The Philadelphia Eagles extended franchise LT Jason Peters today. Peters’ contract was set to expire after the coming season; he was due a $9.65 million base salary this coming year with $350,000 more due in bonuses ($10 million in cash). His 2014 cap hit was $10.29 million.
While I am waiting on Jason for the contract specifics, the deal is reportedly worth $51.3 million with $19.55 million guaranteed. Peters is apparently set to earn $10 million in bonuses before July 1, and the Eagles will reportedly save around $2 million in 2014 cap space. This means that some of Peters’ 2014 base salary was converted into a prorated bonus.
All in all, this deal seems fair for both sides. Peters, at 32 years old, gets another $10 million guaranteed in his pocket. At the same time, he leverages himself against the prospect of injury or having a very down 2014 (which is unlikely).
The Eagles clear up some more cap space for the 2015 season, while essentially guaranteeing Peters a 2015 roster spot (a scenario that was likely anyways). After 2015 they’ll have to reevaluate Peters’ worth on a year-to-year basis, as they’ll be able to cut him without incurring a huge dead money hit. His base salaries will still be large in 2016-2018, meaning it’s highly doubtful that Peters makes it through the life of this contract.
This extra cap space will only help Philadelphia’s already comfortable cap situation. Expect Philly to be players for some of the top free agent’s when the market opens on March 11th.