Favre’s Contract Renegotiation
So what did the Jets do financially with Favre’s contract? Thanks to National Football Post and one of their writers, Andrew Brandt (who negotiated the contract back in 2001)
Brandt, has multiple sources that have told him that the new contract does not include provisions for appearances in behalf of the team. According to Brandt:
“Favre’s agent, Bus Cook, and the Jets have renegotiated the contract to consist of the identical financial terms from the Packers’ contract – 12M this year, 13M next and 14M in 2010 – and nothing more. The language concerning appearances for the club and recovery of bonus due to retirement is no longer part of the deal.
“Favre, if willing, is free to make appearances on behalf of the Jets to promote the team as it starts to play in a new stadium next season, but he has no contractual obligation to do so. Favre can also retire from the Jets at any time and have no obligation to forfeit any of the bonus monies he has received.”
When I negotiated this 10-year, 101M contract in 2001, it required, as all Packer contracts do, a number of appearances on behalf of the club, some worker’s compensation guidelines, and bonus recovery provisions in case of immoral behavior or retirement … now in year eight of ten, that contract was assigned to the Jets in the recent trade.
The contract, however, no longer contains those terms. According to multiple sources, there is no backside to the existing contract between Favre and the Jets. Favre’s agent, Bus Cook, and the Jets have renegotiated the contract to consist of the identical financial terms from the Packers’ contract – 12M this year, 13M next and 14M in 2010 – and nothing more. The language concerning appearances for the club and recovery of bonus due to retirement is no longer part of the deal.
Favre, if willing, is free to make appearances on behalf of the Jets to promote the team as it starts to play in a new stadium next season, but he has no contractual obligation to do so. Favre can also retire from the Jets at any time and have no obligation to forfeit any of the bonus monies he has received.
Obviously, the Jets made some things more attractive to Favre so that he would be willing to come to New York. Although he might slam them should be retire with some bonus money accelerated, it’s clearly worth it to the Jets brass to bring him on-board.
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God almighty I hope all this works !!
With regard to non-forfeiture of bonus money should favre retire early – is that referring to the signing bonus he got 10 years ago? or did the jets give him some more $$ when he came over? or perhaps roster bonuses?
Brandon:
You’re kind of fishing, aren’t you?
hank, what are you talking about? fishing for what? i asked a legitimate question relating to the post
I still don’t understand how he can sign a personal services contract with another team while under contract as a player with the Jets –
Brandon – it refers to the original signing bonus, which was “only” $10m anyway. So if he retires at the end of the season, he will not have to give back $2m, which he would have had to if he the contract was unchanged, but since the Packers have already suffered the cap hit in respect of that and the Jets would not incur a cap hit when he leaves, that seems more than reasonable.
The Jets did not give Favre any guaranteed money at all.
Thanks, bent
Brandon:
What I’m saying is that the Jets gave this guy everything including the key to the city. Like I said, ‘God almighty I hope this works out’ for us.
yeah, i saw that in your first post. and then I saw the one responding to my question saying:
“Brandon:
You’re kind of fishing, aren’t you?”
to that I say, hank, what are you talking about? fishing for what? i asked a legitimate question relating to the post
From day one we have given this guy everything he has asked for (including c/w music during practice) without getting any obligations from him. I,ve not seen anywhere that we have placed damands for reparation for any reason. In other words I havent seen where we place any demands on him. All on us. Frankly, I don’t think he was worth it.
ok – so you think we should have gotten some guarantees from favre. fine.
you still haven’t begin to explain what you meant by saying:
“Brandon:
You’re kind of fishing, aren’t you?”
What was I fishing for? Did you just misuse the phrase?
Brandon:
I seemed to have struck a nerve with my comment. Trust me, it wasn’t ment to. However, I read your comment to imply disbelief that ontop of all the $ we gave him we removed all demands for performance. He can keep everything just by being in uniform. You know, GB, Minn, and Tampa didn’t think he was worth it.