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Contract says smith issue not about money

ajax4132

By ajax4132,
in Carolina Panthers

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ajax4132 Newbie

ajax4132

Posted
Posted

http://espn.go.com/blog/carolina-panthers/post/_/id/5271/contract-says-smith-issue-not-about-money

 

""""Let's assume the Carolina Panthers' attempt to part with wide receiver Steve Smith is all about money, which it isn't. 

Exactly what does it save? Looking over the contract, here's what it reveals:

  • Trade: This won't happen because Smith's current $7 million cap figure is too high. But if a team were to take Smith, the Panthers would be in the clear.
  • Cut: Carolina would owe Smith $3 million in guaranteed salary. The team also would take a $6 million cap hit in 2015, assuming the release is designated for after June 1, which it would be.
  • Keep: Smith would count, as said above, $7 million against the cap. Bottom line: It's not a huge savings. So that tells you what I've been saying all along, that this isn't about money. It's about the team not believing Smith is the type of leader who will create a healthy environment moving forward."""""""

 

 

Can someone tell me what the fug is going on???

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Cary Kollins Experienced

Cary Kollins

Posted
Posted

I heard someone on the radio bring up an interesting point:

 

 

Smith's overriding goal BY FAR is to make the Hall of Fame.  It is not to win games.  It is not to win the Super Bowl.  It's all about his numbers.  He wants to be recognized as one of the GOAT. 

 

Now this is speculation, but maybe that had gotten to be too much behind the scenes. Maybe the MGMT gave Smith the ultimatum of "Take a pay cut, or you're out."  And Smith being Smith, got up and walked out fuming.

 

Like the article states, we don't save much by letting Smith go.

 

There is a lot we don't know going on behind the scenes, and I look forward to finding out what's going on.

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panther4life Community Regular

panther4life

Posted
Posted

It isn't about money. People refuse to believe that and trying to explain the contract is too long for the lazy people on here to digest. I'll attempt to summarize as best as possible.

 

There is 9 million in dead money for cutting him. The 6 million in prorated signing bonus(already been paid) rationed out as a 2 million cap hit over the next 3 years = 6 million + 3 million of his 4 million base salary is guaranteed which brings the total cap hit to 9 Million vs the 7 Million he's schedule to count against the cap.

 

If he's on the roster after June 30th we then will pay him another 3 million option bonus that will count 1 million against the cap over the next 3 years.

 

This is why his 2014 cap hit is scheduled to be 7 Million vs his base of 4 + the already exisisting 2 million prorated hit.

 

Cutting him now as a june 1st desgination will save us 2.5 million in space this year but will carry over 4.5 million in dead money to next years cap.

 

Cutting him next year would be a total cap hit of 5 million against the 2015 cap.

 

So bottom line is if we kept him this year the cap hit is going to be 9 million total whether we divide it over 2 years or not. If we cut him next year the combined cap hit from this year and next is 12 million. 

 

The immediate cap relief is 2.5 Million this year and an additional 500k next year by cutting him now vs letting him stay on the team this year.

 

The 500k in savings for next years cap is neglible and trying to replace him for 2.5 million or less isn't feasible.

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