In today’s update, I’m going to talk about the cap room the Jets used up to re-sign Bryan Thomas, Nick Folk and Sione Pouha following this report from Jenny Vrentas.
Thomas got a one year deal for $990,000 with $605,000 guaranteed. That’s the minimum salary, plus $65,000 of bonuses and the guaranteed salary ($540,000) ties in with the minimum salary for a player in his second year. According to Article 27, Section 5 of the new CBA, that means this qualifies for a salary cap reduction so that only $540,000 of the $990,000 will count against the cap. Therefore, the additional cap space used to sign him amounts to just $150,000 (once you’ve accounted for a minimum salaried player dropping out of the top 51).
Folk got $700,000 (the minimum for a player in their 4th, 5th or 6th year) and the same maximum amount of bonus money ($50,000 signing and $15,000 workout), so he also qualifies for the salary cap reduction as a vested veteran. Again, only $540,000 of the $765,000 will count against the cap. Therefore, the additional cap space used to sign him amounts to just $150,000.
Shortly after Pouha’s $15m, three year deal was announced, Jason LaCanfora stated that it left the Jets $13m under the cap which suggested a year one cap number of $2m. What they did is pretty close to my estimate: $3.5m in signing bonus, with $1m in salary (of which $100,000 is a workout bonus). His year two salary is guaranteed for injury only, so if he has a poor season, they can cut him next March without owing him this (and the dead money would amount to about $2.4m). His year three salary is non-guaranteed, although he has a roster bonus due in the first week of the league year. This roster bonus can reduce by $1.5m if his playing time drops below 55%. Overall, it’s a nicely structured deal for the Jets, as they have plenty of scope to reduce or get out of it if his age catches up with him. The year one cap number appears to be just below $2.2m, so that uses up about $1.8m of additional cap space.
As reported yesterday, the net effect of releasing Gerald Alexander and Michael Campbell was a $310,000 cap saving.
I’m also certain that Kris O’Dowd’s signing would have been a minimum salary deal with no additional cap room required.
The net of these six roster moves appears to be $1.8m of cap room used up. With Jason estimating the net cost of signing draft picks to be less than $2m of additional cap room required, that would appear to leave the Jets with over $11m in the pot.
As ever, we’ve tried to ensure the information here is 100% accurate, but if you have any queries, corrections or additional information, please mention in the comments.
Bonus Link: Jason’s Pouha deal breakdown.