The Todd Collins Contract
According to sources, here's the breakdown on the deal TC just signed.
It is indeed 3 years, worth a max of $9 million, with a $3 million signing bonus (but there's a cap-saving quirk as well).
In essence, he'll get $4 million guaranteed - the $3 million signing bonus, a $100,000 workout bonus due this spring, and his $900,000 salary for 2008 (assuming he does not get hurt in the offseason somehow).
In 2009 he has another $100,000 workout bonus and a base of $1.9 million
In 2010 he has another $100,000 workout bonus and a base of $2.9 miullion (again, base salaries in the NFL are not guaranteed).
However, instead of his 2008 cap hit being $2 million ($1 million proration of the signing bonus + $100,000 bonus + salary), it's actually $1.5. How you might ask?
Sources said the deal is actually for six years, but the final three years are set up as such so they will void automatically (much like Mark Brunell's last deal voided after 2007). But for cap purposes the $3 million signing bonus is spread over 6 years rather than 3 - hence $1.5 million cap hit rather than $2 million.
The Redskins made re-signing Collins their chief priority, with owner Daniel Snyder involved and negotiations going well past 2 am and picking up again in the morning, according to sources. The Skins spent considerable time trying to get this done, including Coach Jim Zorn flying to Quincy, Mass. yesterday.
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