Reggie Wayne re-structures contract to give the Colts some extra cap room

Extremely classy move by an extremely classy guy.

almost 3 years ago Jake Whitacre 23 comments 0 recs |

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I really do love it when the guys are willing to do this.

It shows a “team” mentality. I wonder how much room we have now?

"I throw, you catch. It's NOT that hard!"
Peyton Manning, SNL, 2007

by peytonsthebest on Apr 23, 2009 5:36 PM EDT reply actions

I'd have to see the contract

And I’m not knocking Reggie, but this isn’t the same situation Marvin and Peyton were in. Marvin in Peyton renegotiated their contracts to lower their numbers in 06 because they attempted to restructure and were blocked by the league. A restructure really is just for accounting purposes. What he did was actually amortize his salary.

Doing some quick math – to not violate the 30% rule going into 2010 (which it would have to comply with under the current CBA due to the uncapped season), the maximum amount is in the neighborhood of 740k this season. There’s that balance you have to reach when converting your salary to bonus and still complying with both the 30% rule and the Deion Sanders rule. Also, from looking at his contract, it looks like they built it in to convert it for a rainy day since his base jumps from 3.5 million to 4.94. No reason to break up the salary like that really, his number wasn’t hard to work with at 39.5.

I’ve seen similar safety valves in Dallas and Bob’s contracts to control the cap. Peyton and Marvin’s were supposed to have them, and the Colts did the contract how the NFL told them to, but apparently someone jacked up and ignored certain rules. They do it every season. Polian and company really think out player contracts very carefully. It’s why we go into every offseason freaking out and end up going into the draft and camp better than quite a few teams.

Remember people, we’re in very good hands. B.P. has his captain’s hat on.

Jim Sorgi runs a 4.6 40. That's all I've got to say about that.

by monstersbox on Apr 23, 2009 9:31 PM EDT up reply actions

Here it is

“Mike Chappell, of The Indianapolis Star, reports the Indianapolis Colts have reworked the contract of WR Reggie Wayne so they could free up $480,000 in salary cap space this season.”

Just about enough to probably sign one of those lineman at minimum.

Jim Sorgi runs a 4.6 40. That's all I've got to say about that.

by monstersbox on Apr 23, 2009 10:15 PM EDT up reply actions

You're all smart and stuff

by ctnyc on Apr 24, 2009 12:12 AM EDT up reply actions

I know you've done a bunch of research on the cap and all

but even so, do you have some sort of accounting background? or job?

"If you don't [draft me], I promise you I'll come back and kick your ass for the next 15 years."

by psvirsky on Apr 24, 2009 7:01 AM EDT up reply actions

LOVE IT!

by LovinBlue on Apr 23, 2009 5:37 PM EDT reply actions

Fabulous

by metal_militia on Apr 23, 2009 5:48 PM EDT reply actions

It’d be nice if Peyton did it too.

This line will remain in my signature until the Colts draft Rashad Jennings in 2009.
Oh and I write words and stuff for Stampede Blue.

by KingRichard on Apr 23, 2009 5:48 PM EDT reply actions

hasn't he done that like Twice?

Nate Davis = beast, The rest of the NFL fails to reconize that

by colts9318rock on Apr 23, 2009 5:49 PM EDT up reply actions

Two years ago, which only helped the team in that one year.

This line will remain in my signature until the Colts draft Rashad Jennings in 2009.
Oh and I write words and stuff for Stampede Blue.

by KingRichard on Apr 23, 2009 5:53 PM EDT up reply actions

I was under the impression that he can't this year.

"I throw, you catch. It's NOT that hard!"
Peyton Manning, SNL, 2007

by peytonsthebest on Apr 23, 2009 5:54 PM EDT up reply actions

He would...

have to sign a NEW contract in order to “restructure.”

by bamock on Apr 23, 2009 6:05 PM EDT up reply actions

Thanks

"I throw, you catch. It's NOT that hard!"
Peyton Manning, SNL, 2007

by peytonsthebest on Apr 23, 2009 6:30 PM EDT up reply actions

I'm always hesitant to fellate a player too much for restructuring

Players frequently restructure contracts by accepting bonuses after agreeing to lower their annual salaries. The bonuses are then prorated over the remaining length of the deal, in Wayne’s case three years, to lower the team’s salary cap number in the first year.

Wayne took money upfront instead of during the season. It’s great that he’s willing to help the team in the short term, but he’s not sacrificing. If anything he helped himself too. Just about everyone would prefer a bonus now to non-guaranteed salary later.

I got Summer hatin' on me cuz I'm hotter than the sun. Spring hatin' on me cuz I ain't never sprung
Winter hatin' on me cuz I'm colder than Y'all. And I will never, I will never, I will never Fall.
-Lil Wayne, Mr. Carter

by shake n bake on Apr 23, 2009 5:54 PM EDT reply actions

Very true

But on the other hand, given that this is the first time he’s ever been the unquestioned top receiver on the team, he could’ve very easily decided to hold out for a new contract to reflect his status. Even if he did get a little extra money in the process, I think he went about in the right way.

Bullets Forever: A blog dedicated to the Washington Wizards with analysis, commentary, and more YouTube videos than your eyes can handle.

by Jake Whitacre on Apr 23, 2009 6:13 PM EDT up reply actions

and I want to make sure you know

my choice of words wasn’t to attack you. I chose fellate because I was being a bit of a wet blanket on this story was wanted to throw in a word that makes me (and hopefully others) giggle.

by shake n bake on Apr 23, 2009 6:18 PM EDT up reply actions

No worries

If I had felt attacked, I probably would’ve retorted back with a joke about Shonn Greene.

Bullets Forever: A blog dedicated to the Washington Wizards with analysis, commentary, and more YouTube videos than your eyes can handle.

by Jake Whitacre on Apr 23, 2009 8:11 PM EDT up reply actions

Mitch King would have been better

I actually (really really) want him on the Colts.

also I’m the same guy that made a joke last draft season about being kicked out of bed for calling out Chris Johnson’s name instead of the gf’s. A little suggestion of homosexuality isn’t going to make me flip out.

by shake n bake on Apr 23, 2009 8:32 PM EDT up reply actions

Good

In that case it was good for both parties, so more power to them. I wonder if a player could “restructure” by exchanging his salary for an equal percentage ownership of the team. Imagine Peyton trading in and getting like 5% of the team and then the Horse having about $15 million to play with.

by lefpsyd on Apr 23, 2009 6:14 PM EDT up reply actions