Current Redskins Salary Cap Status - 2008

[skinsfan_nn]

JLC blog, Current:

Redskins Insider

Posted at 4:42 PM ET, 02/29/2008
Salary Cap Update

So the Skins were $3.5 million under the cap yesterday. Once the Collins signing becomes official - he has agreed to terms but all of the paperwork has not yet been executed - that would put the Skins at $2 million under the cap.

However, the rengotiation with Santana Moss is complete and official, sources said, creating an additional $2.1 million in space. So let's call it $4.1 for now. And the Clinton Portis renegotiation is essentiall done, sources said, and once that is reflected in the cap figures the Skins would be sitting on roughly $8 million in room.

Now, most teams will put at least a few million aside to account for injuries and cap issues through the season, and the Skins will need several million more to sign draft picks. But they will also create more space in June with the Brandon Lloyd cut - and they can trim some fat by making other cuts as well - and of course, Shawn Springs, Marcus Washington and Cornelius Griffin remain prime candidates for new deals should a need arise.

To this point the team has not asked any of them for permission to re-do their deals, sources said.

[Redskins_P]

Schneed, I don't know if you saw this yet, but JLC has updated his blog with new cap figures.

Posted at 4:42 PM ET, 02/29/2008
Salary Cap Update
So the Skins were $3.5 million under the cap yesterday. Once the Collins signing becomes official - he has agreed to terms but all of the paperwork has not yet been executed - that would put the Skins at $2 million under the cap.

However, the rengotiation with Santana Moss is complete and official, sources said, creating an additional $2.1 million in space. So let's call it $4.1 for now. And the Clinton Portis renegotiation is essentiall done, sources said, and once that is reflected in the cap figures the Skins would be sitting on roughly $8 million in room.

Now, most teams will put at least a few million aside to account for injuries and cap issues through the season, and the Skins will need several million more to sign draft picks. But they will also create more space in June with the Brandon Lloyd cut - and they can trim some fat by making other cuts as well - and of course, Shawn Springs, Marcus Washington and Cornelius Griffin remain prime candidates for new deals should a need arise.

To this point the team has not asked any of them for permission to re-do their deals, sources said.

[Schneed10]

Originally Posted by Redskins_P

Schneed, I don't know if you saw this yet, but JLC has updated his blog with new cap figures.

JLC has it a little mixed up. The Skins were $3.5 million under the cap AFTER extending Santana Moss, not before.

If Portis did indeed restructure, I'd have that being worth $3.8 million in savings (maybe a little more if an extension was part of it). So if Portis did restructure, I have us at $6.3 under the cap..

I'm not going to include any Portis numbers until I see something official or CC puts out some numbers. If CC puts 'em out, they're right.

I have gone ahead and updated the top post to reflect Todd Collins and Santana Moss. We're $2.5 under, with another $2.4 clearing for Lloyd by June 1.

[CrazyCanuck]

Originally Posted by Schneed10

I have gone ahead and updated the top post to reflect Todd Collins and Santana Moss. We're $2.5 under, with another $2.4 clearing for Lloyd by June 1.

I just did an update.

- PC has Collins on his site: 6 years, $14.7M Base Salary, $3M Signing Bonus, $100K LTBE in 2008-2010, Total Contract $18M. 2008 cap hit $1.5M. The info hasn't hit NFLPA yet but PC is usually good with this type of stuff.

- The official 2008 NFL salary cap is set at $116.729M, up from the previous estimate of $116M.

- Jason Campbell's 2008 salary has gone up by $600K. It appears he triggered a salary escalator clause in his contract.

- Santana Moss' restructure saved us $2.1M against the 2008 cap as Schneed has already pointed out.

- I lowered our cap credits by $15K to account for Tyler Ecker's SB allocation not being counted in the top 51.

I have us at exactly $2.5M under the 2008 cap, just as Schneed the Cap Clairvoyant predicted.

PS - Working the Warpath cap night shift is tiring. I hope Matty lets me switch shifts with Schneed one day.

[Schneed10]

Originally Posted by CrazyCanuck

PS - Working the Warpath cap night shift is tiring. I hope Matty lets me switch shifts with Schneed one day.

Nice update.

To think I have a shift though? No way CC, it's your cap world, I'm just livin in it!

Nice work as usual.

Do you think when the Skins are planning out their cap budgets for the next season that they do an analysis of some sort on league revenues in order to get the best estimate of what the cap limit will be each season? Since they've been operating pretty tight to the cap the last few seasons, I'd imagine that's the first thing they'd want to hone in on real well.

[CrazyCanuck]

Originally Posted by Schneed10

Do you think when the Skins are planning out their cap budgets for the next season that they do an analysis of some sort on league revenues in order to get the best estimate of what the cap limit will be each season? Since they've been operating pretty tight to the cap the last few seasons, I'd imagine that's the first thing they'd want to hone in on real well.

Yes I would guess they definitely do this. They probably project a few years into the future.

[SmootSmack]

He is a June 1 cut

[Schneed10]

Top post in this thread has been updated to reflect the tender offer to K Shaun Suisham.

[SmootSmack]

Originally Posted by Schneed10

Top post in this thread has been updated to reflect the tender offer to K Shaun Suisham.

LOL "tender offer" Just sounds funny.

"Hey Shaun...it's Vinny. Yeah, you know I've been thinking about you. Thinking about you, me, an empty football field. Shh! Come here, I know what you need..."

(damn, that's messed up)

[EARTHQUAKE2689]

Originally Posted by SmootSmack

LOL "tender offer" Just sounds funny.

"Hey Shaun...it's Vinny. Yeah, you know I've been thinking about you. Thinking about you, me, an empty football field. Shh! Come here, I know what you need..."

(damn, that's messed up)

WOW!

[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.

[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 SmootSmack

LOL "tender offer" Just sounds funny.

"Hey Shaun...it's Vinny. Yeah, you know I've been thinking about you. Thinking about you, me, an empty football field. Shh! Come here, I know what you need..."

(damn, that's messed up)

that literally made me laugh out loud

[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.