Breaking Down Steve Smith's Deal

[jtnc]

I just got the complete details on the contract extension receiver Steve Smith signed with the Panthers on Tuesday and they’re very interesting on several levels. It’s a three-year deal with the team holding an option for the fourth year and could be worth as much as $37.8 million.

The deal includes $16.8 million in guaranteed money. Smith received a $10 million signing bonus and comes out way ahead on what he’ll earn in 2012. In addition to the signing bonus, he’ll also earn $1 million in base salary. Smith had been scheduled to earn $7.75 million in the final year of his contract. The new deal gives Smith more money, but he also frees up significant salary-cap room for the Panthers, who had less than $500,000 available before this deal.

Smith had been scheduled to count $10.7 million against the cap this year, but the new deal drops that figure to $5.96 million.

In 2013, Smith’s base salary will rise to $3.75 million and that’s guaranteed. Smith also will earn a guaranteed $4 million in base salary in 2014. That’s also the year he can collect a $3 million bonus if the Panthers elect to pick up his option for 2016.

In 2015, Smith is scheduled to make $7 million in base salary. If he gets to the option year, his base salary will rise to $9 million.

Decent deal imo.

http://espn.go.com/blog/nfcsouth/post/_/id/33633/breaking-down-steve-smiths-deal-2

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[Razeyfingers]

Ever the servant, ever the boss

[The_Cannon]

It's worth it

[TheRed]

Get the mop out because surely someone will come in here and piss all over the floor in anger about over paying our best WR to ever put on a panthers uniform.

[SOJA]

its steve fuging smith

[pantherclaw]

Not bad at all.

Am sure CRA will say we overpaid.

[Dex]

It's Smitty. There is no price too high.

[PhillyB]

so we just gained 5 mil in cap room by this extension, if i'm reading it right.

wtg hurney.

[thunderraiden]

that very reasonable... only 16.8 million guaranteed while Detroit just paid what to Calvin?

[GotSwag?]

Thats a great deal. He is one of the best and I can see him playing at a high level throughout this contract.

[Black]

Looks good to me.

[Future of the Funchise]

Lets celebrate. Hookers and blow for everybody. I'm so happy that smitty is committed to being a panther for life.

[R0CKnR0LLA]

i doubt he gets the 4th year so i'm just going to ignore that for now

biggest thing for me is the average price for the new 3 years. i was thinking if it was around 10 per year I'd be a bit pissed as that's too high so let's break it down.

we're saving 6.75 million off his base salary this year. i know he gets the signing bonus and part of that counts toward the cap but for new money and evaluating the deal i'm going to lump that in with the added 3 years.

the added 3 years he gets a base salary of 3.75, 4 and 7 and like I said a discount this year of 6.75. so we added $8 million total in base salary and $10 million in signing bonus.

3 extra years at an average of $6 million per year. Not too bad, and with the way it's structured it helps with the cap right away so that's nice too. I don't like how much of the money is fully guaranteed but price wise it's a pretty nice deal.

[MadHatter]

Good deal for both sides.

Doubt Smith will see the 2015 salary....and no way we pick up the option for 2016 at $9M.

He will retire in 3 years....after 2014 year.