Renegotiations

Panthers Restructure Three Contracts to Gain Cap Space

Posted on by Jason Fitzgerald

[adsenseyu1]

The Carolina Panthers began the process of attempting to navigate a poor salary cap situation by restructuring the contracts of RB Jonathan Stewart, C Ryan Kalil, and LB Thomas Davis. The Panthers are following a similar model with their players at this stage using the voidable contract year for the sake of short term cap compliance. It’s a similar method used (or maybe abused is the better word) by the Dallas Cowboys, Washington Redskins and, in the past, the Oakland Raiders. The Panthers will need to bank on large salary cap increases in the future to offset the additional dead money or lack of contract leverage they will have with these players.

Stewart was restructured for the second time in two years. He converted $715,000 of base salary to go along with a $6.875 million bonus that was already in his contract. To reduce his cap charge they added a voidable season in 2018 to allow the bonus to prorate over five rather than four years. The team saved just over $900,000 in the restructure.

Restructuring Kalil is also an annual endeavor for the Panthers as he takes a big prorated bonus in lieu of salary for the second time in two years. Kalil already had one voidable season in his contract and now they added a second one to allow for longer proration of salaries. It saves the Panthers just over $3.1 million in 2014, but increases his cap in 2015 to nearly $11.8 million. With over $12 million in dead money in the contract next year the Panthers have basically assured Kalil of a lucrative contract extension in 2015. The Center market had pulled back considerably since the Panthers signed Kalil to the top contract at the position but he will likely set the market again because of the leverage he holds with Carolina.

Davis’ restructure might be the most controversial of the three. Davis has battled injuries in the past and the Panthers added three voidable years to his contract. The team had the right to pay him a $2.5 million bonus to extend his contract this year, which would have been prorated over two seasons, but instead they converted salary into a bonus on top of the option and prorated it over five seasons. He receives a $5 million bonus and that reduced his cap charge by $2.25 million. However his 2015 cap now jumps to just over $10 million with his dead money increasing to $5.57 million.

The Panthers find themselves in a difficult spot because the contracts that were signed by the prior General Manager were very player friendly, but the team also exceeded expectations in 2013, making it more difficult to consider eating a year for cap purposes in 2014.

Carolina arguably has the worst salary cap outlook of any team in the NFL moving forward. The team has around $102 million committed to the 2015 salary cap with just 29 players under contract. Those players do not include QB Cam Newton or DE Greg Hardy, two mega ticket items. Newton will either be playing on the transition tag number or on a contract that pays in the $16-$18 million a year vicinity. Hardy will be one of the highest paid defensive ends in the NFL. So this restructuring of deals is a juggling act the team will likely have to continue to do next season if they keep both players.

If the cap is $130 million this year the Panthers should have $18 million or so in cap to work with.  That is enough to franchise tag Hardy around $13 million and try to work out a contract extension. I have seen the reports about Carolina being nearly $29 million under the salary cap but at this time none of my estimates have the number that high. I’ll see if I can find out if any other changes occurred to the Panthers cap in the last few days to push it that high.

[adsenseyu2]

[adsenseyu4]

[subscribe2]

Can Terrell Suggs’ Contract Help Dallas With DeMarcus Ware?

Posted on by Jason Fitzgerald

[adsenseyu1]

With the numbers now official on Terrell Suggs’ new contract I wanted to compare his situation to that of DeMarcus Ware of the Cowboys, since many are saying that this should be a barometer for Ware. So let’s see what Suggs’ contract may tell us about a reasonable extension for Ware that provides cap relief for Dallas while keeping Ware at a reasonable future cost.

Suggs and Ware were both considered preeminent pass rushers in the NFL throughout most of their careers. Ware was a devastating player that produced double digit sacks six times in his nine year career while Suggs put together five double digit sack seasons in his career, could contribute in both coverage and run defense,  and was considered a game changer on a terrific Ravens defense. Though Ware has less years in the NFL both players will be 32 years old in 2014.

The two had contractual histories that were very similar.  Suggs struck gold first with a six year, $62.5 million contract in July of 2009. The contract was heavily frontloaded with Suggs earning $43.4 million in the first three years of the deal and incredible dead money protection that was going to protect him through at least four and possibly five years of the contract regardless of his play.

Ware signed his deal in October of 2009 and reached the $78 million mark over six years. However despite the huge price tag on the deal Ware would only earn $1.6 million more over the first three years of the contract and $2.7 more over the first four years than Suggs. Ware did not have the same dead money protection as Suggs upon signing, though multiple restructures would eventually turn Ware into a major cap headache at the tail end of his contract.

2014 was really the first year where the Ravens could reasonably threaten to release Suggs from his contract and not have it affect their cap.  Releasing Suggs would save the Ravens $7.8 million in cash and salary cap.  So it made sense for the two sides to come to an agreement on a new deal that would be more cap friendly for Baltimore and ensure that Suggs finished his career a Raven.

Suggs can certainly still play. Though he was injured in an off the field situation in 2012 he did manage double digit sacks in 2013 and has now produced 35 sacks in his last three non-injured seasons. With the expectation that his skills will diminish the Ravens offered him an extension that would pay him just $5.175 million a year in new money, basically half of what he was earning on his prior contract.

To get the deal done the Ravens increased his cash salary by 53.8% and guaranteed him $16 million upon signing. The $16 million is a bit misleading because if the Ravens planned on keeping Suggs at $7.8 million for the year the guarantee is more like $8.2 million. Considering the franchise tag value for Suggs in 2015 would be nearly $15 million the added money is basically a 50% discount on the worst case scenario from the team perspective on a two year window for Suggs.

The contract essentially balances out Suggs’ cap charges over the life of the contract all in the $6 million range. Most likely the team is hoping that they can get something out of him through 2016 when the cap charge to keep him or release him is about the same. At the least it’s a situation where they may be able to get Suggs to take one final paycut before riding off into the sunset.

2014 will be the first year that the Cowboys can threaten Ware with a release. While the dead money would be incredibly high ($8.57 million), the team would save $7.4 million in cap and $12.75 million in cash. For a team projected to be nearly $25 million over the salary cap that $7.4 million in savings is quite large. Ware is also coming off his worst year as a pro, notching just 6 sacks over an injury plagued 13 games. That’s probably the end of the comparisons.

Ware is already set to earn $27 million over the next two years compared to Suggs’ $7.8 million followed by free agency. Remember Suggs gets a pretty hefty raise in 2014 for signing the extension. The same percentage raise for Ware would translate to a salary of about $20.4 million. Considering Dallas is already deep into Ware that kind of salary will not do much for their salary cap situation.

The organizations are also very different as Dallas is almost never going to have leverage in these situations. The Ravens front office has a very different reputation than that of the Cowboys. While the Ravens certainly caved in on the Joe Flacco contract, historically they have been tough on their veterans. When LB Ray Lewis was a free agent in 2009 the Ravens held firm eventually getting him to sign an affordable  deal for just under $6.4 million a year a few weeks after free agency began. Last season the cap strapped Ravens let S Ed Reed walk away without blinking.

Dallas’ reputation is to spend, spend, and spend more to keep as many players in a Cowboys uniform as long as possible. While the Cowboys were tougher on G Doug Free and CB Orlando Scandrick last year, neither were star players. Ware’s people know that Dallas will not find an equivalent player to Ware for $12.75 million and they have a contract that has 4 years to dump prorated charges into because Dallas has already added two voidable contract years to his deal. From their perspective the fair thing (and expected thing) is to simply restructure Ware’s contract yet again for cap relief and then touch on the contract next year when Ware has just one year left.

Suggs’ deal is one that can make both sides happy. Suggs gets a raise in 2014 and a guaranteed roster spot in 2015. For the Cowboys to be happy Ware is going to have to take a paycut, at least on paper, to really make the numbers work. Dallas’ job over the next few weeks is to drill home the point that if Ware is released his salary will end up being closer to that of Suggs, meaning at most $18-$20 million over two years. To make it work Dallas will need to pay Ware more real cash in 2014 and find a way to make the numbers cap friendly.  Here is one suggested structure that might meet the framework of the Suggs deal:

Year

Age

Base Salary

Old Proration

New Proration

Salary Cap

Dead Money

Cap Savings

2014

32

$3,000,000

$3,253,750

$2,400,000

$8,653,750

$28,571,500

($19,917,750)

2015

33

$5,000,000

$3,253,750

$2,400,000

$10,653,750

$19,917,750

($9,264,000)

2016

34

$6,000,000

$1,032,000

$2,400,000

$9,432,000

$9,264,000

$168,000

2017

35

$5,300,000

$1,032,000

$2,400,000

$8,732,000

$5,832,000

$2,900,000

2018

36

$5,300,000

$0

$2,400,000

$7,700,000

$2,400,000

$5,300,000

That contract brings Dallas $7.35 million in cap relief in 2014 and $6.85 million in cap relief in 2015. If you wanted to smooth that out you could shuffle an extra million from 2015 into 2014 if desired.  2016 would essentially be an option year with the equal cap and dead charges, though his dead money is going to be very high because of the old sunk costs that are already built into the contract.

From a cash perspective here is how the contract compares in real terms to the Suggs deal:

Ware

Suggs

1 Year

$15,000,000

$12,000,000

2 Year

$20,000,000

$16,000,000

3 Year

$26,000,000

$20,500,000

4 Year

$31,300,000

$24,500,000

5 Year

$36,600,000

$28,500,000

This structure will keep Ware around 25% above Suggs in terms of pay, which should show Ware that the Cowboys still hold him in high esteem.  The pay should be at least what he would earn over the next two years if he was released by the Cowboys this season and he gets a few million more in 2014 than he would under his original deal.  Ware also avoids the risk of being injured and/or ineffective playing out 2014 on his current which would drastically cut his potential earnings in 2015 with another team. An example to point to would be Dwight Freeney who trended down at 31 and 32 and was forced to take a deal worth about $5 million at age 33 with the Chargers after spending his whole career in Indianapolis.  If that occurred Ware would likely make $18 million over two years and then be out of the NFL. Under this proposal Ware likely earns $26 million over three years.

I would not expect the two sides to quickly come to an agreement the way the Ravens did with Suggs, but there is definitely a comparable in place for the Cowboys to get the cap relief they need and keep Ware a Cowboy for life.  It is an extremely important negotiation for their future and one they have to follow through on threats if he refuses to take a new contract from the team.

[adsenseyu4]

[adsenseyu2]

[subscribe2]

Initial Reaction to Larry Fitzgerald’s Restructured Contract

Posted on by Jason Fitzgerald

[adsenseyu1]

Yesterday I had discussed salary cap space in 2014 and how yesterday marked the start of restructuring and termination season. Today we get our first big move with Larry Fitzgerald announcing that he restructured his contract to provide the Arizona Cardinals with salary cap relief.

My projections for the Cardinals were to have about $1 million in cap room following the earning of escalators and incentives by QB Carson Palmer. Cleary that was not going to be enough for the Cardinals to try to improve further and close the gap between themselves and the Seahawks and 49ers. Restructuring the contract of Fitzgerald, who had an $18 million cap charge and $13 million in cash coming his way, is the easy solution for a quick fix to the teams salary cap situation.

But whenever you hear the word restructure it often means deferring trouble to later in the contract. Renegotiating a contract means a paycut to help the team. Restructuring usually just means conversion of salary into bonus money. While there is no guarantee that is what the Cardinals did, there is a strong possibility that they will just recycle the money into future years, where Fitzgerald already has a $21.25 million cap figure in 2015.

The Cardinals, in a full restructure, can lower his salary in 2014 to just $955,000 and convert the remainder to a signing bonus. If so Fitzgerald’s new contract would look as follows:

Year

Base Salary

Prorated Bonus

Roster Bonus

Workout Bonus

Salary Cap

Dead Money

Savings if Cut

2014

$955,000

$7,409,000

$0

$0

$8,364,000

$22,045,000

($13,681,000)

2015

$8,000,000

$7,409,000

$8,000,000

$250,000

$23,659,000

$14,636,000

$9,023,000

2016

$15,000,000

$2,409,000

$0

$250,000

$17,659,000

$7,227,000

$10,432,000

2017

$14,750,000

$2,409,000

$0

$250,000

$17,409,000

$4,818,000

$12,591,000

2018

$14,750,000

$2,409,000

$0

$250,000

$17,409,000

$2,409,000

$15,000,000

This would create nearly $10 million in additional cap room but at a major cost moving forward, with incredibly high dead money charges and salary cap charges. This is for a player who has accounted for just 1,752 yards in the last two seasons combined and will be 31 in August.  Fitzgerald’s agent has always negotiated an incredible set of contracts, second in the league only to those of Ndamukong Suh in my opinion, and if this is the restructured deal then agent Eugene Parker did it again as a way of nearly ensuring that Fitzgerald earns his 2015 salary.

Hopefully we’ll get the full breakdown tomorrow and see just exactly what the two sides decided to work out.

[adsenseyu4]

[subscribe2]

Details on Slauson and Jennings Contracts with Bears

Posted on by Jason Fitzgerald

[adsenseyu1]

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.

View Matt Slauson’s Contract and Salary Cap Page

View Tim Jennings Contract and Salary Cap Page

[adsenseyu2]

[adsenseyu4]

[subscribe2]

DT Sen’Derrick Marks Receives $18 Million in Contract Extension

Posted on by Jason Fitzgerald

[adsenseyu1]

Last week the Jaguars extended DT Sen’Derrick Marks that would keep him in Jacksonville through 2017. Marks had signed a 1 year contract worth $1.5 million with the Jaguars in 2013 in hopes of proving he was worth a big extension and that decision paid off for Marks who whose new contract with Jacksonville carries a $18 million base value, according to a source with knowledge of the contract.

Marks received a $1 million signing bonus, $200,000 of which was prorated in the 2013 season. Upon signing that was the only fully guaranteed money, though there are vesting guarantees that immediately kick in starting in April of 2014, really making the first year of the contract fully guaranteed.

Marks’ base salary of $3 million in 2014 is currently guaranteed for injury only, but will become fully guaranteed on April 5th. He will also earn a $1 million roster bonus on the 1st day of the new League Year that is also essentially guaranteed given the timing of the bonus. He has the same contract structure in 2015 with the money becoming fully guaranteed on April 5. In 2016 and 2017 his salary for the year jumps to $3.45 million and the contract contains the same roster bonuses, however none of this money is guaranteed.

Marks’ contract contains incentives that can increase the total value to $22 million. To earn those incentives he would be required to make the Pro Bowl and register a certain number of sacks each season.

This contract is a good deal for both sides. Marks will be paid in the mid range of the starting Defensive Tackles in the NFL which is a big jump from where he was last season. If Marks proves to be a one season wonder the Jaguars can walk away from the contract after just one season paying him $5.025 million and only carrying $600,000 in dead money in 2015 by doing so.  I would imagine that the small amount of signing bonus in the contract was designed to maintain that long term protection from getting into salary cap trouble in the future.

View Sen’Derrick Marks Contract and Salary Cap Page

[adsenseyu2]

[adsenseyu4]

[subscribe2]

Details of Robbie Gould’s Contract Extension

Posted on by Jason Fitzgerald

[adsenseyu1]

The other day the Chicago Bears signed K Robbie Gould to a lucrative contract extension with reports of having the largest guarantee ever given to a kicker. Through a league source we were able to verify the details of Gould’s contract and can shed a bit more light on the guarantee structure.

The current largest real guarantee given to a kicker is $8 million which was the amount given to Sebastian Janikowski of the Raiders when he signed his $15.1 million contract extension this summer. Janikowski’s $8 million was fully guaranteed upon signing and will remain the highest true guarantee for a kicker.

Upon signing the only guarantee for Gould is the $3 million signing bonus that he received. His 2014 base salary of $1.9 million is guaranteed for injury only but becomes fully guaranteed if he is on the roster on the 3rd day of the League Year. Considering the timing of the deal I think its safe to consider this fully guaranteed and is simply a mechanism being used by the Bears to set precedence in contract guarantee structure.

Gould has a base salary of $2.9 million in 2015 that is guaranteed for injury only. That salary only becomes fully guaranteed if Gould is on the roster the 3rd day of the 2015 League Year. He also has an injury only guarantee of $1.05 million in 2016 that does not vest. So while the contract does contain a total of $8.85 million in guarantees the real guarantees total just $4.9 million. In terms of annual value his contract ranks 2nd at the position based on our records.

Gould’s contract contains $100,000 workout bonuses in 2014 and 2015 and $500,000 roster bonuses in the final two years of his contract. His cap charges will be $2.6M, $3.6M, $4.1M, and $4.1M over the course of the contract.

View Robbie Gould’s Contract and Salary Cap Page

[adsenseyu2]

[adsenseyu4]

[subscribe2]

Jay Cutler Gets Paid: Thoughts on the Bears Big Moves

Posted on by Jason Fitzgerald

[adsenseyu1]

The Chicago Bears were a busy team today re-signing starting QB Jay Cutler, G Matt Slauson, and CB Tim Jennings. With the exception of the Oakland Raiders the Bears had the smallest committed roster in the NFL in 2014 with 28 unrestricted free agents as of two weeks ago. The Bears have now reduced that number to 23 following the singings of these three players to follow up the extensions of K Robbie Gould and FB Tony Fiammetta towards the end of the season.

The reason I would assume that these three signings took place this week instead of last week was the lack of 2013 salary cap space that the Bears had. Prior to the Gould and Fiammetta signings, Chicago only had $1.7 million in cap room. Any contracts signed prior to the end of the regular season that contained signing bonuses would see the bonuses prorate in 2013, which the Bears would not have had room to use. While option bonuses could have been used for 2014 those do not give the team the same protection when it comes to forfeiture clauses.

The rapid extension of Cutler was a bit surprising. Most, myself included, assumed they would have franchised Cutler and potentially shopped him to the highest bidder. To me Cutler is a tough player to judge. He has a tremendous arm but that arm has not translated into wins or statistics, but he has been compromised by a poor performing offensive line and terrible receiving corps. until this season.

Terms of the deal are unknown but his teammate Brandon Marshall seemed to indicate it was 7 years for $18 million a season and it was also reported that he would earn $54 million in the first three years of the contract. Those numbers are essentially identical to the numbers of Tony Romo’s contract with Dallas which was a 6 year, $18 million a year extension with $54 million in the first three years.

That seems like an incredibly steep price for Cutler who has not played 16 games since 2009. He has failed to throw for more than 3300 yards since the 2009 season, though his 238 yards per game in 2013 was his highest total since 2008. By contrast Romo’s lowest total was 255 yards a game, which happened this season. There are better statistical measures to compare the two which can at least paint Cutler in a better light if he threw the ball more often, which I would guess is something that the Bears believe he can do with Marc Trestman as head coach. If you want a comparison of Cutler with Romo prior to this year you can do so by checking out this link to an earlier article I wrote.

I have to assume because of the injury history that a significant amount of money in this contract is tied to being active on gameday. Aaron Rodgers, the highest paid QB in the NFL, has such bonuses in his deal. The length of the deal is likely an indication of two things. One is that significant money is tied in the final two years of the contract and the second is that there will be possible bonuses paid out in year 2 and 3 of the contract that can be prorated for cap relief.

Like the Romo contract its probably best for the Bears, who were going to enter the year with about $36 million in cap space, to simply have base salary in those years and consider prorating it later on once they determine how much cap room is truly needed in 2015 and 2016. Provided that the salary is not fully guaranteed upon signing that can also provide some relief if Cutler does not develop  as expected or is injured and you want to negotiate the price tag down.  That also helps in trade talks in the event another QB emerges from nowhere to take a job when someone is injured.

Romo’s contract contains $54 million over the first three years but then just $14 million in year 4 to bring his 4 year total to $17 million season before the salaries rise again in the 5th and 6th seasons of the contract, two years that he will likely never see. I have to think the cash flows for Cutler would be very similar with a year 4 number that is very affordable and drags the 4 year annual value down to Romo’s level or below. Considering his is 7 years I would also think that the 5 year annual value could be $17 million or less as he should be earning less than Romo and perhaps that was the compromise the two sides reached.

Cutler’s contract also illustrates the lack of NFL talent at the QB position in the NFL and how the CBA has re-shuffled money so poorly to the QB that even questionable QB’s that have talent and a pedigree will be rewarded. This contract has to make Alex Smith, Ben Roethlisberger, Eli Manning, and Phillip Rivers very happy as they prepare for potential extensions in the next two years. Teams realize if they don’t have a high draft pick the odds of finding a championship caliber QB are almost nil so its best to stick with what you have if your QB has a pulse.

Free agency for the QB position is non-existent. With Cutler gone from the market the next best available player will likely be Matt Schaub who should be released by the Texans. Given the lack of options even coming off a terrible season it may help him get a modest salary. Beyond Schaub is Matt Cassel, who can void the remaining year of his contract in February, and the pure free agents of the always injured Mike Vick and Jaguars starter Chad Henne. Its an awful marketplace.

The re-signing of Slauson and Jennings is a solid move for the team. Slauson was an underrated guard of the Jets who fell out of favor with Rex Ryan and the front office for reasons unbeknownst to me. He is a tough player who helped solidify what had been a terrible line for Chicago. He played for about $820,000 in 2013 and had another $585,000 in available incentives but his goal was to play for a home and he has now found one. Slauson will just be 28 years old next season so Chicago should have him for the prime of his career.

Jennings is a quality veteran cornerback that has been productive in the Bears defense. He made the Pro Bowl in 2012 and is a player capable of creating interceptions which is always a trait teams pay for. There is always the possibility of a cornerback playing Safety on the backend of the contract making a four year contract a solid investment.

The next question for Chicago may be what to do with QB Josh McCown who excelled against an easy schedule in the offense this season. Given Cutler’s injury history it would seem smart to keep McCown who should be one of the more sought after backup QB’s on the market despite being 35 next season. The Bears can’t sign to a new contract worth more than the minimum until March due to his playing on a minimum salary benefit qualifying contract but they could agree in principle on a new contract and then wait until the start of the new League Year to execute the deal. He’ll likely be able to push for a Kyle Orton style contract worth in the $3 million a year range.

Chicago still has a number of free agents to decide on as well as a possible extension  for WR Brandon Marshall, who is entering the final year of his contract. The Bears should also negotiate with DE Julius Peppers to see how open he is to a pay reduction. Peppers is slated to earn $14 million in 2014 with a cap figure of $18.183 million. Releasing Peppers frees up $9.8 million in cap room. If he were to agree to a salary of about $6 million the cap hit for Peppers should be about equal to what it would cost to release him and sign a replacement player worth $2 million to take his spot. Considering he could have upside that is a price that may be worth considering.

[adsenseyu2]

[adsenseyu4]

[subscribe2]