Lions LB Jamie Collins Restructures Contract to Create Cap Room!
According to NFL Network’s Mike Garafolo is reporting the team will restructure the contract of linebacker Jamie Collins Sr. Read on…
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CelebnSports247.com reports that Detroit Lions continue to try and create cap room for 2021 and keeping Jamie Collins.
Garafolo notes that the Detroit Lions are adding voidable years to help stretch that cap hit across multiple years and it will result in Jamie Collins’ cap hit of $11.3 million to be “lowered significantly.”
As of now, Collins, who is expecting his first baby with his girlfriend and former Black Ink Chicago star Kat Tat, only has two years remaining on his contract.
Lionswire offers a breakdown of Collins contract restructure with the Detroit Lions:
2021:
• $8.8M base salary
• $2.3M in prorated signing bonus (from 2020)
• $200,000 workout bonus
CAP HIT: $11.3M
2022:
• $9.8M base salary
• $2.3M in prorated signing bonus (from 2020)
• $200,000 workout bonus
CAP HIT: $12.3M
Theoretically, let’s say the restructure involves converting $7 million of Collins’ base salary into a new signing bonus.
Meanwhile, let’s say the Lions add two voided years. Suddenly, his contract looks like this.
2021:
• $1.8M base salary
• $2.3M in prorated signing bonus (from 2020), $1.75M in prorated signing bonus (from 2021)
• $200,000 workout bonus
CAP HIT: $6.05M (down $5.25M)
2022:
• $9.8M base salary
• $2.3M in prorated signing bonus (from 2020), $1.75M in prorated signing bonus (from 2021)
• $200,000 workout bonus
CAP HIT: $14.05M (up $1.75M)
2023 (voided year):
• $1.75M in dead money (prorated signing bonus from 2021)
CAP HIT: $1.75M
2024 (voided year):
• $1.75M in dead money (prorated signing bonus from 2021)
CAP HIT: $1.75M
In other words, the Lions save nearly $5.5 million this year, but end up just having to expend that exact same figure over the following three seasons. It’s important to note this isn’t an extension. Collins’ contract will automatically void after the next two seasons, freeing him up to sign anywhere else.
