CheramieIII

49ers: $38 million under
Bills: $33 million under
Titans: $33 million under
Cardinals: $33 million under
Browns: $29 million under
Packers: $28 million under
Patriots: $28 million under
Saints: $27 million under
Bears: $23 million under
Rams: $23 million under
Chargers: $22 million under
Buccaneers: $21 million under
Jaguars: $21 million under
Bengals: $20 million under
Jets: $20 million under
Seahawks: $19 million under
Cowboys: $18 million under
Lions: $16 million under
Vikings: $14 million under
Giants: $14 million under
Dolphins: $13 million under
Texans: $10 million under
Raiders: $8 million under
Eagles: $8 million under
Falcons: $8 million under
Chiefs: $6 million under
Broncos: $4 million under
Colts: $2 million under
Steelers: $300,000 under
Redskins: $100,000 over
Ravens: $1 million over
Panthers: $2.5 million over

CAVEAT ON CAP NUMBERS

A league source has contacted us regarding the accuracy of the cap numbers that we posted earlier today. Although those numbers currently are accurate, it turns out that the numbers are incomplete.

Per the source, the current numbers do not reflect several key pieces of information that will reduce the cap room available as of March 1.

First, the "official" numbers have not yet been adjusted by the league to reflect so-called "not likely to be earned" incentives that players achieved in 2006. By definition, these payments do not count against a team's 2006 cap number. They hit the cap in 2007.

A prime example in this regard is Jets quarterback Chad Pennington. With doubts swirling last year at this time regarding his ability to return to form, he slashed his salary for 2006 but remained in position to earn most if not all of it back through incentive payments.

And he did. Those extra payments to Pennington will thus eat into the $20 million in cap room available to the Jets.

Likewise, the $3 million bonus earned by Panthers defensive end Julius Peppers for making it to the Pro Bowl this year is not reflected. And that's bad news for Carolina, since without this extra charge the team is already $2.5 million over the $109 million limit.

Second, any "likely to be earned" incentives that were not met in 2006 result in a cap credit for 2007. Teams with surplus cap money in 2006 but no plans to use it often will insert such incentives that, although categorized as "likely to be earned" are, as a practical matter, not earned. Because these incentives count against the 2006 cap, the money carries over to the next year if the incentive is not earned.

Third, any 2007 salary escalators triggered by players in 2006 are not yet reflected. If, for example, a player's 2007 salary based on his contract is $1 million but his performance numbers pushed his salary to $2 million for 2007 due to an escalator clause, that extra million has not yet been wiped off of the books for the purposes of the 2007 cap numbers.

Fourth, the Giants will get a cap credit from Tiki Barber's retirement, since his $4.15 million salary for 2007 is currently on the books, and thus reflected in the cap numbers.

http://www.profootballtalk.com/rumormill.htm

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