Cap hits: details of Mike Wallace contract released

Sportrac has published the details of Mike Wallace’s deal. Here’s the nitty gritty:

5 year $60 million with only an $11 million signing bonus.

The good news: 2013 base salary is a mere $1 mil, meaning his cap hit is way lower than initially projected: a meager $3.2 mil. This means Miami has about $4 mil more to spend in 2013 than previously projected.

The bad news: his 2014 base salary is a whooping $15 mil, for a $17.2 mil cap hit. Wow.

His 2015 base salary drops to $9.85 mil, and in 2016 and 2017 is $11.45 mil (add $2.2 mil in prorated signing bonus to get the cap hit).

Only 2013 and 2014 salaries are guaranteed. An additional $3 mil is guaranteed for injury. Here’s where it gets interesting: the 2015 salary guaranteed on the 5th day of the 2014 league year. Miami is on the hook for the $15 mil in 2014, so they sure aren’t going to cut him, meaning this is a guaranteed 3 year deal.

UPDATE: Ben Volin tweeted that only $3 mil of the 2015 deal is guaranteed in 2014,whichif true means Miami would eat $9.6 mil in dead money if they release him after 2 seasons. Cutting him after 2 years would therefore be possible if he turns out to be a complete flop. Unlikely, but possible.The low signing bonus means Miami can part ways with him after the third year of the deal and have cap savings (much like their deals with Ellerbe and Wheeler).Join us on our message board and share your thoughts at FinNation ForumsJoin us on Twitter at @FinNation

Michael Miller

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