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In a couple of years his pay will be middle of the pack for kickers so it's not a bad deal. In the parity driven NFL where every point counts you need a great kicker and Bailey is one.It is a bad contract. For the salary cap hell the team is in to sign a kicker for over 3 mill a year is laughable.
Not to mention he saves us a roster spot because we don't have to employ a kickoff kicker any more.