MIAMI (CBSMiami) – Miami Dolphins general manager Jeff Ireland and the rest of the front office staff put together quite a package to land receiver Mike Wallace, but the numbers for that contract reveal just how much the Fins expect of Wallace.
Wallace’s deal was a five-year contract for $60 million with $30 million guaranteed. But according to the Palm Beach Post, in reality it’s a two-year, $27 million contract.
The Post reported that Wallace received an immediate signing bonus of $11 million, plus workout bonuses for $50,000 for all five years. The guarantee was $27 million up front and could be as much as $37 million.
According to the Post’s numbers, here’s how Wallace’s base salaries break down:
- 2013 – $1 million
- 2014 – $15 million
- 2015 – $9.85 million ($3 million guaranteed for injury, $3 million becomes fully guaranteed on fifth day of 2014 league year)
- 2016 – $11.45 million (not guaranteed)
- 2017 – $11.45 million (not guaranteed)
Here’s how the base salaries will be reflected in the salary cap:
- 2013 – $3.25 million
- 2014 – $17.25 million
- 2015 – $12.1 million
- 2016 – $13.7 million
- 2017 – $13.7 million
The Dolphins effectively pushed the major cap hit into 2014 with the $17.25 million. Assuming Wallace sticks around for 2014, he’ll likely be here through 2015. His cap number in 2014 will make him the second highest paid wide receiver in the NFL.
Wallace will likely not see the final $22.89 million of the contract over the last two years as his deal will likely be reworked at some point by 2015, or he could be released prior to the non-guaranteed years of 2016 and 2017.
Still, according to the Post, the Dolphins will have roughly $43 million of cap space used on five players next season. The Fins are likely hoping the salary cap will again increase next year to help manage the monstrous contracts.
According to the Post, the Fins have $21 million under the 2013 salary cap even after picking up all the free agents.