Her's a look at the cap ramifications following the Giants trade of Olivier Vernon to the Cleveland Browns for guard Kevin Zeitler, and what else could be done to open up space.
Share to twitterBALTIMORE, MD - DECEMBER 30, 2018: Offensive guard Kevin Zeitler #70 of the Cleveland Browns gestures toward the defense in the first quarter of a game against the Baltimore Ravens on December 30, 2018 at M&T Bank Stadium in Baltimore, Maryland. And so they did, trading edge rusher Olivier Vernon, who was due to count for $19.
Let’s take a look at the financial impact of the trade, which also included the Giants sending one of their two fourth-round picks for Cleveland’s fifth-round pick .By moving Vernon, whom the Giants signed to a then-record setting 5-year, $85 million contract in 2016 as part of a free-agency spending frenzy that the former regime tried to use to make up for numerous whiffs in the draft, the Giants will save $15.5 million on the 28-year-old pass rusher’s base salary and workout bonus.
However, they will also have to eat $8 million in dead money, as Vernon’s $20 million signing bonus was prorated at $4 million per year over the life of the contract. That pushes the Giants 2019 dead money total to approximately $17,879,730 in dead money for 2019. The good news is that although that $8 million in dead money is a tough pill to swallow financially, it will not carry over into 2020.Zeitler, who was given a new team on his 29th birthday, is signed through 2021 and is due to earn a $10 million base salary of which $3.5 million is fully guaranteed.Zeitler’s original cap number for 2019 was $12.4 million. Since he is coming over via a trade, the Browns will have to eat what’s left of the prorated signing bonus .
Meanwhile, the cost of the Zeitler transaction, if you figure in the $8 million in dead money the Giants have to eat, actually represents an $18 million move. So the Giants in reality are only gaining $1.5 million in functional cap space.As previously noted, $3.5 million of Zeitler’s base salary is guaranteed. If the Giants wanted to clear out more space, they could look to lower Zeitler’s 2019 number by taking the $6.
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