With the signing of a 6 year, $100 million contract with an impressive $40 million guaranteed, Mike Vick is the Eagles QB for the foreseeable future. Vick’s cap hit was reportedly lowered by $1.8 million in 2011 to $14.4 million.
It will be interesting to see how this all breaks down, but there are some thoughts before seeing the details.
- He is probably here for three years minimum. The guarantees are likely a combination of signing bonus and guaranteed salaries in the first half of the deal. The math works such that it is pretty unlikely that you can cut him for savings until the fourth year of the deal. Not that the plan would be to cut him or anything like that, but the point is that Vick is the guy, no matter what, for at least that long (got that Mr. Kelce?). Also notable is that Andy Reid’s contract expires in 2013. My guess is that if the Vick/Reid combo fails, the salary cap decks can be cleared after that year.
- Vick now accounts for 12% of the cap. That is assuming the $120 million unadjusted cap, but it’s a pretty precise figure. By comparison, Donovan McNabb’s mega deal in 2003 was pegged at about 10.5% of the cap. (A $7.86 million 2003 cap hit on a $75 million cap.) Thanks rookie cap!!
- That percentage could be constant. Again, we don’t know how the deal increases in the future yet, but its average annual growth rate is 5.8% per year, and if the cap increases at the same annual rate through the end of the deal (which seems reasonable), then the deal will have roughly the same percentage impact on the cap each year.
- Behavior clauses will be interesting. He seems like a different guy, but he is also a convicted felon. He won’t have much if any leeway with the law. It will be interesting to see what clauses his contract contains to make sure that the Eagles are protected there.
- I never thought this would happen in 2009. And I still can’t believe the amount of change to this franchise in the past 24 months.