"T." COULD "O." BONUS MONEY
In addition to the $7.5 million in option and roster bonus money that the Eagles won't pay to T.O. in March 2006, we've determined based on the text of his contract that the team also may be able to pursue more than $1.7 million in bonus money paid to him when he signed his contract on March 16, 2004.
Per the contract, the original $2.3 million signing bonus expressly requires repayment of $1.725 million for a "default" occurring between January 31, 2005 and January 31, 2006. A "default" occurs if, among other things, Owens is suspended for more than one game for conduct detrimental to the team.
Owens also received a $6.2 million roster bonus in 2004, none of which is subject to repayment for conduct occurring after the 2004 league year.
Thus, T.O.'s looming grievance regarding his four-game suspension is worth much more than 4/17ths of his 2005 base salary (which actually is $3.25 million, not $3.5 million as reported elsewhere). In addition to four game checks worth a total of $764,705, Owens could be forced to pay back to the team, if the grievance is upheld, all but $575,000 of his original signing bonus.
And since the grievance likely won't be resolved before the end of the regular season, our guess is that the Eagles will withhold his final five game checks (worth $955,882) as a down payment against his $1.725 million debt. Indeed, the contract signed by T.O. grants the team full discretion to deduct and set off sums owed by the player from sums owed to the player.
The bottom line for Owens is that his conduct could end up costing him $2,489,705 in past bonus money and 2005 salary. In order to merely break even as to where he would have been if the team had exercised its March 2006 option, Owens needs to pocket $9,989,705 on his next contract.
And we'll bet $9,989,705 that it won't happen.