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soulman

Current Cap Situation

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Posted (edited)

As the NFL heads into it's next wave of FA I thought it might be a good idea to update our cap situation.  OTC and Spotrac have slightly different numbers but the bottom line is at the moment the pot is pretty empty.

https://www.spotrac.com/nfl/chicago-bears/cap/

Chicago Bears Cap Totals

 

https://overthecap.com/salary-cap/chicago-bears/

Total Cap Liabilities: $217,719,055
  • Top 51: $204,093,276
  • Team Cap Space: $1,656,087
  • Offense: $105,244,656
  • Defense: $102,286,120
  • Special: $3,412,500
Edited by soulman

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Time to go to the bank of Mack and we can also extend Hicks who is out of guaranteed money.

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I think going back to Mack at this point should be a last resort - any more and we’re gonna be looking at $30M cap hits for the duration of his contract. Doing something with Robinson, Hicks and Patterson first all make more sense to me.

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I don't fully understand the cap rules.  

But I think no one knows what Foles cap hit is for now because details of contract have not been announced.  Adam S. reported it was restructured and he is almost never wrong.

But how it was restructured has not been announced as far as I know.

All I know is league has their own spread sheet they use with its own formulas inputed and whatever deal you make has to fit into that without going over by a certain date. 

 

 

 

 

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Posted (edited)
2 hours ago, dll2000 said:

I don't fully understand the cap rules.  

But I think no one knows what Foles cap hit is for now because details of contract have not been announced.  Adam S. reported it was restructured and he is almost never wrong.

But how it was restructured has not been announced as far as I know.

All I know is league has their own spread sheet they use with its own formulas inputed and whatever deal you make has to fit into that without going over by a certain date. 

 

 

 

 

The only restructure that has been mentioned by anyone so far is the one giving Foles the option to void 2021 and 2022.  Here's the deal we inherited.  If the monetary structure is unchanged he gets his 2020 salary of $15.125 mil and assumedly his $250k roster and workout bonuses for a total of $15.625 mil.  His deal calls for a total of $50.125 mil of which he will have received $46.125 mil through 2020.  We would still owe him another $4 mil gtd in 2021 based on his original contract and his $5 mil 2021 roster bonus which was guaranteed on 3/20/2020 more than covers that.

But it also seems logical that if Foles voids 2021 that will wipe out the rest of his $4 mil gtd and of course his $5 mil 2021 roster bonus and our entire investment in him is the $15.625 mil he'll get for 2020.  If he chooses to stay in 2020 which if he's starting seems likely his cap hit for 2021 would increase to $20.625 mil and if he's still starting in 2022 his cap hit is $20.750 mil.  That's not bad at all for a #1 QB these days provided he's playing well and we're winning and that could also impact what Pace decides to do about Mitch's 5th year option which would be significantly more money than Foles is getting.

Pace could decide to exercise it just to keep his options open (or not) because just like Floyd he would have until March of 2021 to rescind it if Mitch isn't gonna be around.  So in addition to the competition he'll get from Foles he's also looking at millions of dollars at risk if he can't be re-signed as a #1 QB here or elsewhere.  That should be more than enough motivation to do as Nagy suggested and immerse himself in game vids learning how to read coverages and correctly respond on the fly.  His entire career may depend on it.

Current Contract

Nick Foles signed a 4 year, $88,000,000 contract with the Jacksonville Jaguars, including a $25,000,000 signing bonus, $50,125,000 guaranteed, and an average annual salary of $22,000,000. In 2020, Foles will earn a base salary of $15,125,000, a roster bonus of $250,000 and a workout bonus of $250,000, while carrying a cap hit of $15,625,000 and a dead cap value of $20,125,000.

Contract Terms: 4 yr(s) / $88,000,000 Signing Bonus $25,000,000 Average Salary$22,000,000 GTD at Sign:$45,125,000 Total GTD:$50,125,000 Free Agent:2023 /
  Bonus Breakdown Cap Details Cash Details  
Year   Age Base Salary Signing Roster Workout Cap Hit Dead Cap Yearly Cash  
2019 Contract details by year 30 $5,000,000 $6,250,000 $250,000 $250,000 $11,750,000 $45,375,000 $30,500,000($30,500,000)  
2020 Contract details by year 31 $15,125,000 - $250,000 $250,000 $15,625,000 $20,125,000 $15,625,000($46,125,000)  

Potential Out: 2021, 2 yr, $46,125,000; $5,000,000 dead cap

2021 Contract details by year 32 $14,875,000 - $5,500,000 $250,000 $20,625,000 $5,000,000 $20,625,000($66,750,000)  
2022 Contract details by year 33 $20,000,000 - $500,000 $250,000 $20,750,000 - $20,750,000($87,500,000)  
2023 Free Agent Year 34    
Contract Notes:
  • $45.125M guaranteed at signing (signing bonus + 2019 salary + 2020 salary)
  • 2021 Roster Bonus: $5M (guarantees 3/20/2020, paid the 5th league day of 2021)
  • Annual Per Game 46-Man Active Bonus: $31,250 ($500,000, 8 LTBE in 2020)
  • Workout Bonus: $250,000
Edited by soulman

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So looks like basically 8 mil a year cap hit to me. 

Told ya'll to wait. 

 

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Maybe plus up to 6 million on 2021 or 2022?  Not sure exactly how incentives work with cap.

 

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I'd really like to know more about the incentives, but that sure indicates this is a better contract for the Bears than expected, and also that best scenario is Foles does well and opts out next year and we have a QB on deck.  Also indicates that there will not be a lot of Trubisky jersey sales coming up... Patriots? 

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37 minutes ago, dll2000 said:

So looks like basically 8 mil a year cap hit to me. 

Told ya'll to wait. 

 

I'm just reporting what our two most dependable sources have on it and when they report changes I will report changes.  It's not that I don't believe Ian Rapoport but I'm the type who needs to see things in writing.  Verbal agreements aren't worth the paper they aren't written on. :D

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Posted (edited)
1 hour ago, dll2000 said:

Maybe plus up to 6 million on 2021 or 2022?  Not sure exactly how incentives work with cap.

 

Depends if it LTBE (likely to be earned) or ULTBE (unlikely to be earned).  The former is charged in the current year the latter in the following year but only if earned.  Provided that's how it's structured in the contract which is why I wait to see what's in writing as reported and since none of these deals have yet been signed I'd say anything we get now that's not been reported by an NFL source or by Spotrac or OTC may also contain errors.

Edited by soulman

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1 hour ago, soulman said:

I'm just reporting what our two most dependable sources have on it and when they report changes I will report changes.  It's not that I don't believe Ian Rapoport but I'm the type who needs to see things in writing.  Verbal agreements aren't worth the paper they aren't written on. :D

Basically if Ian R. or Adam S. says it, it is true.

They are the designated official, but non-official, mouth pieces for much of leaked info.  I wonder how they were managed that.

 

 

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5 hours ago, dll2000 said:

Basically if Ian R. or Adam S. says it, it is true.

They are the designated official, but non-official, mouth pieces for much of leaked info.  I wonder how they were managed that.

 

 

Pics of Goodell meeting with the Russian Ambassador?  :D

Hey, both are also fearless rumor mongers who love to get face time on some show so they can spout off whatever news they have today but that aside other sources do confirm a cap hit of around $8 mil for Foles.  I can accept that for now pending more complete data of the deal and I'm happy as hell about it.  That's roughly $8 mil more in cap than we've been led to believe.

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