Coles: Quick Cap Analysis
I already posted this in the main thread, but after the jump is my rough-and-ready initial take on how releasing Coles affects the cap. If you come across any reports that clarify further, please post them here.
I don’t have all the facts about the contracts etc, so am once again pieceing together information from various sources to try and give my take on the cap perspective.
I have been saying all along that the only way out of this contract is if there were some type of clause whereby Coles could choose to forego the guaranteed money (for want of a better term, I called this a golden ejector seat clause). That appears to be what has happened here.
Coles foregoes the guarantee, but the money remains on the Jets cap until he signs with another team. I disagree with Hutch that it is a big risk for Coles because he can test the water and then if he can’t find a deal, then the only way he’ll get paid is if the Jets re-sign him, which obviously they would be likely to do if faced with the choice of having a 7m cap hit and nothing in return.
It’s almost as if they are trading Coles for nothing, so the new team takes on his new (renegotiated) salary and then if no team takes the bait, they are more or less back to square one.
This saves 5m off the cap, assuming the whole cost is defrayed (ie he gets more than the $6m he was due) when he signs with a new team, which I would assume is going to be the case. If he signed for less than that, they may still have a bigger cap hit. Maybe they will now retain Moore, but I wouldn’t bank on it. I still think money is going to be tight if they want to fill multiple needs.
Ignoring the financial side of things, I am sorry to see Coles go, as he was a great Jet for many years and always a gamer, although I am excited to see Clowney and Stuckey move up the depth chart, because I like their potential and saw Coles as past his prime.”
UPDATE FROM BASSETT: Not sure how this plays into what Bent wrote, but I have been informed through some channels at SNY.
The Jets confirmed that Laveranues Coles has had his contract restructured, allowing him to become an unrestricted free agent this Friday. Technically this is different than being outright released.
What I don’t understand is how the cap plays into this … I’ll work to find out that crucial piece …
UPDATE #2: It seems that his release was contingent on him giving up the guaranteed money.
SNY has learned that as part of the Coles restructuring (and pending free agency), the entire (?) $6 million that was due to Laveranues Coles will come off of the Jets salary cap.
I figured that Tannenbaum wouldn’t let him walk out the door with a fistful of cash against the cap … he gets what he wants, freedom to find a new deal and the Jets get what they want … cap relief to go find more free agents. You would have to think that the team tried to trade him to keep him away from the Dolphins. There just might not have been a justifiable value in return …
48 Responses to Coles: Quick Cap Analysis
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JDB says:
it would seem as if the Jets are stuck with $1million in dead money until Coles signs, if i am interpreting this correctly.
as far as the empty spot. trade down get Hakeem Nicks.
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nyckage says:
so now we can sign Scott and Leonhard easily and maybe keep Moore, or did we already release him
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Based on what Hutch is saying it sounds like Coles gave up the guarantee for his release.
Mike Florio has the same story at
http://www.profootballtalk.com/2009/02/25/on-further-review-coles-walked-away-from-his-6-million/
My guess is the Jets told Coles they would re-sign him for 1 year at 6 million if he cant find a new job somewhere else.
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Bent says:
No JDB. They are stuck with the $1m no matter what…that relates to his original signing bonus.
ronnie – until we know whether the Dolphins are prepared to sign him long term, we can’t say that with any certainty and the Jets obviously wanted to get this resolved before the deadline. In fact the clause where he foregoes the guaranteed money probably insists on this.
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ronnie says:
i hope hutch is right with what he said about the coles situation.
coles is not worth 6 million dollars anymore. -
Bent says:
Cimini and Hutch basically contradict one another. Florio sides with Hutch, although I am hopeful that my take covers the middle ground. I am not sure you CAN walk away from a guarantee like that (but, as I say, the devil is in the detail as far as the contract goes).
I think Jason is right when he says they probably offered him 6m for one year if he can’t find a better deal, but this is probably because they pretty much to, because I think Cimini is correct that they’re still on the hook and therefore the situation is as per my original post.
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Bent says:
ronnie – I reckon he’ll get it from someone, so the Jets will get the relief in full. If not, he’ll be back, which Hutch’s article does acknowledge as a possibility.
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I’m pretty sure Chad would vouch for him in Miami
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Cimini says the same deal too with the Jets making the final year of his contract voidable where Coles gives up the guarantee by voiding his contract Friday morning.
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mike says:
who in the world is playing offense next yr. Starting qb clemens or ratiff receivers colwny cothcery. I want scott and lenorad but our offense might be the worst in the league right now.
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Bent says:
Responding to Bassett’s update:
http://www.nydailynews.com/blogs/jets/2009/02/update-jets-restructured-coles.html
Cimini now agrees with Hutch. So, essentially, the final year of the contract is restructured down to a lower number, possibly nil, although Jets confidential suggested there is a “lower amount that hasn’t been confirmed yet” (paraphrased).
How this affects my original post is that if this confirms that the Jets are no longer on the hook for that money then if Coles can’t find a deal, the Jets won’t HAVE to re-sign him or get nothing for a 7m cap hit. However, it sounds as if they may have agreed to anyway, although this could be a lower amount in theory.
Bottom line is a net 5m cap saving regardless of whether he can get a deal elsewhere (which I expect he will) although if he doesn’t he may end up back with the Jets.
The Jets end up with dead money of 1m relating to Coles 5m signing bonus 4 years ago and I guess if the amount they gave him wasn’t zero, then this is dead money too and the 5m cap saving will be reduced accordingly. Obviously they will probably take this into account if he ends up back with the Jets.
I think we’re virtually there. You agree Jason?
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Ken says:
now we can sign a WR who is tall and fast which is what we need. Coles is not what we need. more $$$ for maybe Houcsh?
I am happy about the move. honestly i was pissed when we traded Moss to get Coles back. i like Moss much better. -
Housh is not the type of player we need; He’s a possession receiver who never gets double covered. We need someone who teams have to gameplan on so that it can open up our run game.
I can see Plaxico, Boldin or ocho cinco all becoming availible.
i would rather have chad johnson because if his head is on right he is probably as good as fitzgerald
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sounds good to me ronnie. as long as the WR is tall and fast i am for it. we need a play maker like a Randy Moss(in my dreams) someone who will be double teamd and free up Cotchery.
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I think you are just about there Bent. It seems like full agreement from almost all writers that the Jets are only going to get charged for that 1 million proration in dead money.
Now Im starting to wonder what the Jets really have in mind this offseason. If they carry through with the Moore release they are going to have some serious cap room. Tampa is clearing out all that room for Haynesworth, so he would be off the table, but I think they really are going to make a full court press for Ray Lewis and Im starting to think they will be involved with either giving up alot for Anquan Boldin or a little for Chad Johnson. Would Tony Gonzalez be willing to play here if KC trades him? Maybe they think they can snag Chris Canty from Dallas to play DE and DT? They have to have something in mind with all this money and it has to be more than Tony Richardson and Jay Feely.
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I love all the moves the jets are making right now. Who they bring in to replace the cancers will be key.We still Have Ellis(OK) and Thomas.If we can land Ramses Barden who has the size(6’6″) , decent speed(4.5) and the star name would be awsome!!
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Bent says:
Thanks Jason.
I estimate the Jets cap space to be 25m give or take once Moore is out of the picture, which I note is in line with your figures.
Adding up what that will actually get you (and I realize further savings may arise on cut down day), I think you may be being a little ambitious with your wishlist.
I’d say these moves are inevitable:
Extending the ERFA’s (say) – 2m
Rookies (say) – 5m
Kicker (say) – 1m
Richardson (say) – 1m
Elam/Leonhard (say) – 3m
Barton/Scott (say) – 5m
A few other sundry moves (say) – 3mThat only leaves about 5m and that may be adjusted when they annouce the LBTE adjustment. Unlikely to be enough to get a Boldin or Gonzalez, perhaps? I know the uncapped year might make it easier to backload deals, but even then you are always going to get a big cap hit in year one just from the signing bonus.
One question – I note your site has Moore due a 5m roster bonus but most reports say he’s getting 7m (or not as the case would appear to be). I realize it makes no difference once he is cut, but can you confirm one way or the other, or is there conflicting information here?
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Electric Ham says:
Goodbye LC time to get a real #1 reciever
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bent what about extending lighting leon
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DKnyj says:
What about new deals for Mangold, Revis and Washington bent?
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Bent says:
They don’t need any cap room for that because they can extend the deal from next year and therefore his 2009 cap number will not change.
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Jerry says:
I think we will sign/draft an in-line TE and use a two TE formation as our base formation. This will put less pressure on a new WR. Rookle WRs usually don’t contribute much anyway.
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Bent says:
Ps – DK, I think Revis is signed through 2013!
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Plax is only a thought for me if he can still run after they removed that bullet and he gets a handgun with a traditional safety- I’d be happy to go shopping with him. Also, he better be dirt cheap.
Otherwise I’d like to see TD Houshmandzadeh wearing the Green and white. he gets the double team, clowney spreads the field, and there’s Jerricho catching the ball
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swizzle81 says:
Couldnt have said it better myself, E Ham
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Housh is another Cotchery, I would rather see Boldin or Johnson via trade.
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CRIMSON-SE7EN says:
I think the Jets should get Drew R.(Chad Ocho Cinco’s agent) on the phone Friday night and tell him how interested they are in making a trade for his clients services. Then he(Drew) can get with the Bengals and work out a deal. I think the Jets can get Chad for our 2nd round pick (#53 overall) which is well worth it. I’d rather have Chad than TJ without a doubt. He (Chad) is a better fit than TJ for the Jets.
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the dumb ass cowboys killed the idea of trading for a good reciever if you look at the desperate move to get roy williams last year what did they give up 2 #1s and a 3rd or some crazy sht like that? im not giving up that much for anyone.
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they set the bar on trading for good reciever teams are going to want a similar package for someone like boldin or ocho
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Crimson – a 2nd round pick for Ocho Cinco? Are you nuts? I wouldn’t give up anything less than a 5th – He’s 31 dude and taken a lot of hits.
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ocho cinco can be had for a 4 and at most a 3
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Bent,
Moore has an escalator in his contract that the 5 million turns to 7 if he hits certain incentives. Initially the writers all seemed to be under the assumption he earned it, which I did not think he did. The latest posts on the subject seemed to be back on the 5 million number. I was also under the assumption that the two million could be pushed into the future, but Im not sure one way or the other on that.
As for free agency Id probably go a little lower on some of those signings. We had 4.9 to spend on rookies last year and that was with two 1st rounders so Id imagine that will be closer to 4 million this season. The EFRAs will cost less than a million. If the Jets can get Feely and T-Rich on the same type of deals as they signed last season they will count for about 1 million in total. If they are long term deals than 1 million each is about right. Elam will cost pennies as would Barton if that was the guy we bring back. We will also lose some space for Washington, Coleman, Smith, Smith, and Clemens. That will be at least 2.5 million if they are all on the team.
My guess is the Jets will have about 15 million in money to spend on Scott, Lewis, etc…. in free agency, provided they dont do something with Shaun Ellis to lower his cap hit. I still think that could be a possibility.
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jp losman says:
the only problemi have with getting chad johnson now is, @31 his time limited as an elite reciever, if he is still that.
this move would essentially be saying that we believe we have our franchise QB on the squad now. no way the brain trust can believe that.
i think we address WR in the draft and throw another prospect into the mix to develop for next year. its still a better option than having coles for another year.
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i like jason’s version better than bent’s. jason gives us more $$$ to throw around. go jason!
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Bent says:
So do I losman, so do I. I guess mine is the glass half empty version.
The cap’s going up to 127m, huh?
That creates a bit more room too.
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I think you guys are nuts saying ocho is only worth a 4th rd pick, id trade a 2nd for him
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Matt says:
http://blogs.nfl.com/2009/02/25/salary-cap-is-expanding-for-2009/
Cap is going to be 127 this year instead of the expected 123. Also am I the only one who believes the Jets should absolutely not cut Brandon Moore, especially after gaining the 5-6mill by cutting coles. Think about how hard it is to find a complete o-line. What happened last time we lost a guard? Adriane Clarke came in and played terribly. -
Electric Ham
If thats what it takes to get Chad, then I say go get him -
Lance Mehl says:
BOLDIN !!
BOLDIN !!
BOLDIN !!did I fail to mention : BOLDIN !!
and please: Coles at $6M … I agree w/a few comments here: He is not worth it ..
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so if we take what jason said @ 8pm and add $4million to that bottom line number of $15 million to spend on free agents and bump it up to $19, can we now say there is a possibility that the jets are at least in contention for albert haynesworth?
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ramble914 says:
Matt,
Not if we sign Stacy Andrews(RT- 6-7, 345), and move Woody to RG. That would be an upgrade to the entire OL.
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Bent says:
Still no, Losman. Unless they don’t get Scott or Leonhard. Or maybe if they cut Ellis too.
I’ll be amazed if they even approach him, frankly. He’ll probably be signed before the Jets can get the LB situation (their obvious priority) sorted.
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Bent says:
ramble – Andrews could play RG too. How would they decide that? Would leaving Woody at RT be better for continuity?
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jp losman,
Would you really want to shot the whole wad on one player? I’d rather pickup several good players to fill multiple holes.
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Bent,
Since Woody was drafted as a center, and played C and G for the Pats, I figure he has the experience to move inside, and he knows the system. Andrews has always played RT, so being that he has to learn our system, I think it would be prudent not to make him learn a new position. Granted it shouldn’t be that big a deal, but the easier we can make the transition the better. Just my thoughts.
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Green dream says:
Leave woody at T, he played Guard at Detroit and was a huge bust. It was only after he moved to T the last 4 games of 07′ that his career was resurrected. He’s versatile but seems better at T.
Tanny, wanted Andrews last year, and he flopped after being Franchised. I think we get him this year cheaper, and he’s better than Moore. Can’t pay 7 mil for a non pro bowl RG
As for coles,there are no No 1. receivers on the market. We draft Maclin or Heywood -Bey. I like Maclin as game breaker, but bey supposedly is more Pro ready -esp for a west coast offense. But I don’t think he has great hands and to me that is crucial. Super fast and dropping balls, I’ll pass.
So we Draft Rec at 17, then whatever we don’t fill in FA we fill in Rd 2, pesonaly I hope it is Chung or Delmas
Also I hope we cut Pouha save 3 mil and get Gabe Watson as a back up NT or Ron Brace, in Rd 4, Ive already said I want DE gilbert in rd 3.
SO we need to get in FA
ILB Scott 6 mil / … crowder signed. Do we look at Vilma?
CB, leigh Boden 4-5 mil,… Mcfadden I hear will ask for 8 mil. If he can be signed for 5m, I’d grab him
OL Andrews 5-6 mil
DL gabe Watson 3 mil
im pretty sure we could have traded him to the dolphins for like a 4th rounder.
Now, he can go there for nothing in return for us