[h1]'Brickashaw's real deal? One year, $5.3225 million[/h1]
Posted by Mike Florio on July 8, 2010 9:46 PM ET
We knew it.
When reports emerged of a six-year, $60 million extension with an eye-popping
$34.8 million in guaranteed money, we knew that there was fluff in the new contract between the Jets and left tackle
'Brickashaw Ferguson.
We just had no idea how much fluff was there.
We'veobtained a copy of the contract, and we've studied it carefully. Thecontract constitutes, as a practical matter, a one-year, $5.3225million arrangement with no other guaranteed money earned or vestedthrough the end of the 2010 season.
The amount comes from a basesalary of $622,500, a signing bonus of $1.6 million due within fivedays of July 15, 2010, and a roster bonus of $3.1 million due withinfive days of July 15, 2010.
That's it. No other guaranteestrigger unless and until Ferguson makes it through the 2010 seasondisplaying adequate skill and, more importantly, not suffering seriousinjury.
If Ferguson endures a career-ending injury at any pointthis year (think LeCharles Bentley on the first day of training camp,2006), Ferguson gets none of the rest of the money. If Ferguson simplysuffers a serious but not career-ending injury at any point this year(think
Leon Washingtonmimicking Joe Theismann against the Raiders in 2009), the Jets likelywill terminate the contract and then try to re-sign Ferguson for alesser amount -- or watch him walk away.
And, amazingly, the contract contains no future guarantees based on injury. None. Not a penny.
IfFerguson is on the Jets' 80-man roster on February 15, 2011, Ferguson's2011 base salary of $5.615 million becomes guaranteed only for skill. This means that, if the Jets thereafter decide that Ferguson stinks,they still have to pay him his 2011 base salary. As a practicalmatter, the money also is guaranteed for injury after he passes hisoffseason physical, since he'd be owed his entire base salary if he,for example, tears an ACL while at a minicamp practice.
On thatsame day, February 15, 2011, Ferguson's $9.985 million base salary for2012 becomes guaranteed, but again only for skill. So if he suffers aserious injury in 2011, the Jets can cut him before 2012 and avoidnearly $10 million in additional future expenses.
Finally,Ferguson's base salary of $7.25 million for 2013 becomes guaranteed --again for skill -- if he's on the 80-man roster on the second day afterthe start of the waiver system for the 2012 season. So if he suffers aserious injury in 2012, the Jets can easily avoid that money due in2013.
Ferguson also has a $3.9 million option bonus, but theJets have an extended period within which to decide whether to pay it. The first possible date is the first day of the next league year, whichif there's labor peace will come in early March, 2011. The last dayfor exercising the option will be the day after the firstregular-season game in the next league year. So they can cut him aslate as September 2011 and avoid that $3.9 million payment.
None of those payments will be made if Ferguson endures a serious injury, or if his skills suddenly evaporate.
Whilesome may brush this off as a cash-flow issue only, since futurepayments fully guaranteed for injury and skill must be fundedimmediately, the Jets could have guaranteed the full amount of thefuture guaranteed base salaries (which total $22.85 million) for injurynow and skill later,
like the Bears did with defensive end Julius Peppers. The Jets didn't, and now Ferguson will bear the risk of that every timehe laces up his cleats from now until the end of the 2010 season.
Whathas Ferguson gained? His base salary of $3.122 million in 2010 (theterms under his prior deal) has increased to a total payout of $5.3225million.
So he picked up $2.2005 million now, with noguarantees moving forward. Though he'll be in line for more than $22million guaranteed if he gets through 2010 (and 2011) unscathed, healready was in line for at least $10 million guaranteed next year, thefinal year of his rookie deal.
Bottom line? As usual, the real terms of the contract fall far short of the amount initially reported.
A league source tells us that the Tennessee Titans and running back Chris Johnson have agreed to terms on a new contract that solves the financial problems between team and player.
