Re: Revis trade and Jets cap hit
posted at 3/7/2013 12:49 PM EST
In response to rkarp's comment:
and now for the facts.
Revis signed a contract as follows;
2010: $7.5 million base salary, no signing bonus
2011: $18 million option bonus (due on the first day of the first league year after 2010, accounting for the chance of a lockout), $7 million base salary
2012: $7.5 million base salary (guaranteed for injury)
2013: $6 million base salary (guaranteed for skill)
In the first 2 years, Revis realized $32.5 making him the highest paid CB in football.
Revis was paid in 2013 $7.5m because his season was guaranteed for injury
Revis salary for 2013 is $6m. If Revis does not hold out, his contract for 2014, 15, 16 voids, making him a free agent.
The Jets owe Revis $6m, there is no dead money. The Jets cannot trade Revis until the official start of the 2013 season (March 12th I believe)
The Jets can trade Revis and have zero financial obligation to him. The Jets can let Revis play out the year, pay him his $6m, and let him walk away in free agency, getting nothing in return.
The issue with Revis is resigning him. There is no dead money.
When the dust settles, either with the Jets or another team, the media will announce that Revis has signed a contract for $100 million dollars, of which he will realize maybe $50-$60 million of it.
Trading Revis would result in a salary cap hit: According to NYJETSCAP.com the Jets would suffer a cap hit if the team decides to trade Revis. From the site:
"The information I have on Revisâ contract tells me that he should carry a dead money hit of $12 million in 2013, not $9 million as reported, if the Jets were to trade him. That $12 million comes from an $18 million dollar option bonus he received in 2011 that was prorated from 2011 thru 2016. He is scheduled to count for $9 million against what looks to be a somewhat tight cap for the team, so they would lose a net of $3 million for the year plus whatever draft pick and/or player salary they get back for him."
Not saying whether this is correct or not but this is what is out there.