Both contracts are a bit unique in that they contain roster bonuses rather than signing bonuses, however in both cases a portion of the roster bonus if fully guaranteed, which allows it to be prorated over the life of the contract just like a signing bonus. What this does, however, is limit the teams’ ability to ever recover money through a forfeiture. In both cases the players entire roster bonus is guaranteed for injury, but with no games to be played between the signing of the contract and the due date I would say its unlikely that such a clause matters.
Jennings contract is worth $22.8 million of which $11.8 million will be fully guaranteed by the 3rd day of the 2014 League year. That is a great deal for Jennings who will be 31 years old in 2014. His annual value of $5.6 million and 52.7% fully guaranteed essentially upon signing blows away the second tier deals signed last season by Sean Smith ($5.5M per year, 45.2% guaranteed) and Kyle Arrington ($4M per year, 46.9% guaranteed). Perhaps this might indicate an expected upswing in salaries for cornerbacks in 2014.
Jennings will carry cap charges of $5.25 million per year for the next two seasons and then $5.75 and $6.1 million in the final two seasons. With minimal dead money in the contract this will work out to be a two year, $12 million deal.
Slauson will earn $3.2 million a year with $3.9 million essentially guaranteed upon signing. The additional $1 million guaranteed being reported is simply an injury guarantee and is does not vest on a given date. Slauson’s deal could wind up being a one year contract worth $4 million as the team would save $2.015 million in cap room in 2015 if they decided to release him.
Slauson’s cap chargers will be $2.75M, $3.27M, $3.37M, and $3.42M over the life of the contract. $3.2 million is a pretty big raise for Slauson who will now be paid as a lower level starter, a pretty fair price for what he brings to the table. There are also small escalators at the backend of his contract.
The Bears have significantly cut down on their cap space through the five extensions they have doled out in the last week. Between Jay Cutler, Slauson, Jennings, Robbie Gould, and Tony Fiammetta they have used up $33,827,500 in cap room for 2014. Cutler’s deal is certainly open to immediate restructure, but as things now stand the Bears salary for 2014 should be around $114 million giving them around $13 million in expected cap space to use on 20 players to bring the roster from 33 to 53 players.
If the intention is to leave Cutler’s deal alone that it should be a given that Julius Peppers will be released as soon as the NFL allows it, which would free up an additional $9.817 million in cap space. It may also indicate that Chicago is open to extending WR Brandon Marshall who has a cap charge of $9.3 million and is in the final year of his contract. Bringing his cap number down along with the release of Peppers would give the Bears some additional space to use this offseason.