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CrazyCanuck · 02-22-2005, 03:11 PM

I read this yesterday and like you I was totally shocked. I was hoping it was some kind of joke, but I guess we're beyond that.

You guys have summed up the ramifications pretty well from what I can tell. As Schneed pointed out, Coles needs to give back like $6M to make it "wash". Giving back $6M will lower Coles 2005 cap hit to around $3M which is what it would be if we kept him. So from a cap perspective it is a wash, except for one thing - we no longer have a receiver to go with that $3M cap hit. To be a true wash he'd have to give back $9M to totally clean our books.

From what I've read it seems Coles is willing to pay back some bonus but only if he becomes a free agent, not so they could trade him. So trading him might be a non-option.

All in all this is very sad news, especially coming from a "stand-up" guy like Coles. He's my favorite Skin and I can't understand how he wouldn't want to play for Gibbs. I'll give him credit for handling it with some class, but it still hurts.

I always dreamed of hearing "Ramsey to Coles for the TD!" in a Super Bowl, but I guess not.

On the bright side, cutting Coles will save us $7M against the cap in 2006.

02-22-2005, 03:11 PM	#126
CrazyCanuck Serenity Now Join Date: Feb 2004 Location: Canada Posts: 2,008	Re: Redskins Expected to Release Coles I read this yesterday and like you I was totally shocked. I was hoping it was some kind of joke, but I guess we're beyond that. You guys have summed up the ramifications pretty well from what I can tell. As Schneed pointed out, Coles needs to give back like $6M to make it "wash". Giving back $6M will lower Coles 2005 cap hit to around $3M which is what it would be if we kept him. So from a cap perspective it is a wash, except for one thing - we no longer have a receiver to go with that $3M cap hit. To be a true wash he'd have to give back $9M to totally clean our books. From what I've read it seems Coles is willing to pay back some bonus but only if he becomes a free agent, not so they could trade him. So trading him might be a non-option. All in all this is very sad news, especially coming from a "stand-up" guy like Coles. He's my favorite Skin and I can't understand how he wouldn't want to play for Gibbs. I'll give him credit for handling it with some class, but it still hurts. I always dreamed of hearing "Ramsey to Coles for the TD!" in a Super Bowl, but I guess not. On the bright side, cutting Coles will save us $7M against the cap in 2006.