Salary Cap Analysis: QBs and RBs
February 10, 2011
Kolb enters 2011 with one year remaining on his contract, at a cap number of $6,742,000. 5.35M of this consists of outstanding signing bonus proration, which means that the Eagles will only save 1.392M if they trade him. On the other hand, this also means that any team acquiring Kolb will only be required to commit 1.392M worth of cap room to him, an incredibly low amount for a starting quarterback. This advantage will likely be negated by an expected extension, but nonetheless, Kolb’s contract becomes favorable for the purpose of trading.
If Kolb returns to Philadelphia as a backup, his contract is still acceptable due to the likelihood that he will start at least a few games due to a Vick injury (especially if an 18-game schedule is instituted). If, for some reason, Kolb ends up returning to Philadelphia as the starter, his contract provides great value for 2011, and the team would most likely look to extend him. For a point of reference, Matt Cassel signed for 6 years, 63M, including 28M guaranteed, upon his trade to the Chiefs.
Kafka is signed for three more seasons at cap values of $521,625; $606,625; and $691,625; with $349,875 worth of cap overhang remaining. He is virtually assured to return as at least the #3 QB, at which point his contract provides good value. However, he could potentially enter camp as the backup, at which point his contract provides excellent value. Again, this is the value of drafting numerous solid depth players with mid-round picks: every 521K used on Kafka means that 1M-1.5M did not have to be spent on an older veteran. That extra 500K-1M adds up.
McCoy is signed for two more seasons at cap values of $822,500 and $907,500, with 685K worth of cap overhang remaining. Simply put, this is one of the most valuable contracts the team possesses. Under current CBA rules, McCoy is now eligible to sign an extension, and one would imagine that this is on the t0-do list of Reid/Roseman (right after Vick, Jackson, …)
The Eagles did an excellent job of protecting themselves against potential dead money with this contract, as Weaver only has 200K worth of cap overhang remaining against potential cap values of 2.6M in 2011 and 3.1M in 2011. If he is unable to return to the field at a high level, Weaver could very well be released, as the result would be a cap savings of 2.4M. However, I wouldn’t expect this to happen at the beginning of the offseason in true cap-casualty form, but rather at the end of the summer after he has been given every opportunity to prove himself in training camp. This contract is a great example of the advantage of using roster bonuses instead of signing bonuses, especially during an uncapped year where there is no downside to doing so.
Owen Schmitt is also signed for one more season at a base salary of 555K, while Jerome Harrison and, obviously, Michael Vick are unrestricted free agents. In addition, Eldra Buckley is a restricted free agent. The Eagles will likely commit something in the neighborhood of 20M to re-sign or franchise tag Michael Vick, and will also have to commit resources to brining in a backup QB (if Kolb is traded) and a backup RB. I would expect the #3 RB position to be filled with a low-salary player, whether it be Buckley or another player of similar caliber. When all is said and done, the seven players filling the backfield roster slots, in addition to Kolb’s dead money, will account for more than 30M in cap room.
