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

[El Chingon]

He was a June 1st cut.

Right. We're gonna need that money to sign our draft picks.

[SgtJoo]

Steve Smith designated as a post-June 1 cut. Panthers will save $2 million this year and creates $4 million in dead money next year.

 

 

There you go.

[csx]

It should save 4 million on this years cap figure. 

Next year his cap hit will be 6 million with $4 million in signing and $2 million in misc bonus escalating 

 

If he is a June 1st cut and this is correct http://www.spotrac.com/nfl/carolina-panthers/steve-smith/

[panther4life]

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.

 

Look at my post. He had 6 million in dead money from the prorated signing bonus of last year. It was going to hit as 2 million per year over the final 3 years. He also had 3 million of his 4 million base this year fully guaranteed. That's a total of a 9 million hit.

The extra 3 million option bonus was only going to count if he was on the roster after june 30th.

[jdpanther5]

I'm sure we'll designate him as a June 1 cut. But until June we take on a cap hit of $9m vs $6m to just keep him. Of course that amount would grow to $7m come July had we kept him, but it seems dubious at best to cut a guy when it only makes our cap situation worse for the next 2.5 months.

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[jdpanther5]

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

One thing, a June 1 cut doesn't split the overall cap hit ($9m) in half, you still pay this year's guarantees but have to pay all the remaining ones the next year. In this case that's his $3m guaranteed + $2m prorated bonus for this year, while the remaining $4m of bonus hits next year.

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[panthers55]

Look at my post. He had 6 million in dead money from the prorated signing bonus of last year. It was going to hit as 2 million per year over the final 3 years. He also had 3 million of his 4 million base this year fully guaranteed. That's a total of a 9 million hit.

The extra 3 million option bonus was only going to count if he was on the roster after june 30th.

Look at my post.  The option is not a roster bonus which is typically what it would be if it were as you suggest.  There is both an exercise option which triggers a 1 million option for 3 years and triggers a 2016 salary of 10 million and a non exercise fee of 3 million if we don't pay it.  So essentially we pay 3 million whether we exercise it or not.  If you think about it we are essentially guaranteeing that money one way or the other.  Thus my point about whether it is considered guaranteed or not since we have to pay him 3 million whether we exercise it or not.

I understand the dead cap space hit of 9 million, the question is whether that is accurate or not. I understand that this is what is reported on spotrac.com etc but the question is whether the option also applies since none of these sites have actually seen the exact language of the contract. 

[Jackofalltrades]

So now we need another June 1 cut.