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JETS EXTEND LITO


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JETS EXTEND LITO

Posted by Mike Florio: Saturday, February 28, 2009 6:39 PM

After picking up the rights to cornerback Lito Sheppard via a trade with the Eagles, the Jets have given Sheppard a new contract.

Per a league source, it's a two-year extension to a contract that has three remaining years.

He'll get $3 million in 2009, his prior base salary. Thereafter, it's a four-year, $21 million deal.

On the fifth day of the 2010 league year, Sheppard receives a $10 million option bonus.

If Sheppard participate in at least 39 percent of the plays in 2009, Sheppard's salary escalates by $1.55 million per year for 2010 through 2013, making the four-year package after this season worth $27.2 million.

Of course, the Jets could cut Sheppard before the fifth day of the league year, but he'd be an unrestricted free agent.

If, in the end, he stays for all five years (and participates in at least 39 percent of the snaps this season), he'll make $30.2 million.

So instead of having the three-year, $10.95 million contract that previously applied, he's got a five-year deal worth $30.2 million -- if he meets the play-time trigger. (Otherwise, it's five years and $25 million.)

The bad news for Sheppard is that, if he wins the starting job across from up-and-coming star Darrelle Revis, Sheppard might find himself in a hail storm of footballs, like DeAngelo Hall last year across from Nnamdi Asomugha in Oakland.

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On the fifth day of the 2010 league year, Sheppard receives a $10 million option bonus.

Um.... Why?

The bad news for Sheppard is that, if he wins the starting job across from up-and-coming star Darrelle Revis, Sheppard might find himself in a hail storm of footballs, like DeAngelo Hall last year across from Nnamdi Asomugha in Oakland.

:rl:

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JETS EXTEND LITO

Posted by Mike Florio: Saturday, February 28, 2009 6:39 PM

After picking up the rights to cornerback Lito Sheppard via a trade with the Eagles, the Jets have given Sheppard a new contract.

Per a league source, it's a two-year extension to a contract that has three remaining years.

He'll get $3 million in 2009, his prior base salary. Thereafter, it's a four-year, $21 million deal.

On the fifth day of the 2010 league year, Sheppard receives a $10 million option bonus.

If Sheppard participate in at least 39 percent of the plays in 2009, Sheppard's salary escalates by $1.55 million per year for 2010 through 2013, making the four-year package after this season worth $27.2 million.

Of course, the Jets could cut Sheppard before the fifth day of the league year, but he'd be an unrestricted free agent.

If, in the end, he stays for all five years (and participates in at least 39 percent of the snaps this season), he'll make $30.2 million.

So instead of having the three-year, $10.95 million contract that previously applied, he's got a five-year deal worth $30.2 million -- if he meets the play-time trigger. (Otherwise, it's five years and $25 million.)

The bad news for Sheppard is that, if he wins the starting job across from up-and-coming star Darrelle Revis, Sheppard might find himself in a hail storm of footballs, like DeAngelo Hall last year across from Nnamdi Asomugha in Oakland.

all he's gotta do is make a couple of int's and that won't continue. sheppard is a good cb when healthy....very good. we're gonna have a defense to be reckoned with this upcoming season

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UPDATE ON THE LITO TRADE : from Erik Boland's Blog

* A source tells me the Jets will give up a fifth rounder in this year's draft and, if conditions are met, they'll recoup that fifth round pick in next year's draft. So if certain conditions (those I'm still not sure of specifically but are related to playing time) are met and the Jets surrender a third round pick in 2010, they get the Eagles fifth round pick in 2010. Ditto if they have to give the Eagles a fourth rounder. Basically, the Jets are pretty much assured to have the Eagles fifth round pick next year. I was also told it was "very unlikely" this could turn into the Jets giving up a second rounder.

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Um.... Why?

I think it's a preemptive move to keep Sheppard's mouth shut for the year regarding his contract. If he plays like he used to, he's well worth a $10M bonus to kick in the balance of his contract (and all or most will be converted to SB), given what the going rate is for starting CB's these days.

If he's not all that, then we use him for this year (or don't), and then he can be cut without cap penalty before he gets a nickel of that bonus.

IMO the Jets will be drafting a CB this year in the middle rounds.

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I think it's a preemptive move to keep Sheppard's mouth shut for the year regarding his contract. If he plays like he used to, he's well worth a $10M bonus to kick in the balance of his contract (and all or most will be converted to SB), given what the going rate is for starting CB's these days.

If he's not all that, then we use him for this year (or don't), and then he can be cut without cap penalty before he gets a nickel of that bonus.

IMO the Jets will be drafting a CB this year in the middle rounds.

Doing some calculations, if Sheppard reaches his escalators and we pro-rate his signing bonus he's owed about 9.3 million a year. Is that even reasonable to have that much tied up to a 2nd CB?

Edit: 9.3 not 8.13

Edited by talisaynon
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Um.... Why?

The Jets work a lot of contracts like that. Pace and Rhodes's deals were structured similarly and we restructured them last week. Brandon Moore's was also structured this way and we cut him (Only to later resign him). I think the thought process is that it helps financial flexability down the line as we have the choice of the lump sum payment, or a restructure, or a cut. Also, we get a year of the player in the system to determine if he's worth the big money, and if he is, we restructure. If he's not, he's gone.

Edited by AdropOFvenom
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Doing some calculations, if Sheppard reaches his escalators and we pro-rate his signing bonus he's owed about 9.3 million a year. Is that even reasonable to have that much tied up to a 2nd CB?

Edit: 9.3 not 8.13

Might as well assume those salary escalators will kick in, because if he doesn't play 39% of the snaps he's getting cut before that $10M roster bonus & it's a moot point.

It says 4 years $27M with the escalators. That includes his roster bonus. That's just under $7M/yr.

After the season is over, the Jets will decide if he's worth it or not.

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I think it's a preemptive move to keep Sheppard's mouth shut for the year regarding his contract. If he plays like he used to, he's well worth a $10M bonus to kick in the balance of his contract (and all or most will be converted to SB), given what the going rate is for starting CB's these days.

If he's not all that, then we use him for this year (or don't), and then he can be cut without cap penalty before he gets a nickel of that bonus.

IMO the Jets will be drafting a CB this year in the middle rounds.

But wouldn't that make him count like 13 mill against the cap? Or, is that # prorated?

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