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Jets under the cap?


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Jets cut Barrett, now under cap

by Dave Hutchinson Wednesday February 11, 2009, 6:29 AM

The Jets yesterday announced the release of veteran cornerback David Barrett, a move that'll save the team $5.1 million on the salary cap. The release of Barrett leaves the Jets roughly $4 million under the projected 2009 salary cap of $124 million, according to NFLPA cap figures. If quarterback Brett Favre retires or is released, the club will save another $13 million on the cap. That would leave the Jets with at least $17 million heading into the start of free agency on Feb. 27. The club is expected to make other moves to free up more cap space before free agency begins. Barrett, a nine-year veteran, played the past five seasons with the Jets after signing with the team as an unrestricted free agent following four seasons in Arizona. He started 37 of 69 games and had 247 tackles and 12 interceptions as a Jet. Last season, he played in 11 games in a reserve role and was inactive for five games.

http://www.nj.com/jets/index.ssf/2009/02/jets_cut_barrett_now_under_cap.html

Everything I have read this offseason suggests we are over the cap by quite a bit. Is Hutchinson wrong or are we actually in pretty good shape?

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I've always thought the stories this year that the Jets were over the cap were BS. Clayton says the Jets are over the cap every year. He said so last year and lo and behold the Jets spent big.

Criticize Tannenbaum for anything you want, but the man knows the cap. I knew he would find a way to make salary cap space so: (1) they can be a player in FA (not big time like last year, but enough) and (2) not be held hostage by Favre.

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I've always thought the stories this year that the Jets were over the cap were BS. Clayton says the Jets are over the cap every year. He said so last year and lo and behold the Jets spent big.

Criticize Tannenbaum for anything you want, but the man knows the cap. I knew he would find a way to make salary cap space so: (1) they can be a player in FA (not big time like last year, but enough) and (2) not be held hostage by Favre.

Yes he does. He really knows how to get creative as well.

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They should be about $2.5 million under with Favre gone.

I think Bowens is next. That will save another $2.6 million.

According to this article, the Jets are now $17 million under the cap with Barrett and Favre gone. If this is true, we don't have to make any other cuts and we can be pretty aggressive in free agency.

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According to this article, the Jets are now $17 million under the cap with Barrett and Favre gone. If this is true, we don't have to make any other cuts and we can be pretty aggressive in free agency.

True, but the Jets will likely cut dead-weight players like Kassel.

This should also put the bed those stupid rumors that the Jets were going to cut Moore to save cap space.

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True, but the Jets will likely cut dead-weight players like Kassel.

This should also put the bed those stupid rumors that the Jets were going to cut Moore to save cap space.

Correct, but cutting guys like Kassell, Pouha, etc will give us very minimal cap savings and lessen our already weak depth.

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Correct, but cutting guys like Kassell, Pouha, etc will give us very minimal cap savings and lessen our already weak depth.

While I agree on your point as to Pouha and perhaps others, but I disagree on Kassell.

Kassell's cap figure is not low and he's an absolute bum. He doesn't help with depth because he sucks. The Jets did fine without him (he was IR) in 08 deapthwise.

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While I agree on your point as to Pouha and perhaps others, but I disagree on Kassell.

Kassell's cap figure is not low and he's an absolute bum. He doesn't help with depth because he sucks. The Jets did fine without him (he was IR) in 08 deapthwise.

True, I'm not sure about Kassell's cap number, but my main point is that if this article is correct, the Jets will not be forced to make depth cuts simply for cap savings.

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http://www.nj.com/jets/index.ssf/2009/02/jets_cut_barrett_now_under_cap.html

Everything I have read this offseason suggests we are over the cap by quite a bit. Is Hutchinson wrong or are we actually in pretty good shape?

My only guess as to how to reconcile these is that the Jets have already quietly restructured Rhodes and Pace, converting their upcoming bonuses from Roster to Signing.

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According to this article, the Jets are now $17 million under the cap with Barrett and Favre gone. If this is true, we don't have to make any other cuts and we can be pretty aggressive in free agency.

I don't see how that is possible. Sperm, where are you?

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I don't see how that is possible. Sperm, where are you?

See above. Based on Jason's numbers over on NYJetscap, I said a few weeks ago that cutting Barrett, releasing Favre, and recharacterizing Rhodes' and Pace's bonuses would put us about 17M under the cap (actually, I added restructuring B-Moore for an additional 3M savings to put us at 20M, but you can do the math).

Hutch is now reporting that after cutting Barrett and Favre's retirement, the Jets are 17M under the cap. That's about right if they already recharacterized the bonuses.

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See above. Based on Jason's numbers over on NYJetscap, I said a few weeks ago that cutting Barrett, releasing Favre, and recharacterizing Rhodes' and Pace's bonuses would put us about 17M under the cap (actually, I added restructuring B-Moore for an additional 3M savings to put us at 20M, but you can do the math).

Hutch is now reporting that after cutting Barrett and Favre's retirement, the Jets are 17M under the cap. That's about right if they already recharacterized the bonuses.

Is this type of stuff typically done behind closed doors without the public knowing?

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Is this type of stuff typically done behind closed doors without the public knowing?

No reason to announce it. It's bookkeeping, nothing more - it doesn't impact the length of their contracts, their status as Jets, etc. So they wouldn't hold a press conference.

Another team might issue a short press release, but the Jets are notoriously secretive with cap information.

That said, the team would definitely need to let the league and the union know, which is why the NFLPA would have accurate numbers to feed Hutch.

Put it this way - he says his source is the Union, and there's no way they have inaccurate info.

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See above. Based on Jason's numbers over on NYJetscap, I said a few weeks ago that cutting Barrett, releasing Favre, and recharacterizing Rhodes' and Pace's bonuses would put us about 17M under the cap (actually, I added restructuring B-Moore for an additional 3M savings to put us at 20M, but you can do the math).

Hutch is now reporting that after cutting Barrett and Favre's retirement, the Jets are 17M under the cap. That's about right if they already recharacterized the bonuses.

I am looking at www.nyjetscap.com/salary.html and it shows the Jets at $11.5 million over (updated for Barrett but not yet for Favre). So Favre's $13 million saving should put them at $1.5 under.

Can somebody confirm what is right?

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No reason to announce it. It's bookkeeping, nothing more - it doesn't impact the length of their contracts, their status as Jets, etc. So they wouldn't hold a press conference.

Another team might issue a short press release, but the Jets are notoriously secretive with cap information.

That said, the team would definitely need to let the league and the union know, which is why the NFLPA would have accurate numbers to feed Hutch.

Put it this way - he says his source is the Union, and there's no way they have inaccurate info.

I'm guessing the restructuring will be reported on in the near future. Those types of things usually are. When Ellis was initially resigned, the majority of his bonus was scheduled to hit that year. But, we ended up needing more money so they restructured the bonus to an option/signing bonus instead - it was reported on fairly widely.

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I am looking at www.nyjetscap.com/salary.html and it shows the Jets at $11.5 million over (updated for Barrett but not yet for Favre). So Favre's $13 million saving should put them at $1.5 under.

Can somebody confirm what is right?

That's correct.

If they restructure Pace and Rhodes, they save roughly 15M - which would put them at about 16.5M under the cap.

Here are the numbers.

Both (as currently listed) have 9M roster bonuses that count against the cap this year (total hit for Rhodes/Pace bonuses = 18M)

If they recharacterize that as Signing Bonus, they can prorate the 9M across the remaining 5 years of the deal - so each would count 1.4M against the cap for each of 2009, 2010, 2011, 2012 and 2013 (1.4x5=9). That means that the total cap cost of Rhodes & Pace's bonuses would be 2.8M

18M (cap cost before conversion) - 2.8M (cap cost after conversion) = 15.2M in savings.

Add that to the 1.5M in cap room we had after cutting Barrett and Favre's retirement, and you get 16.7M in cap room - or almost exactly the 17M that Hutch is reporting.

Conclusion - the Jets recharacterized the bonuses.

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Looking at that list, I would be worried if I were Brandon Moore and Shaun Ellis who represent another $10,000,000 in cap savings for two average players.

BZ

No chance Brandon Moore gets cut - he's a very solid part of what was a good line last season, and the Jets need to think long term. Yes he has a relatively high cap cost this year (though, to be honest, 5M is not that much for a starting OG in this environment - check out what recent FAs have gotten and think about who they would be able to land as a replacement), but that's because the Jets chose to structure his contract that way in order to leave a much lower cap cost for the next few seasons. Next year, Moore counts for less than 1M against the cap. He's going nowhere.

Neither is Ellis, I'd bet. he's a perfect 3-4 end, and he played very well last season. In fact, in Ryan's D, his pass rushing skills will be highlighted. And again, you need to think about the cost of replacing him

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No offense, but Hutchinson has access to more info.

Actually, Jason has access to some pretty good sources - folks who've been spot on before.

He PM'd me earlier today, said he's been told the Jets real number is about 10M under and he expected Cimini to be out with it in the next few days. Lo and behold, Cimini mentioned it in his blog a few hours later.

That's not to say Hutch is wrong and Jason/Cimini are right - just that Jason has some very, very good sources.

BTW, the lesser number would mean that the Jets only restructured one of Rhodes or Pace. Jason thinks it was Rhodes, and I agree - he has lower cap numbers for the next few years anyway, so there's more room to increase his cap hit in those years than there is for Pace, plus Rhodes is younger (and therefore more likely to play out the remainder of his deal at a high level).

Thinking about it, this is a very smart move for the Jets. They can always recharacterize Pace later if they need extra cap space to sign a player. The same way they can restructure Moore, if they need to. For now, though, the team is better off maintaining the bonus until they know there's a player they'd want to use the space on. Remember, every dollar of cap room they "save" this season is another dollar they can't spend in later years.

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ya know Mike T, gets a lot of ****, but i'll take him a guy who supposedly knows little about football, but a lot about the cap, then a guy like Matt Millen who supposedly knew a ton about football.

Maybe Mike doesn't know a lot about football, but he's smart, he surrounds himself with guys who do, and makes sure the Jets are always under the cap, then they can always contend, and make moves to contend

what is one of the things you never hear about the consistently good teams like NE, Indy, Philly. you never hear about them being in cap hell

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When Barrett took a pay cut in 2008 it must have pushed the difference to 2009 rather than cutting it outright. I'm sure there was some other late-season restructuring to leave little more than one U.S. dollar available on the 08 cap, and pushed the space to 09. I don't have those numbers yet.

But at least heading into the 08 draft, Jason's numbers were dead-on. Some numbers changed slightly but most surely did not.

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ya know Mike T, gets a lot of ****, but i'll take him a guy who supposedly knows little about football, but a lot about the cap, then a guy like Matt Millen who supposedly knew a ton about football.

Maybe Mike doesn't know a lot about football, but he's smart, he surrounds himself with guys who do, and makes sure the Jets are always under the cap, then they can always contend, and make moves to contend

what is one of the things you never hear about the consistently good teams like NE, Indy, Philly. you never hear about them being in cap hell

Matt Millen. Never met a WR he didn't like. :P

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