Breaking down Charles Godfrey's contract

I’ve got the full breakdown of the contract extension safety Charles Godfrey signed with the Panthers the day before the season started.

GodfreyGodfreyGodfrey is now under contract through 2016. He received a $5 million signing bonus, but the Panthers were able to keep his salary-cap figure for this year ($1.8 million) relatively low by reducing his base salary from $1.2 million to $600,000.

Godfrey also is scheduled to earn a $5 million option bonus in 2012 when his base salary will be $700,000. His base salary starts to climb significantly in 2013 when it goes to $1.6 million. But the real jump comes after that.

In 2014 and 2015, Godfrey will have a $5 million base salary for each season. In 2016, his salary rises to $5.5 million. The deal also includes a $100,000 workout bonus for each year, starting in 2012.

Godfrey also will receive a $100,000 bonus in any season that he makes the Pro Bowl.