Chris Long restructured

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  • September 4, 2014 at 1:42 pm #6057
    PA Ram
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    I actually just heard this on ESPN radio.

    This was all I found on Twitter:

    Brian McIntyre
    ‏@brian_mcintyre
    Rams converted $3M of Chris Long’s base salary into a signing bonus, lowered cap number by $2M.

    Also–on Quinn:

    Jason La Canfora ‏@JasonLaCanfora 4m
    Rams have exchanged some #s with the reps for Robert Quinn. Sides not close as of now. Can’t see that deal done for less than $15M/year

    "Reality is that which, when you stop believing in it, doesn't go away. " Philip K. Dick

    September 4, 2014 at 1:46 pm #6058
    PA Ram
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    Adam Schefter ‏@AdamSchefter 52m
    Rams DE Chris Long restructured his contract this week to create $2 million worth of cap space, per sources.

    "Reality is that which, when you stop believing in it, doesn't go away. " Philip K. Dick

    September 4, 2014 at 5:46 pm #6088
    Avatar photozn
    Moderator

    Pettis too.

    —

    Brian McIntyre @brian_mcintyre

    Chris Long, Austin Pettis restructured contracts to help Rams gain cap space. Pettis rec’d $250k signing bonus to take $481k pay cut.

    September 4, 2014 at 5:56 pm #6089
    Avatar photozn
    Moderator
    zn wrote:

    Pettis too.

    —

    Brian McIntyre @brian_mcintyre

    Chris Long, Austin Pettis restructured contracts to help Rams gain cap space. Pettis rec’d $250k signing bonus to take $481k pay cut.

    Rams make moves to comply with cap

    By Nick Wagoner

    http://espn.go.com/blog/st-louis-rams/post/_/id/11344/rams-make-moves-to-comply-with-cap

    EARTH CITY, Mo. — In an effort to become salary-cap compliant as the first week of the regular season begins, the St. Louis Rams made a couple of contract tweaks this week in order to clear more than $2 million in cap space.

    Defensive end Chris Long and wide receiver Austin Pettis are the two players who reconfigured some things in their deal to provide the relief. Long, who has regularly been flexible with his willingness to restructure, had $3 million of his guaranteed base salary for this season converted into signing bonus, which means that $3 million is paid immediately but will be prorated at a tag of $1 million over the next three seasons on the salary cap.

    In addition, the Rams converted $1 million of Long’s 2015 base salary into a roster bonus the team will pay on the third day of the next league year. That brings Long’s total of roster bonuses due early next year to $3 million.

    Long’s restructured deal saves the Rams an even $2 million on this year’s cap but adds that guaranteed $1 million cap charge over the next couple of seasons. This is the third time since signing a lucrative four-year contract extension in 2012 that Long’s deal has been reconfigured, each time in an effort to clear some salary cap space.

    For 2014, Long’s salary cap hit now checks in at $12,905,600 with a cash payout of $13,405,600, nearly all of which is guaranteed.

    With only this season left on his deal, Pettis re-did his deal to help the Rams shave even more money from the cap. Pettis took a pay cut that lowered his 2014 salary to $700,000 and includes a $250,000 signing bonus. Pettis was originally slated to make $1.431 million. The move saves the Rams $481,000.

    Before the moves, ESPN Stats & Information had the Rams fitting about as snugly as possible to the salary cap with less than $200,000 in available space. Now the team has a little room to breathe and cover the expense of the 10-man practice squad as well as fill any holes that might be created by injury.

    September 4, 2014 at 7:37 pm #6094
    Avatar photoAgamemnon
    Participant

    http://www.stltoday.com/sports/football/professional/rams-report/rams-restructure-c-long-pettis-contracts/article_626c1049-e1ae-5d30-be8a-ef8de652406a.html?print=true&cid=print
    Rams restructure C. Long, Pettis contracts
    3 hours ago • By Jim Thomas jthomas@post-dispatch.com 314-340-8197

    The Rams restructured the contracts of defensive end Chris Long and wide receiver Austin Pettis on Wednesday, in moves designed to clear up salary cap space to get through the 2014 season.

    Combined, the moves free up $2.481 million in cap room. Long didn’t lose any money in his restructuring; Pettis did.

    In the case of Long, the Rams simply turned $3 million of his 2014 base salary into a $3 million signing bonus. Long gets the same amount of overall money this season _ $13.2 million _ but because signing bonus money can be amortized _ or spread over the remaining years of a contract _ the Rams saved $2 million against the 2014 cap here.

    (Of the $3 million signing bonus, $1 million of it counts against Long’s ’14 cap number; $1 million goes against his 2015 cap number, raising it to $12.5 million; and $1 million of it is added to his 2016 cap number, raising it to $14.25 million. Long’s contract expires after the ’16 season.)

    In the case of Pettis, who enters the regular season as the No. 5 wide receiver on the roster, he took a pay cut. He was scheduled to make $1.431 million in base salary this season. Now he’s down to $950,000 in the form of a $700,000 base salary and a $250,000 renegotiation signing bonus. So it adds up to a $481,000 cap cut for Pettis and a $481,000 cap savings for the Rams.

    Pettis can recoup $400,000 of that money via incentives based on receptions, reception yards, and touchdowns this season _ the last year of his contract.

    The Rams were down to just $475,000 in cap room prior to these moves according to NFL Players Association figures.

    Agamemnon

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