by: Chris Sullivan
Houshmandzadeh signed for $8 million per season, but his deal featured a $2 million signing bonus and no other bonuses. His contract will count $5.9 million against the cap in 2009 and $7.4 million in 2010. The deal would have $14.5 million in guarantees if the team guaranteed the base salaries in the first two seasons (an increasingly common tactic this offseason).
Cole got a $2.5 million signing bonus and base salaries of $2.5 million (2009), $3.25 million (2010), $3.75 million (2011), $4.4 million (2012) and $5 million (2013).
Ray Willis signed a two-year deal for $6 million. This included a $1 million signing bonus, a $1 million roster bonus and base salaries of $1 million (2009) and $2 million (2010). He can earn another $500,000 in incentives.
So, to me, this is all fairly reasonable. The Cole signing is the one that got many people wondering — well, his contract is somewhat backloaded (14.65 million of his 21.4 million are in the last 3 years, pro-rating the signing bonus). Cutting Cole looks to be quite cheap after year one, as it appears that only $6 million is guaranteed — his signing bonus and 2009 salary plus another million. Cutting him in year two would still save us more than a million in cap room if he stinks up the place.
Housh is probably getting paid more than he deserves in year two, but that’s probably about it. I can handle that, especially if he’s productive. ~END~