After trade Dolphins are $21 million under cap

[Nublar7]

Saw this blurb by Armando at the Miami Herald:

The Dolphins get a very nice cap relief after trading Taylor. The just cleared something on the order of $7-7.5 million. That means they have approximately $21 million under the cap.

http://miamiherald.typepad.com/dolphins_in_depth/2008/07/news-and-notes.html

Obviously, that $7-7.5 million won't help in getting Henne or Merling signed any faster, but why shouldn't Miami now look at some long term deals? We have a few players entering the last years of their deals, and extending them right now would be much better then waiting until the 09' offseason. If you sign them up long term now, you can use some of that $21 million and less of the 09' cap.

Though there is just one player that absolutely needs to get an extension, and that is Vernon Carey. We need to be able to keep him because we finally have a nice offensive line to build a team around.

Some other notables that will have their contract's expire after this season:

Channing Crowder
Will Allen
Travis Daniels
Ricky Williams

Once they get Henne and Merling under contract this week, Sparano will be focused on TC, and Ireland/Parcells should be focused on working on some long term deals(most notably Vernon Carey's).

 

[X-Pacolypse]

$21 million under the cap? HOLY CRAP! That's a lot more than I was expecting. PAY VERNON CAREY NOW!!!!

 

[GoonBoss]

We really need to get VC under extended contract if these figgures are true.

 

[Canadianfishfan]

Providing they want to keep Carey.

 

[SamIam]

This money is going to go to terrel suggs and Nnamdi Asamougha next season boys and girls :d-day:.

 

[shula_guy]

What happens if the entire salary cap money isn't spent, does it just keep rolling over into future seasons?

 

[miami234ever]

Yea, I say we re-sign Vernon Carey and eventually get to Will Allen and Ricky Williams. Daniels is replaceable and Crowder still has to step up before he gets his pay day. And I agree, we should throw a big contract at Nnamdi Asomugha next off-season. Would be a perfect fit opposite Will Allen and is a top 3 CB in the league.

 

[C-HUCKS]

Yea, I say we re-sign Vernon Carey and eventually get to Will Allen and Ricky Williams. Daniels is replaceable and Crowder still has to step up before he gets his pay day. And I agree, we should throw a big contract at Nnamdi Asomugha next off-season. Would be a perfect fit opposite Will Allen and is a top 3 CB in the league.

Even though I am a huge Ricky Williams fan, I think he needs to have solid season, in order to get a contract extension.

 

[ckparrothead]

What happens if the entire salary cap money isn't spent, does it just keep rolling over into future seasons?

You have to do something in order to get it to roll over like that. I believe the common practice involves re-structuring a veteran's contract to include a bunch of LTBE (likely to be earned) incentives that you don't feel are particularly likely to be earned. An incentive clause is deemed LTBE automatically if the player would have achieved that incentive in the previous year. Also, after a certain date (like the first day of the regular season, or something), any incentives you stick into a contract are considered LTBE. When an incentive is deemed LTBE, it means that the amount of the incentive is counted against the cap immediately. If the player doesn't end up earning it, then you get a salary cap increase the following year in the amount of the incentive.

As a practice this is a way of rolling over your unused salary cap space from one year to the next. But, you have to have veterans willing to do these deals, and it should be kept in mind that once you make a change to a player's contract, you can't change it within one year. So, we have a lot of guys on roster that just arrived this year...they can't have their contracts changed. Then, you've got a bunch of other guys that are very likely hoping that their contracts get extended sooner, rather than later. If we change their contracts now, they can't be changed within the year.

So, there are challenges associated with the practice. I just hope they find a way to do it because it would be practically unforgivable to allow $21 million in cap space to just roll off.

 

[shula_guy]

CK, TY for explaining it to me, it has always confused me how it worked.

 

[hemidemon]

I think some of that money will be used when we pick salery cap casualties off the waiver wire. It will alow us to be a player in shoring up this team.

 

[Valandui]

Yea, I say we re-sign Vernon Carey and eventually get to Will Allen and Ricky Williams. Daniels is replaceable and Crowder still has to step up before he gets his pay day. And I agree, we should throw a big contract at Nnamdi Asomugha next off-season. Would be a perfect fit opposite Will Allen and is a top 3 CB in the league.

I know, dude. If Jason Allen and Bell finally show up that would be a ridiculous secondary.

 

[miami234ever]

Even though I am a huge Ricky Williams fan, I think he needs to have solid season, in order to get a contract extension.

I agree. But I have a strong belief that he will have a strong season early on, which will warrant him a new contract. Especially with Ronnie recovering still.

 

[PENNDOLPHAN]

This money is going to go to terrel suggs and Nnamdi Asamougha next season boys and girls :d-day:.

That would be awesome, but i doubt we could afford both of them. Maybe one of them.

 

[QrtBck13]

Lock up Mt. vernon, Channing, Will Allen long term and u sign Ricky to a deal with zero signing bonus and if he has a solid year u get best value for him and trade him with no cap penaltie.