Friday, April 26, 2013
Revis impact: Brick restructures deal
By Rich Cimini
FLORHAM PARK, N.J. -- The Jets created $5.1 million in additional salary-cap space by restructuring the contract of LT D'Brickashaw Ferguson, a source confirmed. They needed the extra cap room because of the Darrelle Revis trade and the cap acceleration. The money saved by re-working Ferguson's contract will provide enough room to sign their two first-round picks, Dee Milliner and Sheldon Richardson.
It was a simple restructuring, as Ferguson still will earn the $8 million he was scheduled to make this season. He converted $6.41 million of his $7.25 million base salary into signing bonus, pro-rating it over the five remaining years of his contract. His base will now be $840,000. He also will earn a $750,000 workout bonus, which was part of the previous contract.
Ferguson's cap number was lowered from $10.7 million to $5.6 million. He became the third veteran to restructure this offseason, joining CB Antonio Cromartie and WR Santonio Holmes, who took a $3 million pay cut.
The Jets got hit with $4 million in extra cap charges by trading Revis to the Bucs. He was due to count $9 million, but it ballooned to $13 million with the acceleration. Soon after they traded Revis, the Jets approached Ferguson, who also re-worked his contract last offseason.
Yahoo! Sports first reported the Ferguson deal.