Mickey Loomis is a Wizard

AsylumGuido · 05-20-2022, 07:50 PM

Originally Posted by neugey

Also a shout out to all the Saints vets (darn near about everybody) that agree to restructure their deals to help with the financial gymnastics.

Actually, almost all of these restructures are unilateral. It all a club option. The player gets exactly the same money up front as they would have, but it is just accounted for in subsequent periods. $12 million base salary converted to a $10 million signing bonus prorated and a $2 million salary still puts the same check in their pocket on the same date basically.

SaintFanInATLHELL · 05-20-2022, 09:38 PM

Originally Posted by AsylumGuido

Actually, almost all of these restructures are unilateral. It all a club option. The player gets exactly the same money up front as they would have, but it is just accounted for in subsequent periods. $12 million base salary converted to a $10 million signing bonus prorated and a $2 million salary still puts the same check in their pocket on the same date basically.

Actually it's more than that to the player. First that player gets the bonus check now. And it's guaranteed at signing. They don't have to wait for game checks to come in season. And if something goes off the rails, their money is secure.

You can see an example of that with Watson and Cleveland.

While Watson will count $10 million toward this year’s salary cap, that’s mostly due to an $8.9 million signing bonus. His base salary is only $1,035,000.

From: https://www.cleveland.com/browns/202...ics-of-it.html

It's almost certain that Watson will be suspended sometime in 2022. He already has the $8.9 million in the bank. The suspended game checks will only be about $60k per game.

So, while the player has to agree to a restructure and it's not actually unilateral, everyone takes it because both sides always win when it occurs.

SFIAH

AsylumGuido · 05-21-2022, 08:47 AM

Originally Posted by SaintFanInATLHELL

Actually it's more than that to the player. First that player gets the bonus check now. And it's guaranteed at signing. They don't have to wait for game checks to come in season. And if something goes off the rails, their money is secure.

You can see an example of that with Watson and Cleveland.

From: https://www.cleveland.com/browns/202...ics-of-it.html

It's almost certain that Watson will be suspended sometime in 2022. He already has the $8.9 million in the bank. The suspended game checks will only be about $60k per game.

So, while the player has to agree to a restructure and it's not actually unilateral, everyone takes it because both sides always win when it occurs.

SFIAH

Yes, in the case of a base salary restructure the player does get that money up front. However, a converted roster or other bonus looks the same from the player's perspective.

And I guess I should have said that the simple restructures are unilateral at the time of restructure. I have read that the right to simple restructure (base salary or bonus) is routinely written into contracts to allow the team the flexibility to do a conversion "on the spot" without any additional input from the player or their agents.

05-20-2022, 07:50 PM	#1
AsylumGuido 10000 POST CLUB Join Date: Sep 2007 Location: Bossier City, LA Posts: 26,762	Re: Mickey Loomis is a Wizard Originally Posted by neugey Also a shout out to all the Saints vets (darn near about everybody) that agree to restructure their deals to help with the financial gymnastics. Actually, almost all of these restructures are unilateral. It all a club option. The player gets exactly the same money up front as they would have, but it is just accounted for in subsequent periods. $12 million base salary converted to a $10 million signing bonus prorated and a $2 million salary still puts the same check in their pocket on the same date basically. Rugby Saint II likes this.

05-20-2022, 09:38 PM	#2
SaintFanInATLHELL The Professor Join Date: Oct 2003 Location: Lithonia, GA Posts: 2,787	Re: Mickey Loomis is a Wizard Originally Posted by AsylumGuido Actually, almost all of these restructures are unilateral. It all a club option. The player gets exactly the same money up front as they would have, but it is just accounted for in subsequent periods. $12 million base salary converted to a $10 million signing bonus prorated and a $2 million salary still puts the same check in their pocket on the same date basically. Actually it's more than that to the player. First that player gets the bonus check now. And it's guaranteed at signing. They don't have to wait for game checks to come in season. And if something goes off the rails, their money is secure. You can see an example of that with Watson and Cleveland. While Watson will count $10 million toward this year’s salary cap, that’s mostly due to an $8.9 million signing bonus. His base salary is only $1,035,000. From: https://www.cleveland.com/browns/202...ics-of-it.html It's almost certain that Watson will be suspended sometime in 2022. He already has the $8.9 million in the bank. The suspended game checks will only be about $60k per game. So, while the player has to agree to a restructure and it's not actually unilateral, everyone takes it because both sides always win when it occurs. SFIAH AsylumGuido and Rugby Saint II like this.
	Super Bowl Championships: New Orleans Saints:1, Carolina:0, Atlanta Chokers: STILL ZERO Only Atlanta choked in an unchokable situation... Life is definitely good.

05-21-2022, 08:47 AM	#3
AsylumGuido 10000 POST CLUB Join Date: Sep 2007 Location: Bossier City, LA Posts: 26,762	Re: Mickey Loomis is a Wizard Originally Posted by SaintFanInATLHELL Actually it's more than that to the player. First that player gets the bonus check now. And it's guaranteed at signing. They don't have to wait for game checks to come in season. And if something goes off the rails, their money is secure. You can see an example of that with Watson and Cleveland. From: https://www.cleveland.com/browns/202...ics-of-it.html It's almost certain that Watson will be suspended sometime in 2022. He already has the $8.9 million in the bank. The suspended game checks will only be about $60k per game. So, while the player has to agree to a restructure and it's not actually unilateral, everyone takes it because both sides always win when it occurs. SFIAH Yes, in the case of a base salary restructure the player does get that money up front. However, a converted roster or other bonus looks the same from the player's perspective. And I guess I should have said that the simple restructures are unilateral at the time of restructure. I have read that the right to simple restructure (base salary or bonus) is routinely written into contracts to allow the team the flexibility to do a conversion "on the spot" without any additional input from the player or their agents.