Will Smith deal clears cap space...
 

The New Orleans Saints have saved $4.78 million in salary cap space by restructuring the contract of veteran defensive end Will Smith, according to numbers obtained by ESPN.com.

The deal was finalized Monday as the Saints position themselves to be under the salary cap at the start of free agency. That could be a challenge because the Saints have placed a franchise tag of almost $15 million on quarterback Drew Brees and want to attempt to re-sign guard Carl Nicks and receiver Marques Colston, as well as some other free agents. The Saints likely will be releasing some veterans in the coming days, but restructuring Smith gives them some added flexibility.

The deal was signed Monday and it dropped Smith’s 2012 base salary from $7 million down to the veteran minimum of $825,000. But Smith was well compensated for working with the Saints. He received a $6.175 signing bonus as part of the restructure. He also is scheduled to earn a $1 million roster bonus in late March and a $150,000 bonus for taking part in an unspecified number of the team’s offseason workouts.

The only downside is that Smith’s 2013 cap figure jumps to more than $14.5 million and will be almost $14 million in 2014, the final year of the contract. But the Saints can restructure the deal again in future years to make it more cap friendly.

Will Smith deal cleared $4.78 million for cap - NFC South Blog - ESPN

This quiet bit of news actually made me pretty happy today. It also quiets the criticism of Benson being a "tightwad" since he is actually paying Will Smith more money out-of-pocket in order to reduce his cap hit this year, and possibly next year as well.

Too bad he'll be watching the first few games from home sounds like.

It's good news but he could have helped the team out by taking a bit more of his actual contract out since he is part of the whole bounty thing, in fact all players involved should take a paycut to help the franchise out.. i think that would speak volumes.

Big Willie is taking the league minimum this year...we couldn't have paid him less even if he wanted it...

Yeah, but you have to factor in the bonuses as well, and it seems like 2014 is no longer an optional year like it was under the former contract.

Anyway, this is good news, and I'm glad first and foremost that Smith will remain a Saint.


Like the first comment on the actual article stated, $6.175 isn't that big of a signing bonus! :lol:

The signing bonus makes up for this years salary.
He may be looking for a place to land when this season is over,
especially if he ends the year with only 5 sacks.
14 million in 13 & 14...I didn't like the 8 mil for this season.

I knew he would do this. Plus as stated above, he will rework the deal again.

Great News.
first domino in place

Ok so now will Drew sign ............LOL I'm sorry !

Wait.........Wait........was that a ray of sunshine?:wink:

Respect meter just bumped up a few notches.

Thanks for being a classy guy and lowering your salary will smith, lord knows it would be great to have more people with your frame of mind on our team

Drew, why don't u follow his example!

Yeah, for me too Danno. A class move on his part.

You guys realize that unless we cut or trade him he is actually making over 1 million dollars MORE than he would have without the restructure right?

And he could have told us to shove it up our poop nozzles too.

Maybe Jenkins will re-structure. That way maybe I won't feel so bad about buying his jersey instead of Smith's!!!

Will wants to win. He won't care about the money if his contribution to the cap room is well spent to help him do that.

Malcolm is only counting about 1 mill against the cap, go ahead and buy his jersey. Its not free, but I think its a safe puchase.:p

He's gonna have a much better 2012 season, I'm sure of it.

FO: "Here is a million extra dollars, for free, if you let us pay your entire paycheck now instead of over the course of next season."

Idiot player who doesn't exist anywhere: "Shove it in your poopers."

I'm thinking the whole secondary will have a better year with Flajole coaching them...

The is the first GOOD news, other than getting rid of GW, that I've heard all offseason.

finally some real football news. nice going Smith. putting the team first. he just went up two notches on my respecto meter

Way to man up Smith. Much respect to you, now stay healthy