Detroit Lions continues to try to create a ceiling for 2021, as Mike Garafolo of the NFL Network is reporting that the team will restructure the contract from linebacker Jamie Collins Sr. Although Garafolo does not give details of the restructuring, he notes that Lions are adding annulable years to help stretch the limit reached over several years and this will result in Collins’ $ 11.3 million limit. “It has significantly decreased.”
Here’s what a restructuring would look like theoretically.
2021:
- Base salary of $ 8.8 million
- $ 2.3 million in prorated subscription bonuses (as of 2020)
- $ 200,000 training bonus
CAP HIT: $ 11.3M
2022:
- Base salary of $ 9.8 million
- $ 2.3 million in prorated subscription bonuses (as of 2020)
- $ 200,000 training bonus
CAP HIT: $ 12.3M
Theoretically, let’s say that the restructuring involves converting $ 7 million of Collins’ base salary into a new signing bonus. In the meantime, let’s say Lions add two years canceled. Suddenly, his contract looked like this.
NOTE: THIS IS A THEORETICAL RESTRUCTURE. DETAILS ARE NOT STILL GIVEN.
2021:
- Base salary of $ 1.8M
- $ 2.3 million in prorated signature bonuses (from 2020), $ 1.75 million in prorated signature bonuses (from 2021)
- $ 200,000 training bonus
CAP HIT: $ 6.05 million (minus $ 5.25 million)
2022:
- Base salary of $ 9.8 million
- $ 2.3 million in prorated signature bonuses (from 2020), $ 1.75 million in prorated signature bonuses (from 2021)
- $ 200,000 training bonus
CAP HIT: $ 14.05M (up to $ 1.75M)
2023 (year canceled):
- $ 1.75M in dead money (2021 prorated signing bonus)
CAP HIT: $ 1.75M
2024 (year canceled):
- $ 1.75M in dead money (2021 prorated signing bonus)
CAP HIT: $ 1.75M
In other words, Lions saved nearly $ 5.5 million this year, but ended up spending exactly the same amount over the next three seasons. It is important to note that this is not an extension. Collins’ contract will be automatically canceled after the next two seasons, freeing him to sign anywhere else.
The restructuring has the disadvantage of making Collins more difficult to cut after the 2021 season, if Lions want to move on. But with the inconsequential dead money in the annulled (theoretical) years, this was an easy change to create some immediate limit space.
Seek out Lions to find other candidates to restructure, including Jared Goff, Trey Flowers and Halapoulivaati Vaitai.