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Interesting, especially if it turns out to be just a one-year deal after all.
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Throughout the offseason, we predicted that cornerback Ty Law ultimately would sign a contract that would look like a big-money deal, but that in essence would be an incentive-laden arrangement with a ridiculous roster or option bonus due at the start of 2006, making the thing a one-year deal.
As Clark Judge of Sportsline.com initially reported and as we have confirmed, that's exactly what occurred.
Per a league source with knowledge of the specific contents of the contract, the deal does indeed give Law, on paper, his coveted $6 million per season average, since its annual value is $6,466,786.
But the devil on this one is in the details.
For starters, Law gets no signing bonus. Nothing. Zero. Zilch.
Instead, Law's $2.5 million salary for 2005 was paid to him as an advance, meaning that he'll get no game checks throughout the season.
In place of a weekly pay check, he'll get a $62,500 roster bonus installment for each game that he's on the active roster. So even though the contract has a total roster bonus of $1 million for 2005, he gets it all only if he's available to play each and every week.
So if, for example, Law lands on injured reserve during the preseason, he'll get none of that $1 million roster bonus. To make matters worse, his deal contains a $1 million "split" salary, which means that if he lands on IR during the preseason his salary drops by $1.5 million.
Which also means that he then would owe the team $1.5 million that it already had been paid.
The split salary, however, will be triggered only by a lost season due to his pre-existing left foot injury.
But it's after 2005 that the fun really starts. Law's contract contains an $11 million option bonus, and the team must decide whether or not to exercise the option in 2006. If Law achieves a minimum play-time incentive in 2005 (which typically is participation in 35 percent of his unit's snaps), his base salaries for 2006 and beyond become guaranteed. But the guarantees become void if/when the $11 million option bonus is exercised.
And here's the kicker. If Law is still on the team when the option bonus is due and the team opts (for whatever reason) not to exercise it, the deal contains a non-exercise fee of a whopping $25 million.
So even though Law and the Jets might work out a new deal come next year, there's simply no way that this contract will be in effect come March 1, 2006.
Interesting, especially if it turns out to be just a one-year deal after all.
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TY GETS A ONE-YEAR DEAL
Throughout the offseason, we predicted that cornerback Ty Law ultimately would sign a contract that would look like a big-money deal, but that in essence would be an incentive-laden arrangement with a ridiculous roster or option bonus due at the start of 2006, making the thing a one-year deal.
As Clark Judge of Sportsline.com initially reported and as we have confirmed, that's exactly what occurred.
Per a league source with knowledge of the specific contents of the contract, the deal does indeed give Law, on paper, his coveted $6 million per season average, since its annual value is $6,466,786.
But the devil on this one is in the details.
For starters, Law gets no signing bonus. Nothing. Zero. Zilch.
Instead, Law's $2.5 million salary for 2005 was paid to him as an advance, meaning that he'll get no game checks throughout the season.
In place of a weekly pay check, he'll get a $62,500 roster bonus installment for each game that he's on the active roster. So even though the contract has a total roster bonus of $1 million for 2005, he gets it all only if he's available to play each and every week.
So if, for example, Law lands on injured reserve during the preseason, he'll get none of that $1 million roster bonus. To make matters worse, his deal contains a $1 million "split" salary, which means that if he lands on IR during the preseason his salary drops by $1.5 million.
Which also means that he then would owe the team $1.5 million that it already had been paid.
The split salary, however, will be triggered only by a lost season due to his pre-existing left foot injury.
But it's after 2005 that the fun really starts. Law's contract contains an $11 million option bonus, and the team must decide whether or not to exercise the option in 2006. If Law achieves a minimum play-time incentive in 2005 (which typically is participation in 35 percent of his unit's snaps), his base salaries for 2006 and beyond become guaranteed. But the guarantees become void if/when the $11 million option bonus is exercised.
And here's the kicker. If Law is still on the team when the option bonus is due and the team opts (for whatever reason) not to exercise it, the deal contains a non-exercise fee of a whopping $25 million.
So even though Law and the Jets might work out a new deal come next year, there's simply no way that this contract will be in effect come March 1, 2006.
