Lockett restructures

[CalgaryFan05]

It sounds like he took a $4M pay cut in 2024 to get his 2024 and 2025 salaries guaranteed.

I don't like it. He is an aging vet who is being drastically overpaid. And now it's all guaranteed.

Bad move. JS has been doing so well that this snafu is kind of surprising.

What we have here is a failure to houseclean.

 

[Bear-Hawk]

Is $13M a lot for a reliable-on-third-down sure-handed receiver? Sure. In 2018.

In 2023, receivers like Jerry Jeudy and Courtland Sutton have $13M salaries.

Additionally, $13M is Lockett's salary this year, which is neither the total cash compensation he'll receive this year (but it is part of that) nor his cap hit. Lockett's nominal salary was $15.3M before the restructure. So if you're honestly worried about his salary number, stop worrying, because the Seahawks reduced his salary.

Now if you want to talk about cap hit... well, keeping Lockett was still a better move by salary-cap consideratios too. Under his contract as it was before, Lockett was going to take up almost $27M of the Seahawks' 2024 cap space. If the Seahawks had cut or traded him, he would have taken up almost $20M. And as I've said elsewhere on .NET, Lockett is extremely likely to be worth the $7M difference.

The restructure gives the Seahawks more cap space this year.

So this restructure lowered both Lockett's nominal salary and his 2024 cap hit. It also increased Lockett's 2024 cash compensation (the amount of money his bank account will actually receive from the Seahawks this year), but that's not our problem and the Seahawks front office evidently felt the actual real-world cash wasn't a problem. The one negative is that it pushes more cap accounting back, so it takes money away from the Seahawks' cap in 2025.

Bears did something similar with Jaylon Johnson’s extension. They loaded money into 2024 compared to what he’d get tagged. He took the offer 2 days after getting tagged.

 

[flv2]

It sounds like he took a $4M pay cut in 2024 to get his 2024 and 2025 salaries guaranteed.

I don't like it. He is an aging vet who is being drastically overpaid. And now it's all guaranteed.

Bad move. JS has been doing so well that this snafu is kind of surprising.

I doubt there's any guarantee for 2025. This is a short-term pay cut to keep him on the team in 2024. $13M is a fair market price for 2024. Next season will take care of itself, and that probably means free agency or retirement.

 

[renofox]

There's about 15 sources now. All vary slightly in details but the majority consensus is:

OLD CONTRACT
2024 salary $17M
2024 dead $10M
2025 salary $17M
2025 dead $10M

NEW CONTRACT
2024 salary $13M guaranteed
2024 incentives $4M
2024 dead $10M
2025 salary $17M (guaranteed per those who adress the issue - I've heard it summed up as 2 years $30M guaranteed with $4M NLTBE incentives by 4 different commentators)
2025 dead money $10M

They'll probably do a $2M 2024 salary with the other $11M as a signing bonus to push $5.5M of 2024 cap into 2025. Another $4M dollars is erased unless he reaches incentives, in which case that will also hit in 2025. So that's $9.5M in 2024 cap savings. 2024 cap hit drops from $27M to $17.5M.

If the incentives are not met, that will make his 2025 cap hit $32.5M. If they are, it will be $36.5M.

He should be splitting WR3 snaps with Bobo and Young. Each of the 3 should be getting ~25% of the snaps, with the other ~25% being 12/21 personnel. He should be used as insurance for DK/JSN missing time. He should be paid at a 25% WR3 rate of $6-8M. Nope. We're probably the only NFL team willing to take a $36.5M cap hit on an aging and declining 25% WR3.

Instead, JS has decided to pay him at a top WR2 rate. For an aging vet whose performance is declining.

This is JS's first bad move as the real GM. It's not egregious, but it's a bad move nonetheless.

 

[Bear-Hawk]

His cap savings were $7 million. His dead cap was around $17 million.

Glad they did it. Lockett has been a consummate team player and consistently the best receiver in the team.

It flips in 2025. Cap savings $17M and dead cap $10M.

 

[flv2]

There's about 15 sources now. All vary slightly in details but the majority consensus is:

OLD CONTRACT
2024 salary $17M
2024 dead $10M
2025 salary $17M
2025 dead $10M

NEW CONTRACT
2024 salary $13M guaranteed
2024 incentives $4M
2024 dead $10M
2025 salary $17M (guaranteed per those who adress the issue - I've heard it summed up as 2 years $30M guaranteed with $4M NLTBE incentives by 4 different commentators)
2025 dead money $10M

They'll probably do a $2M 2024 salary with the other $11M as a signing bonus to push $5.5M of 2024 cap into 2025. Another $4M dollars is erased unless he reaches incentives, in which case that will also hit in 2025. So that's $9.5M in 2024 cap savings. 2024 cap hit drops from $27M to $17.5M.

If the incentives are not met, that will make his 2025 cap hit $32.5M. If they are, it will be $36.5M.

He should be splitting WR3 snaps with Bobo and Young. Each of the 3 should be getting ~25% of the snaps, with the other ~25% being 12/21 personnel. He should be used as insurance for DK/JSN missing time. He should be paid at a 25% WR3 rate of $6-8M. Nope. We're probably the only NFL team willing to take a $36.5M cap hit on an aging and declining 25% WR3.

Instead, JS has decided to pay him at a top WR2 rate. For an aging vet whose performance is declining.

This is JS's first bad move as the real GM. It's not egregious, but it's a bad move nonetheless.

Good stuff , but I hope the details wrong. If he isn't worth $17M in 2024 he's not worth $30M guaranteed over the next 2 seasons.

 

[kidhawk]

It flips in 2025. Cap savings $17M and dead cap $10M.

I was replying to someone about this years numbers prior to restructuring. Sounds like we saved some cap this year. Will have to wait for the official numbers to see how it affects next years cap.

All I know right now is that Tyler has restructured every time they’ve asked him to and been the best WR on the team while doing it. I hope he retires a Seahawk.

 

[OneLofaTatupu]

He’s only 31, but by football years that’s old - always crazy to me - I was just getting going by this time (doctorateby age 28, licensed by 30) and these dudes are almost retiring -

Screw it im retiring and living poor in a cabin in the woods. Write books and creep out the locals

 

[OneLofaTatupu]

Great deal for us.

Lol at the crayon eaters crying about this.

I don’t get it - maybe it’s just a need to put discontent somewhere. Tyler is Genos little Lockett the pocket cock rocket

 

[CactusJack]

There's about 15 sources now. All vary slightly in details but the majority consensus is:

OLD CONTRACT
2024 salary $17M
2024 dead $10M
2025 salary $17M
2025 dead $10M

NEW CONTRACT
2024 salary $13M guaranteed
2024 incentives $4M
2024 dead $10M
2025 salary $17M (guaranteed per those who adress the issue - I've heard it summed up as 2 years $30M guaranteed with $4M NLTBE incentives by 4 different commentators)
2025 dead money $10M

They'll probably do a $2M 2024 salary with the other $11M as a signing bonus to push $5.5M of 2024 cap into 2025. Another $4M dollars is erased unless he reaches incentives, in which case that will also hit in 2025. So that's $9.5M in 2024 cap savings. 2024 cap hit drops from $27M to $17.5M.

If the incentives are not met, that will make his 2025 cap hit $32.5M. If they are, it will be $36.5M.

Source?

If that is the case, then he won't be here next year. Assuming those numbers are indeed correct. He won't be here at that cap number.

 

[flv2]

He’s only 31, but by football years that’s old - always crazy to me - I was just getting going by this time (doctorateby age 28, licensed by 30) and these dudes are almost retiring -

Screw it im retiring and living poor in a cabin in the woods. Write books and creep out the locals

Send your manifesto to the newspapers.

 

[flv2]

Source?

If that is the case, then he won't be here next year. Assuming those numbers are indeed correct. He won't be here at that cap number.

I'm not seeing it either. I see 1 year with $13M, or a bit less, guaranteed plus incentives, then a see-what-happens situation for 2025.

https://www.espn.co.uk/nfl/story/_/id/39697126/source-tyler-lockett-restructures-deal-seahawks

 

[CactusJack]

I'm not seeing it either. I see 1 year with $13M, or a bit less, guaranteed plus incentives, then a see-what-happens situation for 2025.

https://www.espn.co.uk/nfl/story/_/id/39697126/source-tyler-lockett-restructures-deal-seahawks

Same.

 

[OneLofaTatupu]

Send your manifesto to the newspapers.

I am the newspaper

 

[bileever]

This is JS making the best of a tricky situation. I'm not bothered by it, but I have a higher regard for Lockett's value than a lot of you.

The $12.9 he'll be making is on the high side for a 31-year-old receiver who is solid (79 catches, 894 yds) but not a superstar, but it's not completely out of line. I mean Jerry Jeudy (54 catches, 758 yds) will make $12.9 million, and Diontae Johnson (51 catches, 717 yds) makes $19 million.

Also, even though Lockett failed to get 1000 yards last season after 4 straight years of at least 1000 yards, the entire offense last year was borderline dysfunctional. And he's still WR2--Smith-Njigba had his moments, but he finished last year with 63 catches and 628 yards, so he's still got a ways to go.

Lockett, from 2018 to 2022, averaged 79 catches and 1056 yards per year, with 13.3 yds per catch and 45 TDs. And it's not like he fell off a cliff last year. It was a down year for Geno and the offense last year. PFF still ranked him with a WR1 rating of 78.1 (DK was slightly higher at 80.0). As a point of reference, Stefon Diggs and Devante Adams each had a rating of 79.1 and Michael Pittman (top WR free agent projected to get over $20 million per year) had a rating 77.7.

Lockett is still an elite route runner who can still get behind the coverage on deep routes. He catches everything thrown his way. He's still way better than anyone we can get to replace him.

 

[HawkRiderFan]

So if I am seeing this right, Lockett literally took less money? As in this not just moving money around to clear up room for this year but having to "pay the piper" down the road? If so, I really like this. It's not Lockett is done, just the question of whether his production was equivalent to his salary.

 

[kidhawk]

So if I am seeing this right, Lockett literally took less money? As in this not just moving money around to clear up room for this year but having to "pay the piper" down the road? If so, I really like this. It's not Lockett is done, just the question of whether his production was equivalent to his salary.

He was originally supposed to make $34 million over the next two years (assuming he was on the roster). His new contract appears to be for $30 million with $4 million now being incentives listed as unlikely to make. If true then the cap savings over the two years is $4 million but his salary this season seems to be lower with some of that money bumped to next year giving us the whole $4 million in savings this season. Tyler is a smart guy he knows the more he pushes to the future the lower the chance of getting that last year. Of course until the numbers are all officially released this is all just a guessing game.

 

[MontanaHawk05]

If you think Lockett's too old to justify any more money, Keenan Allen would like a word.

I've been hoping Lockett gets a Super Bowl with us.

 

[Hawknight]

If you think Lockett's too old to justify any more money, Keenan Allen would like a word.

I've been hoping Lockett gets a Super Bowl with us.

Hell, I'm hoping to get a Super Bowl with us

 

[CactusJack]

According to Spotrac:

2024 Cap number: $18.5

2025 Cap number: $30.8 (Dead $4m)


So, it's basically just a one year deal. He'll likely be cut next year.


https://www.spotrac.com/nfl/seattle-seahawks/tyler-lockett-16793/