*** DOLPHINS NEWS ***
May 20, 1999: -- Players Restructure Contracts --
The Sun-Sentinel reported today that the Dolphins have
restructured the contracts of four veteran players to free up
approximately $4.2 million under the salary cap. The four players
effected are S Brock Marion, OG Kevin Donnalley, OT James Brown and DT
Daryl Gardener.
The report went on to state that the restructuring turned a
portion of each player's 1999 base salary into guaranteed money. In
Brock Marion's case, the amount was $1.1 million. It wasn't stated
how the guarantee changed each player's total salary or what their
future salaries would be, but it does mean that the Dolphins expect
that each of those players will be on the team in September.
The Dolphins still have to sign their draftees between now and
training camp, but those signings are expected to cost the team
between $1.5 million and $2 million, leaving at least $2.2 million in
salary cap space available.
The Dolphins are also working on contract extensions for OJ
McDuffie and Dan Marino, but in McDuffie's case, his salary cap
numbers are not expected to increase and Dan Marino's hit against the
salary cap will probably drop significantly with an extension.
The Dolphins would also like to sign a long term deal with
Richmond Webb, although Webb may sign his tendered one year contract
offer and try to become an unrestricted free agent again next year.
In other news, the Toronto Sun is reporting that Jermaine
Haley will stay in the CFL this year and not retire, as he had
threatened to do. Haley was drafted by the Dolphins in the 7th round
of this year's draft, even though he's under contract to the Toronto
Argonauts of the CFL for at least the 1999 season.
Haley had sought to get out of his contract with the
Argonauts, which would have paid him only about $35,000 (Canadian)
this year as compared to the $175,000 minimum rookie salary he would
have made in the NFL. However, it now appears that the Argonauts are
going to give him a raise to at least $50,000 (Canadian).
My Comments:
This is an interesting development for the team. While the
team needed to free up some salary cap space to sign their rookies,
they only needed about half of what they actually created with these
restructurings.
I can think of two reasons that JJ might want some spare cash
at this time. First of all, the June 1st cutdown date is coming.
After June 1st, teams will begin cutting expensive veteran players to
reduce their salary cap problems. Last year, LB Robert Jones was cut
by the Rams on June 1st and ended up in Miami as a result.
This year, JJ may have his eye on someone that he thinks is
going to get cut on June 1st.
The other (less likely) reason is that JJ may be trying to go
after Carl Pickens and is trying to free up enough money to sign him.
I don't think this is very likely, however - Pickens reportedly wants
between $5 and $6 million per year and even if he's willing to play
for $4 million, the Dolphins would still have to trade for him in some
way.
Or, the Dolphins could just be trying to free up some
breathing room under the cap for contingencies.
Whatever the reason, the Dolphins are doing the right thing by
freeing up cap space and showing confidence in these players by
guaranteeing their new contracts.
Related Info:
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Curt Fennell,
curt@phins.com, DOLFAN in New Rochelle (almost)
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