The Detroit Lions continue to create a cap space for 2021, as did Mike Garafolo of NFL Network reports that the team will restructure the contract of linebacker Jamie Collins sr. Although Garafolo does not give details about the restructuring, he does note that the Lions are adding insignificant years to help stretch the caps over several years, and this will result in Collins’ caps of $ 11.3 million. “Significantly lowered.”
Here’s what a restructuring theoretically looks like.
2021:
- $ 8.8 million basic salary
- $ 2.3 million in proportional signing bonus (from 2020)
- $ 200,000 Workout Bonus
CAP HIT: $ 11.3 million
2022:
- $ 9.8 million basic salary
- $ 2.3 million in proportional signing bonus (from 2020)
- $ 200,000 Workout Bonus
CAP HIT: $ 12.3 million
Let us theoretically state that the restructuring involves the conversion of $ 7 million of Collins’ base salary into a new signing bonus. Let’s meanwhile say the Lions add two insignificant years. Suddenly, his contract looks like this.
NOTE: THIS IS A THEORETICAL RESTRUCTURE. THE DETAILS ARE NOT OUT OFF YET.
2021:
- $ 1.8 million basic salary
- $ 2.3 million in proportional signing bonus (from 2020), $ 1.75 million in proportional signing bonus (from 2021)
- $ 200,000 Workout Bonus
CAP HIT: $ 6.05 million (less $ 5.25 million)
2022:
- $ 9.8 million basic salary
- $ 2.3 million in proportional signing bonus (from 2020), $ 1.75 million in proportional signing bonus (from 2021)
- $ 200,000 Workout Bonus
CAP HIT: $ 14.05 million ($ 1.75 million up)
2023 (void year):
- $ 1.75 million in dead money (proportional signing bonus from 2021)
CAP HIT: $ 1.75 million
2024 (void year):
- $ 1.75 million in dead money (proportional signing bonus from 2021)
CAP HIT: $ 1.75 million
In other words, the Lions are saving nearly $ 5.5 million this year, but they will eventually have to spend exactly the same figure over the next three seasons. It is important to note that this is not an extension. Collins’ contract will automatically be void after the next two seasons, freeing him from signing anywhere else.
The restructuring has the disadvantage that Collins will be cut harder after the 2021 season if the Lions want to move on. But with insignificant dead money in the (theoretically) insignificant years, it was an easy step to create an immediate cap.
Search the Lions to find other candidates to restructure, including Jared Goff, Trey Flowers and Halapoulivaati Vaitai.