spread over 6 years rather than 3 - hence $1.5 million cap hit rather than $2 million.

The Redskins made re-signing Collins their chief priority, with owner Daniel Snyder involved and negotiations going well past 2 am and picking up again in the morning, according to sources. The Skins spent considerable time trying to get this done, including Coach Jim Zorn flying to Quincy, Mass. yesterday.

That's as clever as it gets from my perspective.

Numbers updated in the cap thread.

[MTK]

Very creative contract details there.

[FRPLG]

The flip side on this is that when the contract voids after 2010 we'll take a 1.5 million hit on the 2011 cap as the SB accelarates all into that year. That is assuming we don't extend it. I doubt he'll be extended at his age.

I wonder if this loophole will get closed in future CBAs because it essentially reduces the impact of SB. 1.5 in 2011 will not be worth what that 1.5/3 would be worth in 2008/9/10 due to cap inflation. We should be doing this with all the contracts we can really.

[bam1103]

coming into this message board thread kind of late but i think it was a great move on Todd's part. What a lucky man a little work every once and a while, at the same time making millions i am happy for him. What he did for us this year....he is worth every penny.