Yesterday Saints’ outside linebacker Junior Galette signed a huge four year, $41.5 million contract extension and we were able to obtain the specifics of the contract through a source and its a very interesting deal.
Upon signing Galette is guaranteed $16.75 million of his contract. The fully guaranteed portion of the contract comes from a $750,000 base salary in 2014, a $3.5 million signing bonus, and a $12.5 million roster bonus that is paid on the 3rd day of the 2015 League Year. Normally a guaranteed roster bonus is prorated but to avoid that treatment (though in reality its delaying the inevitable) it will not be fully guaranteed until next week.
In 2015 and 2016 Galette has injury protected salaries of $1.25 million and $5 million respectively. These salaries will become fully guaranteed on the 3rd day of that League Year.
In 2017, 2018, and 2019 Galette can earn non-guaranteed base salaries of $5.2 million, $6.4 million, and $7.3 million. In each season he is eligible for $500,000 in per game active roster bonuses and in 2018 and 2019 will earn a $500,000 roster bonus if he is a member of the team on the 3rd day of the League Year.
The contract also contains an interesting set of incentives that hinge almost solely on his performance this season. If Galette notches 12 sacks in 2014 he will unlock a $2.5 million roster bonus that is payable in 2016, a $1.3 million escalator in 2018, and another $1.2 million escaltor in 2019. He must also remain a member of the team in good standing to keep those incentives, none of which are guaranteed even if earned. If he is suspended, holds out, or lands on the NFI list it will also void those additional payments.
This is another in a long line of mega contracts for the Saints who are clearly all in when it comes to this season. Galette’s cap number only increased by $50,000 this year but the monstrous $15.45 million cap charge next season has left the Saints with around $160 million in cap charges for their top 51 players. The team has five players with cap charges in excess of $10 million and eight players over $9 million. They are basically replacing the Dallas Cowboys as the baseline for current cap manipulations with minimal regard for the future.
Galette will likely have his contract restructured next season which will make what looks like manageable future contract figures high end figures and creating more trouble for the Saints in the future.
Jason is the founder of OTC and has been studying NFL contracts and the salary cap for over 15 years. Jason has co-authored two books about the NFL, Crunching Numbers and the Drafting Stage, which are widely circulated in the industry and hosts the OTC Podcast. Jason’s work has been featured in various publications including the Sporting News, Sports Illustrated, NFL Network and more. OTC is widely considered the leading authority on contract matters in the NFL.