does anyone know gardeners contract#s?

J

jd13

i believe he signed an 8 year-$56 million deal...if he gets cut then the remaining portion of the signing bonus counts against the cap and if we cut him now then it would be about $5 million...if we waited until june 1, 2003 then i believe it would be $2.5 million each year(2003-04)...im not sure if those #s are right though...
 

Dajesus

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More than his contract numbers I want to know what his personal problems are.
 

grooves12

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Well, Vandolphan...

The big question is... What was Gardener's signing bonus... like was discussed it was never released.

But, the MAX it could be is: $8,721,600

I base that upon the 2000 bonus amount listed at USATODAY ($1,453,600) x 6 (according to the CBA in effect at the time Gardener signed his contract, signing bonus payments could only be spread over 6 years.)

http://www.usatoday.com/sports/nfl/salaries/dolphins.htm

It is possible it could be less than that, as it is very likely that that number includes other bonuses such as workout bonuses, roster bonuses, etc. But, we will never get those details.

If that is in fact what his true signing bonus amount was... we would have four payments of $1,453,600 left to pay. For a total of $5,814,400. Split over 2 years... $2,907,600 cap hit each year.

Meaning it would COST the Dolphins $300,000 to release him.

BUT, I'm willing to bet there were some roster bonuses included in that amount, and the original signing bonus was under $8 million. (Jason Taylor's ~$9million bonus was reported as the largest ever given to a Dolphin.)

Cap hit for Various bonus amounts...

$8 million = Break Even
$7.5 million = save $100,000
$7 million = save $260,000
$6.5 million = save $430,000
$6 million = save $600,000
 

grooves12

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Something I forgot about though...

I beleive the $200,000 bonus the Dolphins are considering NOT paying him this year would have counted directly against the cap this year. (As it would be consider a likely-to-be-earned incentive)

So, thats a $200,000 savings on top of everything listed above.
 

grooves12

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One more note I just thought of....

Since Gardener's current contract was an EXTENSION of his original contract which had one year remaining. Any remaining signing bonus from that original contract is still paid as it was originally allocated.

So, Gardener's original contract was a 5-year deal with either a $1.3 or $1.8 million signing bonus. (the more reliable number is $1.3) Which means a pro-rated amount of $260,000.

2000 bonus payment based on $1.3M original signing bonus:

$1,453,600 - $260,000 = $1,193,600
$1,193,600 x 6 = $7,161,600 (Bonus on his extension)

2000 bonus payment based on $1.8M original signing bonus:

$1,453,600 - $360,000 = $1,093,600
$1,093,600 x 6 = $6,561,600 (Bonus on his extension)

So, what all this means is... we would save somewhere between $250,000 and $450,000 by releasing Gardener this year. And... if you notice $450,000 is the magic number in the new veteran minimum contracts.

Damn... if I keep racking these numbers, I might be able to become a NFL capologist pretty soon. :D
 

VanDolPhan

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You made a couple mistakes there grooves. First I am pretty sure he got a guarenteed portion of his base salary during that 2nd year. So that automatically gets accounted into the numbers which easily inflates it by $1 million.

2nd of all his contract runs until 2008. It was an 8 year contract. So Ozzy was right. Gardener's signing bonus was $11 628 800.

With that in mind that means it's 1 453 600 a year *6 which is 8 721 600 which divided by 2 means a 4 360 800 hit this year and next. This doesn't include his previous signing bonus #'s or the extra guarenteed money (I believe a good portion of one of his base salaries was guarenteed) over the last couple years. I believe that when you extend a contract the remaining signing bonus on the previous contract gets extended through the new contract. Hence why there was a lot of extensions going on up until a couple years ago when people began to backoff of it because of the 49'ers problems.

Basically we would have to cut people to cut D.G. This was a disaster of a contract to give out. No wonder the phins are causing crap with D.G. Between his health and this enourmously stupid contract they need to get rid of him next year.
 
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Miamian

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It's good that we have so many accountants on the boards, on the other hand, maybe that's cause for apprehension.
 

VanDolPhan

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Originally posted by Miamian
It's good that we have so many accountants on the boards, on the other hand, maybe that's cause for apprehension.

Heh we are barely scrapping the top level of this stuff. Just enough to get a general idea of where things are at. With these contracts these days you need to be more of a lawyer then an accountant.
 

grooves12

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From: http://www.askthecommish.com/Articles/capanomics2.htm

Q: If a player decides to renegotiate his contract, how does the bonus money he received in the original contract count against the cap?

A: If a player renegotiates his contract and gets a new signing bonus, the new signing bonus is prorated over the remaining years of the original contract and also over the extension. The allocation of the original signing bonus remains unchanged. For example, Player X is currently in the third year of a four-year deal (1997–2000) that paid him a $1 million signing bonus. In 1999, Player X renegotiates his deal extending his contract to the 2002 season while getting a $2 million signing bonus. The original $1 million signing bonus is allocated at $250,000 per year over 1999 and 2000 just as it would be if there were no renegotiations. However, the new $2 million signing bonus is allocated at $500,000 per year over the remaining two years of the original contract (1999–2000) and the extended two years (2001–2002).

Also...

Regardless of the fact that it was an eight-year contract... the signing bonus is only spread over 6 years. That was the maximum pro-ration period at the time of Gardener's signing.

http://www.theredzone.org/capinfo.asp

Signing Bonus/Pro-ration Signing Bonus (Acceleration)
Usually a lump sum payment upon signing, but may be deferred.
For Cap purposes, the signing bonus is charged equally over the term of contract. Maximum pro-ration for signed contracts in 2002 is 7-year.

(This is under the new CBA... the old CBA limited it to 6 years.)

The numbers from USA today are what was actually on the books, as to what was paid each player. So, the original contracts signing bonus AND the new extension's signing bonus had to be included in the number under the bonus field.

.... So, I still beleive my numbers are pretty close. Unless there is something I am missing, that you can point out.
 

Ozzy

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Originally posted by grooves12
From: http://www.askthecommish.com/Articles/capanomics2.htm



Also...

Regardless of the fact that it was an eight-year contract... the signing bonus is only spread over 6 years. That was the maximum pro-ration period at the time of Gardener's signing.

http://www.theredzone.org/capinfo.asp



(This is under the new CBA... the old CBA limited it to 6 years.)

The numbers from USA today are what was actually on the books, as to what was paid each player. So, the original contracts signing bonus AND the new extension's signing bonus had to be included in the number under the bonus field.

.... So, I still beleive my numbers are pretty close. Unless there is something I am missing, that you can point out.

When the part of the renegotiation is Gauranteed for that year. That's the key to it being added in as a signing bonus. Something like that anyway.

But I do remember him getting over 10 mil......
 
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