Normally the first round of cuts does not contain main “name” players, but the Eagles released S Kenny Phillips, a former 1st round draft pick of the Giants. Phillips has always been a talented player but his career has been marred by injuries which probably contributed to his release.
The Eagles had taken a flier on Phillips, signing him to a $2 million dollar contract that contained no guaranteed money. The contract called for a base salary of $850,000, a $150,000 workout bonus, and a total of $1 million dollars in possible roster bonuses. The roster bonuses would be earned in installments for every game in which Phillips was active.
Due to the salary cap treatment of the roster bonuses Phillips’ cap charge was only $1,437,500. His cap charge will now reduce to just $150,000, the amount of the workout bonus that I assume he earned this offseason. The release will add about $1 million in net cap space to the Eagles.
Because Phillips earned the $150,000 workout bonus he will be ineligible to sign a qualifying contract with a team that would allow him to qualify for the minimum salary benefit.