Just reported he has renegotiated his contract, will make $3M this year, incentives could make it $9M.
so 3 mill this year. with probably a bunch of unreachable imcentives..better than the normal 12 million $$ cap hit
Good middle ground... I like the incentives too because that will hopefully push Chad to try and rehab better and faster...
Jets | Team reaches deal with Pennington Sun, 5 Mar 2006 14:53:59 -0800 Jay Glazer, of FOXSports.com, reports the New York Jets and QB Chad Pennington have finally agreed to a new restructured deal that will keep Pennington with the Jets. The deal has not yet been signed but has been agreed upon. Pennington was scheduled to make $9 million but now will get a $3 million in guaranteed salary and can earn back the remaining $6 million incentives.
I think this is great news. If he can come back, he is a Jet. If not, then at least we gave it a shot without crippling the team financially either way. It also shows that Pennington has some class and wants to be a Jet. He could have refused, taken his $12 million and hooked on somewhere else for a $1 or $2 million with a chance for a starting job.
So does this then impact our cap by providing another 6 million of relief? What's the cap implications?
Maybe, Maybe not. from PFT CHAD TAKES A HAIR CUT Jay Glazer of FOXSports.com reports that the New York Jets have struck an agreement with quarterback Chad Pennington on a restructured contract. Pennington originally was slated to earn $6 million in salary and a $3 million roster bonus. Now, he'll earn a $3 million guaranteed salary with the ability to make back up to $6 million more in incentives. Glazer reports that the agreement has not yet been signed. It's also possible that the deal is contingent on the NFL and the union working out an extension to the collective bargaining agreement. Absent a new CBA, the Jets possibly will be required to clear up to $6 million in cap room during the 2006 season, since under the current CBA all incentives hit the cap at the time they are earned. The team had asked him to reduce his 2006 compensation all the way down to $1 million, and Pennington declined. More recently, Pennington expressed interest in working something out.
he will be 3 mill on the cap.... leaving another 18 million in cap room to be had with abe at 8 mill and the CBA at 10 million.
