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Redskins restructures DL Bowen, Carriker, Cofield
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daboyle250


Joined: 29 Nov 2011
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PostPosted: Mon Sep 02, 2013 3:29 pm    Post subject: Redskins restructures DL Bowen, Carriker, Cofield Reply with quote

Quote:
The Washington Redskins have agreed to a contract restructuring with defensive tackle Barry Cofield to save room on this season's salary cap, according to a person familiar with the situation.

The reworking of Cofield's contract saves the Redskins about $2.4 million in salary cap space.

Cofield agreed to reduce his salary to the league minimum for a player of his experience level and converted the difference to bonus money that the team could prorate over the remainder of his contract for cap accounting purposes, the person with knowledge of the deal said.


http://m.washingtonpost.com/blogs/football-insider/wp/2013/09/02/barry-cofield-agrees-to-contract-restructuring-with-redskins/

I'm glad Cofield decided to help us gain cap space Smile

UPDATE: Redskins restructure contracts of Stephen Bowen and Adam Carriker

http://www.washingtonpost.com/blogs/football-insider/wp/2013/09/04/redskins-restructure-contracts-of-stephen-bowen-and-adam-carriker/

Quote:
The Washington Redskins have reworked the contracts of defensive ends Stephen Bowen and Adam Carriker to clear an estimated $1.3 million in salary cap space, according to a person familiar with cap records.

Bowen and Carriker join defensive tackle Barry Cofield in agreeing to contract restructurings in recent days to save the team cap space. Cofield’s reworked deal created about $2.4 million in salary cap room.


Stephen Bowen on the re-structure

Quote:
“They just approached me and Barry about it,” Bowen said. “They said they wanted to free up some money, some cap space. They were against the wall on the cap. So I mean, really, whatever we can do to help.”

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MKnight82 wrote:
turtle28 wrote:
I'm still cleaning up the stains in my pants! Laughing
Ewwww.
worse thing is they've been there since Shanahan was fired


Last edited by daboyle250 on Wed Sep 04, 2013 4:34 pm; edited 4 times in total
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THESKINSFAN21


Joined: 14 Jul 2011
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PostPosted: Mon Sep 02, 2013 3:37 pm    Post subject: Reply with quote

I wonder if they have a trade in the works and need the cap to sign said player.
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Brian23


Joined: 08 Feb 2010
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PostPosted: Mon Sep 02, 2013 3:41 pm    Post subject: Reply with quote

Just makin' room for "in case" scenarios.

Keeping Briscoe I think put us a little too close to the cap for our liking. If someone goes down, we need money to be able to get someone in here ASAP.
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turtle28


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PostPosted: Mon Sep 02, 2013 4:04 pm    Post subject: Reply with quote

You really gotta love the high character vets we've signed the past two years who are restructuring their contracts to help out the team! Cool Applause

Cofield has always been one of my favorite players, and he just went up another notch today
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Brian23


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PostPosted: Mon Sep 02, 2013 5:30 pm    Post subject: Reply with quote

Just makin' room for "in case" scenarios.

Keeping Briscoe I think put us a little too close to the cap for our liking. If someone goes down, we need money to be able to get someone in here ASAP.
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turtle28


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PostPosted: Mon Sep 02, 2013 5:38 pm    Post subject: Reply with quote

Brian23 wrote:
Just makin' room for "in case" scenarios.

Keeping Briscoe I think put us a little too close to the cap for our liking. If someone goes down, we need money to be able to get someone in here ASAP.
a double post two hours later? Must have been a phone issue Wink
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daboyle250


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PostPosted: Mon Sep 02, 2013 8:24 pm    Post subject: Reply with quote

Cofield on the re-signing...

Quote:
“They came to me, asked me to do it to help the team, and I’m more than willing to help the team,” Cofield said after Monday’s practice. “It doesn’t really change my situation too much — just some complex math that my agent had to explain to me on how it helps the team. So if it frees up money for the team and shows somewhat of an investment in me for the future, from what I’m told, they don’t bother doing that type of thing for guys they don’t plan on having in the future. So it shows some confidence in me and I plan to repay it.”


http://www.washingtonpost.com/blogs/football-insider/wp/2013/09/02/barry-cofield-agrees-to-contract-restructuring-with-redskins/
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DCRED wrote:
MKnight82 wrote:
turtle28 wrote:
I'm still cleaning up the stains in my pants! Laughing
Ewwww.
worse thing is they've been there since Shanahan was fired
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turtle28


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PostPosted: Mon Sep 02, 2013 8:44 pm    Post subject: Reply with quote

daboyle250 wrote:
Cofield on the re-signing...

Quote:
“They came to me, asked me to do it to help the team, and I’m more than willing to help the team,” Cofield said after Monday’s practice. “It doesn’t really change my situation too much — just some complex math that my agent had to explain to me on how it helps the team. So if it frees up money for the team and shows somewhat of an investment in me for the future, from what I’m told, they don’t bother doing that type of thing for guys they don’t plan on having in the future. So it shows some confidence in me and I plan to repay it.”


http://www.washingtonpost.com/blogs/football-insider/wp/2013/09/02/barry-cofield-agrees-to-contract-restructuring-with-redskins/
Ahhh, It is a restructure, not a pay cut. In other words, He'll be cheaper this season in salary but more expensive next year over the rest of his contract and most of his salary this year will be prorated over the rest of his contract as bonus $.


Quote:
Cofield agreed to reduce his salary to the league minimum for a player of his experience level and converted the difference to bonus money that the team could prorate over the remainder of his contract for cap accounting purposes, the person with knowledge of the deal said.

Cofield was to have a salary of $4.05 million this season. Instead, his base salary is reduced to $840,000 and he receives $3.21 million in bonus money. The Redskins can prorate that bonus over the remainder of Cofield’s contract, which runs through the 2016 season. Cofield’s contract now counts about $3.9 million against the Redskins’ salary cap this season instead of $6.3 million.

Shanahan said later: “One of the reasons we had to restructure Barry Cofield’s contract is we lost a few guys that we weren’t counting on [losing].”


Do you think Shanahan is referring to the injuries of guys like Carriker and Robinson? Because of those, they had to go out and sign/keep more players.

Or the suspensions of Jenkins and Jackson?

In all honesty, it's probably all of the above...
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Woz


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PostPosted: Tue Sep 03, 2013 10:37 pm    Post subject: Reply with quote

It looks like Cofield did it for the team. He may have. In reality, he mostly did it for himself (I'm not faulting him for that).

BEFORE
2014 (age 30)
- Salary = $4.550M
- Pro-rated signing bonus = $1.800M
- Roster bonus = $0.300M
- Workout bonus = $0.150M
- CAP VALUE = $6.800M
- CAP SAVINGS IF CUT = $3.200M

AFTER
- Salary = $4.550M
- Pro-rated signing bonus = $2.6025M
- Roster bonus = $0.300M
- Workout bonus = $0.150M
- CAP VALUE = $7.6025M
- CAP SAVINGS IF CUT = negative $1.0075M


The advantage we'll have is that we can still cut him because of the significant cap space we have. Now, I'm not saying we will cut him next year; it's just that it's much less likely now.

2015 (age 31) also went from a cap savings of $5.000M to $1.595M.
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turtle28


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PostPosted: Tue Sep 03, 2013 11:03 pm    Post subject: Reply with quote

Woz wrote:
It looks like Cofield did it for the team. He may have. In reality, he mostly did it for himself (I'm not faulting him for that).

BEFORE
2014 (age 30)
- Salary = $4.550M
- Pro-rated signing bonus = $1.800M
- Roster bonus = $0.300M
- Workout bonus = $0.150M
- CAP VALUE = $6.800M
- CAP SAVINGS IF CUT = $3.200M

AFTER
- Salary = $4.550M
- Pro-rated signing bonus = $2.6025M
- Roster bonus = $0.300M
- Workout bonus = $0.150M
- CAP VALUE = $7.6025M
- CAP SAVINGS IF CUT = negative $1.0075M


The advantage we'll have is that we can still cut him because of the significant cap space we have. Now, I'm not saying we will cut him next year; it's just that it's much less likely now.

2015 (age 31) also went from a cap savings of $5.000M to $1.595M.
Thanks Woz. I knew he'd get more expensive but I wasn't sure of the #s.
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Sassan11


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PostPosted: Wed Sep 04, 2013 8:58 am    Post subject: Reply with quote

I'm not complaining that he did this. Yes it helps the team but players do this generally because it helps them. They get their money faster and it leads to more dead cap space if they are cut in the future.
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turtle28


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PostPosted: Wed Sep 04, 2013 1:01 pm    Post subject: Reply with quote

Sassan11 wrote:
I'm not complaining that he did this. Yes it helps the team but players do this generally because it helps them. They get their money faster and it leads to more dead cap space if they are cut in the future.
This is true and guess what?

Bowen and Carriker followed suit:

http://m.washingtonpost.com/blogs/football-insider/wp/2013/09/04/redskins-restructure-contracts-of-stephen-bowen-and-adam-carriker/

Redskins restructure contracts of Stephen Bowen and Adam Carriker

I have to say, I feel a little Vinnyitis with these restructurings by our front office:

Quote:
The Washington Redskins have reworked the contracts of defensive ends Stephen Bowen and Adam Carriker to clear an estimated $1.3 million in salary cap space, according to a person familiar with cap records.
I guess the good news is that we are going to have tons of cap room the next few seasons and we already have a good, young foundation, so we don't need to go out and overspend in free agency.
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Geronimo


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PostPosted: Wed Sep 04, 2013 1:40 pm    Post subject: Reply with quote

In the next 3 years we need tons of money for

1) Orakpo
2) Kerrigan
3) Morris
4) well, guess who ...
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turtle28


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PostPosted: Wed Sep 04, 2013 2:01 pm    Post subject: Reply with quote

Geronimo wrote:
In the next 3 years we need tons of money for

1) Orakpo
2) Kerrigan
3) Morris
4) well, guess who ...
Good thing they aren't all up in the same year! Cool
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Brian23


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PostPosted: Wed Sep 04, 2013 3:53 pm    Post subject: Reply with quote

Geronimo wrote:
In the next 3 years we need tons of money for

1) Orakpo
2) Kerrigan
3) Morris
4) well, guess who ...


You forgot Williams.

And I doubt Morris costs much, Shanahan doesn't believe in paying top dollar for running backs and I don't know if Morris is gonna change that belief.
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