||06-06-2003 02:27 PM
Finally, some props from Len Pasquirelli!!!
Maybe he doesn't hate the Saints as much as it seemed last season!
That one-year contract extension wide receiver Joe Horn signed earlier this week cost the exceedingly cap-healthy New Orleans Saints just $1.1 million in spending room for this season but netted the seven-year veteran $7 million in so-called "new money." Under his old contract, Horn was due a total of $6 million in 2003-2004. The new contract, which adds a season and now binds Horn to New Orleans through 2005, is worth $13 million, but only raises the Saints' cap charge for '03 from $4.212 million to $5.312 million. Under the new deal, Horn received a $5.1 million signing bonus that is payable in six installments. He already pocketed a $200,000 roster bonus on March 15 and then got an additional $1.5 million roster bonus on Thursday. His base salaries for 2003 and 2004 are $700,000 each (down from the scheduled $2.7 million for this year and $2.9 million for 2004 under the old deal) and then the base jumps to $3.8 million for 2005. There is also a $1 million roster bonus due in the spring of 2005. Essentially, the new contract pays Horn $7.5 million between bonuses and base salary for this season. The three-year average is $4.33 million. Even with the Horn contract now officially on the ledger books, the Saints still are $8.93 million under the 2003 cap limit, and only four franchises have more cap room available. Yet the latest example of the excellent job general manager Mickey Loomis has done in maintaining cap consciousness while still retaining a well-stocked roster.
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