Continuing their string of early offseason moves, the Giants and Safety Terrell Thomas agreed on a renegotiated contract that would give him a chance to battle back from injury and make the team in 2013. Thomas’ old contract called for a $6 million dollar option bonus to be paid in 2013, a bonus he had no chance of earning due to his injury history. Jenny Vrentas of the Newark Star Ledger shares the details of the new deal:
Thomas’ base salary is $630,000, the minimum for his experience level, which also includes a split of $358,000, i.e. a lesser value to be earned if he lands on injured reserve for a third straight year. Thomas received a $35,000 signing bonus and has a $35,000 workout bonus, and he can earn up to $500,000 in playing-time incentives — though it’s unclear what the triggers are for that money.
I can add that based on NFLPA records that the original backend of the contract was deleted as part of the renegotiation which makes Thomas a free agent in 2014. That also means that $500,000 of his original $1 million dollar signing bonus from 2012 will accelerate into the 2013 League Year. My estimates indicate that Thomas’ new cap charge will be $1.45 million, which represents a savings of $1.55 million on the Giants cap. The Giants currently have about $4.3 million of cap space based on a $121.1 million dollar cap and their individual carryover adjustment.
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.