According to ESPN’s Adam Schefter, the Patriots have agreed to trade for Colts tight end Dwayne Allen. Allen is just one year removed from signing a stunning $29 million contract extension with the Colts after posting a 109 yard season in 2015. Not surprisingly Allen did not improve greatly after signing the contract and he pretty much lost his role to Jack Doyle. Doyle signed an extension yesterday which more or less made Allen completely expendable.
The Patriots will have to account for charges of $5 million in 2017 and 2018 and $7 million in 2019. Unless they quickly turnaround and restructure the contract, the $5 million this year is virtually guaranteed with his $2.5 million base salary becoming guaranteed on the 5th day of the league year and a $2 million roster bonus paid on that same day.
The Colts paid a whopping $12 million for Allen’s services last year and will account for $3 million in dead money once the trade is made official. It will save them about $2.9 million in cap room and give them at least something in return for a player who was likely to be cut anyway.
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.