OK, so I was able, through my sources around the league, to get my hands on the Haynesworth contract details. Here's what he got:
- Signing Bonus: $5M
- 2009 guaranteed P5 salary: $6M
- Option Bonus: $21M
- 2010 guaranteed P5 salary: $3.6M
- 2011 guaranteed P5 salary: $5.4M
TOTALING: $41M guaranteed
- 2012 P5 salary: $6.7M
- 2012 Off-Season Workout Bonus: $500K
Total Over 2009-2012: $48.2M
So you ask, I thought his contract was 7 years (2009-2015) for $100M? Well, here's where the fluff comes in. It goes as follows:
- 2013 Discretionary Signing Bonus: $20M (OR if teams chooses at their discretion to not pay the Signing Bonus, there then becomes a $35M incentive that can be earned given certain performance)
- 2013 August 31 Roster Bonus: $500K
- 2013 P5 salary: $8.5M
- 2014 August 31 Roster Bonus: $500K
- 2014 P5 salary: $10.3M
- 2015 August 31 Roster Bonus: $500K
- 2015 P5 salary: $11.5M
TOTALING: (assuming the team elects to pay the discretionary signing bonus) $51.8M
Therefore, giving you a GRAND TOTAL of $100M over 7 years ($48.2M + $51.8M).
In essence this is 2 contracts in 1. Basically, the first contract is for $48.2M over 4 years. If he's still playing at a high level come 2013, then the team can, in essence, execute another contract with Haynesworth that would be a 3 year deal worth $51.8M with $20M guaranteed. If he's not playing at a high level come 2013, then they simply cut him; however, they'd then have $9.4M of "dead money" on their books in 2013.
So if you look at this deal as 1 contract, then, yes, it's a $100M deal (and the agent loves that you think of it that way because it makes him look more appealing to the kids he's now recruiting), but the more practical and realistic perspective is that of considering this deal as 2 in 1.
An alarming aspect of this contract is that $21M of his money comes in the form of option bonus. Why is this alarming you ask? Well, as a result of a case involving the contract of Aslie Lelie, teams can no longer collect option bonus money from the player should he do anything to be in default of his contract. Not to say that folks don't change or have bad days, but to have so much guaranteed money unexposed to forfeiture for a player who once stomped a player in a game is a bit of a concern. (UPDATE: as it turns out, the Redskins shrewdly protected themselves from the forfeiture issue by placing language in the contract that allows them to convert Haynesworth's Option Bonus to Signing Bonus when they exercise the option. Signing Bonus money can be recovered from a defaulting player, so if Haynesworth has another bad day, the team is protected.)
Some of you have asked, given that the Skins routinely are up against the cap, how could they afford this contract? The answer is that Haynesworth's 2009 cap number is only $7M; that amount is comprised of a $6M P5 salary (by the way P5 stands for "paragraph 5" of the standard player contract) plus $1M in pro-ration of his $5M signing bonus. By cutting Shawn Springs, the Skins saved themselves $6M in 2009 cap space; so you could say that the Skins just about swapped out 1 for 1 Springs for Haynesworth. Without knowing what the future holds, the Skins are going to have to plan accordingly to afford this contract because Haynesworth's cap numbers beyond 2010 exceed $10M per year; those are significant cap charges. This means the Skins better start getting some cheap labor via the draft to offset this contract's impact on their cap (assuming there is one) in future years.
To see my perspective on "cheap labor" team building see below. Otherwise, hope you enjoyed the Haynesworth breakdown. You're now dismissed.....
(UPDATE: if you have any questions, leave a comment with your question, and I'll reply in the comment section. So check out the comments section for further analysis based upon the questions you guys submit....thanks!!!)