Jahri Evans was scheduled to count $11 mil against the Saints 2015 cap. Taking a substantial pay cut, and extending his contract has given the Saints a little over $4 mil in cap space. The details:
Jahri Evans signed a 3 year, $18,003,000 contract with the New Orleans Saints, including a $5,400,000 signing bonus, $8,903,000 guaranteed, and an average annual salary of $6,001,000. In 2015, Evans will earn a base salary of $1,003,000, a signing bonus of $5,400,000, a roster bonus of $500,000 and a workout bonus of $200,000. Evans has a cap hit of $7,003,000 while his dead money value is $13,903,000.
|CONTRACT:3 yr(s) / $18,003,000||SIGNING BONUS$5,400,000||AVERAGE SALARY$6,001,000||GUARANTEED:$8,903,000||FREE AGENT:2018 / UFA|
With Jarhri Evans' extension and the Bryce Harris contract, the Saints had $4,348,304 in cap dollars.
Bryce Harris' contract reportedly is the $660,000 veteran minimum, and a $60,000 signing bonus. The total cap charge is $720,000. Harris does not have 4 years experience, so even though he only signed a 1 year contract, the whole amount counts against the cap. A little more on this will be explained below with Kyle Wilson's contract.
Also reported is Kyle Wilson's base salary which is at the 4 year vet minimum of $745 K and another $80,000 as bonus money. This would have the Wilson contract at $825,000. Kyle Wilson's 2015 cap hit is only $665,000 due to this little known veteran minimum clause.
Veteran Minimum Benefits
When qualified, a player with more than four or more years of NFL experience can earn his total minimum salary, but have a cap figure that reflects two years of experience - or in 2015, $585,000. The contract must be for only one year, and must not contain combined bonus money (signing, roster, workout) that exceeds $65,000.
Since Kyle's reported bonus is greater than $65,000, ($80,000), it counts along with the 2 year vet minimum for 2015 of $585,000. Total is $665,000.
Late yesterday it was announced that the Saints had signed WR Joe Morgan to a one year deal as well. The 3 year vet minimum salary for Joe would be $660 K.
Doing the math, $4,348,304, less Kyle Wilson's cap hit of $665,000, the Saints would have $3,683,304 in remaining cap dollars. If you figure Joe Morgan's contract at the vet minimum of $660,000, bonuses yet unknown, that would lower to $3,023,304. still leaving plenty to sign all the rookies.
Props go out to Nick Underhill who started breaking the contract details at 4:30 this morning.