Salary Cap Status Update

[Schneed10]

My main man CrazyCanuck recently updated his cap sheets, which includes Chris Cooley's new contract extension. In that deal, Cooley has a roster bonus in the amount of $11 million due to him in 2008. When Peter King reported that we were $20 million over the cap, that included Cooley's large roster bonus, which counts entirely towards the team's 2008 cap figure. However, Snyder and Cerrato will certainly renegotiate this bonus into the form of a signing bonus, giving Cooley the same $11 million this March, but allowing the team to account for it differently and spread the cap hit over the life of Cooley's contract.

Long story short, the cap analysis I've been posting is now being updated, and gets significantly better in light of this recent update. Behold:

I'm going to list the ways to get the cap number down. You can debate the merit of making certain moves on this list, but if we don't cut a certain player, you can bet we'd restructure them, which would also save some money.

Start: $20.4 million OVER cap

Potential Roster Cuts:
Phillip Daniels - $3.0 million saved
Mark Brunell - $3.4 million saved
Shawn Springs - $2.5 million saved
Pete Kendall - $1.8 million saved
Todd Wade - $700K saved
Total Savings for Cuts: $11.4 million

Keeping These Players, Restructuring 2008 Base Salary, Prorating over Remaining life of Contract:
Randy Thomas - $3.7 million saved
Clinton Portis - $3.2 million saved
Jon Jansen - $3.2 million saved
Chris Samuels - $2.8 million saved
Cornelius Griffin - $2.6 million saved
Santana Moss - $1.9 million saved
Casey Rabach - $1.4 million saved
Total Salary Restructure Savings: $18.8 million

Keeping These Players, Restructuring 2008 Roster Bonuses, Prorating over Remaining life of Contract:
Ladell Betts - $1.7 million saved
Clinton Portis - $0.4 million saved
Chris Cooley - $9.2 million saved
Andre Carter - $1.9 million saved
Antwaan Randle-El - $1.2 million saved
Total Bonus Restructure Savings: $14.4 million

Total Potential Cap Reductions: $44.6 million

Maximum Cap Room for 2008: $24.2 million

So this is all to say that the Skins are currently $20.4 million over the cap. By cutting players and restructuring contracts, they can clear up to $44.6 million in cap room. This would get us to a point where we'd have $24.2 million in cap space for 2008. That's if we decide to make every move, which we won't need to do if we don't want.

In light of this update, I hereby revise my position I've previously held suggesting that switching coaches was a bad idea from a cap standpoint. The team clearly has the capability to dramatically alter the roster this season if they so choose. Whether or not that's a good idea from a football perspective is entirely another matter. But the cap will not prohibit it from taking place.

[jbcjr14]

Very nice and thanks for the update!

[killromo]

How much will the April draft picks affect us do you think?

[Schneed10]

Originally Posted by killromo

How much will the April draft picks affect us do you think?

Last year our rookie pool was $3.4 million. The rookie pool is an allottment the NFL assigns to teams based on the number of picks they have, and where those picks are. Higher picks results in a higher rookie pool. Ultimately, you have to fit all your picks under the rookie pool. So our guys took up less than $3.4 million last year.

The average rookie pool last year for the 32 teams in the NFL was $4.27 million. This year, we pick 21st and we're missing a pick from the Kendall deal. You gotta figure the rookie pool will go up a little bit, so for the average team, I'd say it will be around $4.4 or $4.5 million. We'll get less than the average team because our picks are later than average (21st) and we're missing a pick. I'd predict our pool will be $4.0 million.

So we'll HAVE to keep them under $4.0. That's easy to do. Last year we had the 6th pick in Landry who got a big bonus, and we still managed to keep the rookies under $3.0 million. Rookies don't have a big impact on your cap - that's why it makes so much sense to build through the draft!

[Redskins_P]

Schneed, some have mentioned the possiblity of cutting guys like Jansen and Thomas. You have them here being restructured and to me it seems like it would make more sense to do that. But my questions is, what would the cap hit be if we cut both of them? More importantly, doesn't it make more sense to restructure them than to cut them?

[Schneed10]

Originally Posted by Redskins_P

Schneed, some have mentioned the possiblity of cutting guys like Jansen and Thomas. You have them here being restructured and to me it seems like it would make more sense to do that. But my questions is, what would the cap hit be if we cut both of them? More importantly, doesn't it make more sense to restructure them than to cut them?

Good question. I can't for the life of me figure out why anybody would think it's a good idea to cut either Jansen or Thomas. I guess they're scared that they'll never be the same players again. Or maybe they just assume all older players are on the chopping block after missing a season with serious injury. Either way, makes no sense.

Cutting Jansen would COST us $1.8 million in 2008 cap space.

Cutting Thomas would COST us $3.6 million in 2008 cap space.

[GTripp0012]

Originally Posted by Redskins_P

Schneed, some have mentioned the possiblity of cutting guys like Jansen and Thomas. You have them here being restructured and to me it seems like it would make more sense to do that. But my questions is, what would the cap hit be if we cut both of them? More importantly, doesn't it make more sense to restructure them than to cut them?

Roughly a 4 million dollar hit to release Thomas, and roughly 2 million to release Jansen.

In my opinion: it makes sense to restructure Thomas and just leave Jansen's contract as it is. My reasoning: Thomas is more of a lock to play out his contract here than Jansen is. Thomas is under contract for 5 more seasons and likely will play 4 of them. Jansen is under contract for 4 more seasons, and we might be able to squeeze two out of him.

Schneed may have a different interpretation though.

[Redskins_P]

Thanks Schneed.

And I agree. We should keep them both. Draft some young'ins, and let Buges groom bring them in slowly. I can't see both Jansen and Thomas being here longer than 3 more years.


*Edit -- Thanks both Schneed and Gtripp.

[GTripp0012]

Originally Posted by Schneed10

My main man CrazyCanuck recently updated his cap sheets, which includes Chris Cooley's new contract extension. In that deal, Cooley has a roster bonus in the amount of $11 million due to him in 2008. When Peter King reported that we were $20 million over the cap, that included Cooley's large roster bonus, which counts entirely towards the team's 2008 cap figure. However, Snyder and Cerrato will certainly renegotiate this bonus into the form of a signing bonus, giving Cooley the same $11 million this March, but allowing the team to account for it differently and spread the cap hit over the life of Cooley's contract.

Long story short, the cap analysis I've been posting is now being updated, and gets significantly better in light of this recent update. Behold:



So this is all to say that the Skins are currently $20.4 million over the cap. By cutting players and restructuring contracts, they can clear up to $43 million in cap room. This would get us to a point where we'd have $22.6 million in cap space for 2008. That's if we decide to make every move, which we won't need to do if we don't want.

In light of this update, I hereby revise my position I've previously held suggesting that switching coaches was a bad idea from a cap standpoint. The team clearly has the capability to dramatically alter the roster this season if they so choose. Whether or not that's a good idea from a football perspective is entirely another matter. But the cap will not prohibit it from taking place.

You should add Wade and Springs to your potential cut list.

I would add Kendall too since he will be 35 has no release fee, even though we both expect him to be back.

[MTK]

Well done guys.

[Schneed10]

Originally Posted by GTripp0012

Roughly a 4 million dollar hit to release Thomas, and roughly 2 million to release Jansen.

In my opinion: it makes sense to restructure Thomas and just leave Jansen's contract as it is. My reasoning: Thomas is more of a lock to play out his contract here than Jansen is. Thomas is under contract for 5 more seasons and likely will play 4 of them. Jansen is under contract for 4 more seasons, and we might be able to squeeze two out of him.

Schneed may have a different interpretation though.

I would agree actually. With Jansen you have the ability to save $3.7 million by restructuring him, but like you said it would kick a lot of cap money down the road. Given the amount of space we'll have after making other moves, this one probably doesn't make sense to make. After all, you've got Heyer on the roster. Nobody's really sure yet how good that kid is, he performed decently enough this season, but he needed a lot of help. So you kind of need another year to see what he can become. You don't want to committ to Jansen in 2010 yet, because if Heyer can improve in 2009, then maybe he becomes your starter in 2010. And if Heyer doesn't step up, then you still have Jansen in 2010 if you still want him. Or you can cut Jansen in 2010 and save tons of cap space, allowing you to go out and replace him with the best available RT.

Basically, by not restructuring Jansen, it allows the team more financial flexibility at that position in 2009 and 2010.

Thomas, in my opinion, is the best lineman we have. I'd committ to him until he's 45. Did I mention I heart Randy Thomas?

[GTripp0012]

Originally Posted by Schneed10

Thomas, in my opinion, is the best lineman we have. I'd committ to him until he's 45. Did I mention I heart Randy Thomas?

A few times, yeah.

[Schneed10]

Originally Posted by GTripp0012

You should add Wade and Springs to your potential cut list.

I would add Kendall too since he will be 35 has no release fee, even though we both expect him to be back.

Good looking out, I updated it.

I would keep Springs, but yeah, you never know. This at least shows the potential for generating cap room. We'll see which moves the team chooses to make.

[freddyg12]

Nice work!

The #s both scare & excite me. On the scary side, I fear that Mooch (I hope) or whoever will want to make some major roster changes w/cuts & Danny's checkbook. On the exciting side, I think acquiring no more than 2 starters in free agency as we did this past year, looks very promising.

Has anyone run any #s on the impact of JC et al re-signing? Other than him, Golston, Montgomery & Heyer are the only guys I can see as potentially signing new deals this offseason. Even of that group, it only seems possible for MOntgomery this year.

[GTripp0012]

One thing I think is really good over the front office reorganization is that it puts authoritative power over cap issues back where it belongs, out of the hands of the coaches. It's much easier to task a fiscally responsible policy when you don't have head coaches blank checking players like Archuleta and Lloyd.