ok, what does cutting Smitty do to our cap situation?

[Captain Morgan]

I could care less about how much money we owe Steve....JR can pay that easily.

 

But what is happening with our cap right now?  Do we have a little wiggle room this year?

 

How much is the cap hit down the road?

 

[Jackofalltrades]

Very little. It wasn't a financial move (not saying that was your claim)

[t96]

frees up $2M this year, and keeps us from paying him a crapload the next two years.

[carpanfan96]

A June 1st cut would save the team either 1 or 2 million on the season depending on if his option had a kicker in it.

[cultclassiccat]

treedollhairsnfittyscents

[mrmonkeypc]

9 million in dead money and his cap hit was 7 million so it costs us 2 million to cut him. Even if we spread it out over two years the fact is we cut the best receiver on our current roster and lost money doing it. Dumb move no matter how you look at it

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[panther4life]

9 million in dead money and his cap hit was 7 million so it costs us 2 million to cut him. Even if we spread it out over two years the fact is we cut the best receiver on our current roster and lost money doing it. Dumb move no matter how you look at it

Sent from my HTC6435LVW using CarolinaHuddle mobile app

 

This is correct. I just want to add to it.

 

If we designate it as june 1st then we can spread the hit over this year and next. That would free up 2.5 million this year but cause 4.5 in dead money next year.

 

Option A. take it on the chin this year and lose 2 million in cap space but have no dead money moving forward.

Option B. June 1st cut and free up 2.5 million this year and bring 4.5 million in dead money to the 2015 cap.

 

Option C(not an option any more) was letting him count 7 million against the cap hit this year by remaining on the team and then cutting him next year.  Cutting him Next offseason year would have caused 6 million in dead money next year.

 

Bottom line is we save 2.5 this year and 500k next year by letting him go this year vs next. If we can find a better option for 3.5 million or less then it makes sense from a monetary standpoint and gives us an extra 500k in 15 to play with.

 

If youre interested in the breakdown heres why it plays out that way.

 

 

14- 4 million base salary (3 guaranteed) 2 million in prorated signing bonus from contract signed and 3 million option bonus schedule to count 1 million per year against the cap over the next years.

 

4 base, + 2 prorated from previous contract+ 1 million prorated from option bonus = 7 million

 

In 15 and 16 his base salaries has no guarantees but there was going to be 2 million per year in prorated money from the previous contract hit the cap per year, plus 1 million per year from the 14 option bonus. = 6 million in dead money by cutting him next year.

 

 

**This is what I gathered from reading the breakdown of his contract on spotrac...So I'm open to being wrong and I'm sure an expert will clear it up for us soon.

 

[PantherFeez]

saves 2M if june 1 cut. but makes 4M in dead in 2015

[venom]

BRILLIANT

[therealmjl]

He was a June 1st cut.

[Captain Morgan]

thanks for the info, and one more question.

 

If he signs elsewhere for anything, even the vet minimum, is that figure subtracted from our cap?

[BeasonBeastingBacks]

Just messing around at overthecap.com (cool ass site btw), designating Smitty as a June 1st cut would take our cap space from 4.5~mil to 8~mil.  Don't know how accurate all their numbers are, but its something at least.

[panthers55]

The cap hit this year would be 5 million not seven this year which is the 3 million in guaranteed money and the 2014 portion of the signing bonus proration which is 2 million this year if it were a june 1st cut.  As carpanfan96 said that assumes that the nonexercise bonus is not part of that equation.  Because if it were then the dead money should be more than 9.5.     3 million in guaranteed salary money, 6 million in signing bonus proration money and the nonexercise bonus of 3 million adds up to 12 million.

Either way the dead cap money of 4.5 would move to next year which is still 5.5 less than the 10 million we spend if he were here or the 6 million dead cap if we cut him next year.

[Stroupe-a-loop]

thanks for the info, and one more question.

If he signs elsewhere for anything, even the vet minimum, is that figure subtracted from our cap?

Nothing Smitty does going forward effects our cap.