CONTRACT FINALIZED!!!

[kevin]

(09-07-2023, 09:28 PM)pally Wrote: $55 million per year...wow  not bad for a cheap franchise

A record deal: Joe Burrow has reached agreement with the Bengals on an 5-year, $275 million extension that includes $219.01 million guaranteed and makes him the highest-paid player in NFL history, sources tell ESPN. pic.twitter.com/6GttDs7zk6

— Adam Schefter (@AdamSchefter) September 8, 2023

Just about all starting QB's in NFL are getting huge pay raises.  Bengals would have been foolish to not accept the salaries going up in the NFL.  Quarterbacks with half of Burrows talent are getting huge contracts now.  

Bengals could have resigned Burrow in 2024, he was not up for free agency until 2025, but this makes sense.  QB salaries will keep climbing higher so a savings to lock Burrow in now.  Plus sets Bengals up for how to handle all other player moves and contracts with this main contract over and done. 

Now, enough about contracts. As Paul Brown use to say, NFL season is here, time to stop contract talk and actually play some football. 

GO BENGALS

[*Synric*]

The Bengals twitter account changed their description to "The Franchise of @joeyB". Media team killing it as usual lol.

[*pally*]

Repping where it all started ? pic.twitter.com/scM1HU7tmV

— Cincinnati Bengals (@Bengals) September 9, 2023

[felis tigris]

(09-08-2023, 11:13 PM)TheLeonardLeap Wrote: There's already talk about Mahomes getting a pay raise and he is only heading into the 2nd year of his 10 year deal.

For anyone interested, this seemed to be a pretty good synopsis of both Mahomes's contract and the prospects for renegotiation.

https://www.arrowheadpride.com/2023/5/18/23728611/chiefs-salary-cap-2023-bringing-patrick-mahomes-contract-talk-back-to-earth

excerpt:
When the contract was signed, everyone understood that it would be renegotiated before it expired in 2031. At the time, the 2025 offseason — when the deal’s dead money would drop to zero — was identified as the earliest likely renegotiation date. But right now, the deal has $134 million in dead money. In any renegotiation, that money will have to be figured against the cap.

Depending on what happens with the cap, I wouldn't be surprised to see it renegotiated in 2024, though I've no idea how much dead money would be left at that point.

[oncemoreuntothejimbreech]

(09-08-2023, 11:23 PM)Nepa Wrote: So, let's round up Mahomes 12-years to 40 million (unlike onceupon** who rounds 39,9 to 39). That contract was signed in 2020, in July, during the heart of the pandemic and for a 12-year total of over a half-billion dollars, and Mahomes is widely considered today to be grossly underpaid and to have a very team-friendly contract. Burrow's contract is $5 million more per year (over the 7 years Burrow is inked, or 45 million per year), when the NFL has recovered from the pandemic and is flush with new revenue streams, and has less guaranteed money than Deshaun Watson, yet Bengals fans are gripping that he gouged the Bengals? 

This is a good deal for the Bengals and Bengals fans and a great day to be a Bengals fan. Do these fans remember what it was like for the decades before Burrow?

You thought Burrow would take a hometown discount. He clearly didn’t. Even the Bengals have stated Burrow will be paid “at the highest level ever provided in the NFL.” By convention, Burrow is now the highest paid player in NFL history despite whatever new math and mental gymnastics you want to use to disagree.

[Joelist]

Alas the details of the extension are still not public. When they are the real story of it can be seen.

I think that most of those saying "team friendly" were not talking about the total value of the deal or the guarantee per se - it is how the deal is structured and how that plays against the cap. For example, is there a signing bonus? Or the base salaries - are they evenly distributed, front loaded, back loaded or other? Are other bonuses involved (roster, workout, etc.). Depending on how the deal is put together it may give the team cap flexibility or it may do the opposite. We won't know until the details are made public.

[*TheLeonardLeap*]

(09-09-2023, 03:45 PM)Joelist Wrote: Alas the details of the extension are still not public. When they are the real story of it can be seen.

I'm still curious about how much of it was guaranteed at signing. There was a lot of talk about $219m guaranteed, but that's just the show number, not the real number. Herbert got $218.7m total guaranteed, but his guaranteed at signing (the real guarantee) was $133.7m. That's why Watson's guarantee was so absurd, not just $230m total, but $230m at signing.

Until we find out Joe's number, Lamar is still the 2nd highest with $95m less than Watson at $135m guaranteed at signing.

[Essex Johnson]

(09-08-2023, 10:35 PM)samhain Wrote: This was all foretold.

The truth is that we should be grateful to even be in a situation where the organization has to make a our qb the highest paid player in league history.

Having a player like this may not guarantee us a title, but it makes one a hell of a lot more likely.  Yeah, you can win without an elite qb, but doing so is an outlier.  Teams wander in darkness for decades without finding a guy that's a no-doubt elite qb.  

Having this kind of player is a good thing.  We had an affordable franchise qb when Dalton was here.  He was a good soldier, but he was also undoubtedly limited.  He provided solid to good production at a reasonable price.  He was a Camry.  We no longer drive a Camry.  We drive a Ferrari, and a Ferrari is not cheap.

I think we are short changing the organization,  the chang they made in FA coaching and drafts with hire of ZT is part of our success also, if they had that idea under Dalton and Green we would have been better in playoffs. Today QBs are getting tons of $$ , I do not  begrudge Burrow at all but if we are paying this much, it is reasonable ro expect   miminum getting back to SB  in the next 7 years , 
 

[casear2727]

(09-09-2023, 06:22 AM)Brownshoe Wrote: Does that mean that it spreads out the cap hit a little better so we can sign other players more easily?

That depends on the signing bonus. Whatever that number is you can divide it by 5 to reach the lowest cap number. For example, this extension could replace Joe's current year cap hit of 29M (salary) to $1M. That saves 28M in cap space. If the signing bonus is $100M, he receives 100% of that in cash, but his cap hit would only be $20M this year and the next 4 seasons as prorated bonus (does not include future salary numbers). Add this 20M to the 1M restructure = 21M, which is an 8M savings to this year's cap, which increases our available cap to over $20M. Keep in mind they can work this in a multitude of ways, I look forward to seeing the details.

(09-09-2023, 10:18 AM)Isaac Curtis: The Real #85 Wrote: Thanks for this and that makes sense, but I was talking about the SB in the extension. Not the rookie deal. Yeah, the 5th year option cannot be assumed, so a 4 year proration makes sense.

Like you said, Joe would get paid in full at signing. IE, just now..For cap purposes, does that get prorated out only on the 5 years of the extension, or also the existing years (4th or 5th year option on rookie deal)? It sounds like it will from your response. 

I mean, if it didn't, then we would not need all this cap room this year allotted to get the extensions done, right?  

Do I have this right? Or at least close? 

The proration should begin this season as it almost always applies to the season in which the bonus was funded. We would want this anyway, because in year 6 & 7 Burrow's salary numbers will likely be well into the 60 -70M range.

[wanga]

Are players salaries, signing bonuses etc open viewing as such. Are they actual public knowledge or educated guess work?
In our major footy codes there is no public knowledge of the money side of a players contract and very strict regulations on additional earnings via third party endorsement deals as well.

[jfkbengals]

(09-09-2023, 06:28 PM)wanga Wrote: Are players salaries, signing bonuses etc open viewing as such. Are they actual public knowledge or educated guess work?
In our major footy codes there is no public knowledge of the money side of a players contract and very strict regulations on additional earnings via third party endorsement deals as well.

They become public knowledge, but I don't know they are open viewing to all.

Contracts get announced, and then the insiders get their hands on them from the league office and are able to make the actual terms available.  If you've ever listened to Pat Kirwan, you'll know he is famous for commenting when contracts are announced "let's wait to see paragraph 5".  Once the contract is digested you can go to places like Sportrac, etc. to see the actual money changing hands and cap hit each year as both salary and bonuses.  You'll never get to read the legal document, but the true value will become publicly available.

[jfkbengals]

(09-09-2023, 12:16 PM)George Cantstandya Wrote: For $219 million guaranteed I would have been signing that contract as it was still coming out of the printer.  

$219 million and one pen guaranteed, as he asked to keep it after signing the contract and they said yes.

[George Cantstandya]

(09-09-2023, 06:36 PM)jfkbengals Wrote: $219 million and one pen guaranteed, as he asked to keep it after signing the contract and they said yes.

What brand of pen was it?  That's kind of important.  Just hope he didn't get ripped off with some dollar store 20 pack pen.  

[wanga]

(09-09-2023, 06:34 PM)jfkbengals Wrote: They become public knowledge, but I don't know they are open viewing to all.

Contracts get announced, and then the insiders get their hands on them from the league office and are able to make the actual terms available.  If you've ever listened to Pat Kirwan, you'll know he is famous for commenting when contracts are announced "let's wait to see paragraph 5".  Once the contract is digested you can go to places like Sportrac, etc. to see the actual money changing hands and cap hit each year as both salary and bonuses.  You'll never get to read the legal document, but the true value will become publicly available.

Cheers mate. There’s a huge call for more clarity here as well but so far it’s more of an estimated guesswork than anything else. People just want to know the numbers. 

[*Awful Llama*]

(09-09-2023, 06:41 PM)George Cantstandya Wrote: What brand of pen was it?  That's kind of important.  Just hope he didn't get ripped off with some dollar store 20 pack pen.  

For Mike some habits are hard to break.

[wanga]

Love he asked to keep the pen

[BoomerFan]

NGL I was getting fatalistic. I am happy to be wrong. I know we all know it but I will say it anyways, this is going to be good for Cincinnati and good for Burrow.

[Bengalitis]

I am glad we signed him, I also like to keep all my egg$$$$ in one basket.

[jfkbengals]

(09-09-2023, 06:41 PM)George Cantstandya Wrote: What brand of pen was it?  That's kind of important.  Just hope he didn't get ripped off with some dollar store 20 pack pen.  

Covered in football leather.  Caroline stole it from Katie's desk.

https://www.bengals.com/news/burrow-bengals-complete-unfinished-business

[jfkbengals]

(09-09-2023, 06:50 PM)wanga Wrote: Cheers mate. There’s a huge call for more clarity here as well but so far it’s more of an estimated guesswork than anything else. People just want to know the numbers. 

We should know the details by Tuesday or Wednesday.