Following an incident over the weekend in which Spikes vehicle was found abandoned the Patriots quickly released the linebacker just a few weeks after signing him to a $1.1 million contract. The Patriots had some reservations about bringing Spikes back which was shown in their contract offer that contained just $25,000 in guaranteed money. Despite the size of the contract, which could have reached over $2 million, that minimal guarantee indicated that the team was no convinced that he would earn a roster spot in the summer.
The team will still owe Spikes the $25,000 but they will now remove his $800,000 salary and $225,000 roster bonus from the books. Spikes also had a $200,000 incentive that counted against the salary cap which will no longer count. Spikes had a $50,000 workout, but I would guess that he was not a member of the team long enough to earn that bonus. All told the team should create around $760,000 in cap space.
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.