When I last did a salary cap update, the Jets stood at approximately $7.7m under the cap and I gave you some projections for the Jets rookie deals. Today, just a quick update on the rookie situation and how the cap situation has moved given some recent moves.
As reported on TJB the other day, Stephen Hill signed a $5m deal over four years and $2.8m guaranteed, which is right in line with our projection. Sixth round pick Josh Bush signed too and Jason’s site has the details. As we predicted, he got $2.2m over four years with a signing bonus of about $100K – with a fourth year escalator that potentially raises the contract value to about $3m. Quinton Coples could get his deal soon, now that Bruce Irvin (selected one place ahead of him) has signed with Seattle. We were projecting a deal of around $9m for Coples with $4.8m as a signing bonus and Irvin got $9.3m with a $5m bonus, so that prediction should be accurate too.
When the Jets released Ropati Pitoitua, this gave rise to a net cap saving of approximately $700K. Kicker Josh Brown’s deal will have a small cap effect too. Brian Costello got details of his base salary of $825,000 but I anticipate he’d also have got the maximum signing ($50K) and workout bonuses ($15K) to still qualify that deal for a vested veterans exemption. So overall, he’ll get $890,000 and the cap hit will be limited to $605,000. Therefore, there’s an overall net cap effect of approximately $140K. Obviously it’s unlikely that both Brown and Nick Folk make the roster, so there’s a guaranteed $140K cap saving in respect of one of them coming later on anyway.
Cutting Logan Payne, Kris O’Dowd and Trevor Canfield has no cap effect and signing Freddy Kotolo, Matt Simms and Royce Pollard will also have no cap effect, other than maybe a small (couple of thousand) in respect of bonus money.
Following these moves, the Jets should have approximately $8.3m of cap room. Since the rookie deals all seem to be falling in line with our projections, that should mean that the net cap cost of signing the rookies should still only be about $1.34m if they all make the team. Ultimately, that leaves the Jets with approximately $7m left over to sign veterans and to give themselves a buffer for injuries/waiver claims or contract extensions. Any balance remaining can of course be carried over to 2013.