T. Lockett restructures contract

[flv2]

How much did John free up? Any ideas?

Restructuring Eloeckette's contract frees up $5.69M of 2023 cap space. Effectively it borrows $2.845M from the Seahawks cap in both 2024 and 2025.

 

[bileever]

Because the Seahawks only had $4 million in cap space before, and needed at least $8 million to sign the newly drafted rookies, we won't have much left after those signings. There's not enough there to sign any significant free agents.

Here's a fieldgulls.com article on how much cap space we need:

How much cap space the Seahawks will need for the 2023 draft class

Four weeks left until the draft and the Seahawks are in a position where they’ll need to create space for the players they select.

www.fieldgulls.com

 

[pmedic920]

How much did John free up? Any ideas?

5.69 million says the BR article

 

[keasley45]

Hopefully uncle Diss is next. Maybe DK...Fant... who else?

 

[Jville]

Actually, I think this is written into all contracts, and any team can do this unilaterally. Love Lockett, but he probably has no say one way or the other.

My understanding is teams have the option to restructure players' contracts by converting future salaries to signing bonuses (to lower their current year's cap hit)... and to do so without the player's permission.

They likely let Tyler know as a courtesy, but they didn't need his permission.

That may be true in the case of other franchisees. But, it is not the Seahawks way. Seattle isn't a prison. And, the only people present at the VMAC are those who want to be there ..... those that commit to "IM IN".

 

[onanygivensunday]

That may be true in the case of other franchisees. But, it is not the Seahawks way. Seattle isn't a prison. And, the only people present at the VMAC are those who want to be there ..... those that commit to "IM IN".

I really don't understand your point as it relates to what I and GGotskill posted.

Kindly explain the relationship.

 

[Jville]

I really don't understand your point as it relates to what I and GGotskill posted.

Kindly explain the relationship.

It means what it says. In the case of the Seahawks, player and player agents are always involved in contracts and contract changes. Everybody is onboard. Their part of the process.

 

[Seahawkfan80]

Since his Real Estate business is the Official one, he probably will pay part of that back in advertising costs. So it is more a convenience to both parties.

 

[onanygivensunday]

It means what it says. In the case of the Seahawks, player and player agents are always involved in contracts and contract changes. Everybody is onboard. Their part of the process.

Like I said... they probably told Tyler as a courtesy, but they didn't need his permission.

 

[Jville]

Like I said... they probably told Tyler as a courtesy, but they didn't need his permission.

I noticed that. Thus the reply. I simply disagreed with you. In my view, that is not the Seahawk way of team building and doing business. In my opinion, everybody is involved every step of the way. It is a organization mandate.

 

[chrispy]

Next off season, there's potentially 27million in cap savings between JAdams and QDiggs, post June 1. I'm all for waiting to see how the 23 season plays out, but a couple restructures this year at the level of Lockett's is kind of small potatoes compared o the probable savings next year.

 

[onanygivensunday]

I noticed that. Thus the reply. I simply disagreed with you. In my view, that is not the Seahawk way of team building and doing business. In my opinion, everybody is involved every step of the way. It is a organization mandate.

Although the Hawks may do business exactly as you described, that doesn't change the fact that they can restructure his contract without his permission.

 

[Mick063]

This is routine business that EVERY team performs this time of year. Agents need to build their reputation with the initial renewal contracts, but everyone knows that virtually all of the multi-year veteran deals are going to get reworked. The teams all play the game too. Give the agent his big splash, knowing ahead of time that it is all for show and that the deal will inevitably be redone.

 

[Jville]

Although the Hawks may do business exactly as you described, that doesn't change the fact that they can restructure his contract without his permission.

As I understand it, Tyler's revised agreement was a simple restructure with no additional contract years or monies. So Tyler gets a chunk of contracted money early. As in an early deposit of funds. That's something few would object to.

However, most cap related restructures add additional years which necessitates the support of all effected parties. As well as approval of structure by the league office and players union.

Hope that clarifies.

 

[onanygivensunday]

As I understand it, Tyler's revised agreement was a simple restructure with no additional contract years or monies. So Tyler gets a chunk of contracted money early. As in an early deposit of funds. That's something few would object to.

However, most cap related restructures add additional years which necessitates the support of all effected parties. As well as approval of structure by the league office and players union.

Hope that clarifies.

I totally agree.

When the story broke, they referred to it as a restructure... and not an extension... so that's why I posted that they don't need his permission for a simple restructure.

 

[olyfan63]

As I understand it, Tyler's revised agreement was a simple restructure with no additional contract years or monies. So Tyler gets a chunk of contracted money early. As in an early deposit of funds. That's something few would object to.

However, most cap related restructures add additional years which necessitates the support of all effected parties. As well as approval of structure by the league office and players union.

Hope that clarifies.

Then there is the "voidable years" thing, which I don't fully understand and may have been part of what you're referring to.

I was waiting to see whose bladder would run dry first in the pissing contest, sorta hoping for simultaneous outage, then we find out the contest was actually supposed to occur in a different wheat field. Works for me.

 

[Sun Tzu]

As I understand it, Tyler's revised agreement was a simple restructure with no additional contract years or monies. So Tyler gets a chunk of contracted money early. As in an early deposit of funds. That's something few would object to.

However, most cap related restructures add additional years which necessitates the support of all effected parties. As well as approval of structure by the league office and players union.

Hope that clarifies.

The bolded is not correct. The majority of restructures that have occurred under the current salary cap structure have been simple restructures (a player's Base Salary (P5) is reduced down to the applicable league minimum and the difference is immediately paid to the player as a Signing Bonus, which is then prorated over the remaining years of the contract).

 

[Sun Tzu]

This again proves how much of a team guy ‘No E’ is for his team. Besides his contract money is now guaranteed.

How does this prove 'No E' is a team guy? He didn't do anything for the team here.

 

[IndyHawk]

Actually, I think this is written into all contracts, and any team can do this unilaterally. Love Lockett, but he probably has no say one way or the other.

Correct-They can do this to any player without asking.

 

[Fade]

These moves make it impossible for me too ever really stress or even look to deep into contract/salary/cap details in the league. It's all just numbers on a screen. If they need some money for something (within reason), they'll find it.

Yes. It's very annoying to read the hand wringing over "Cap Space."

If people just familiarized themselves a little bit with the cap, they'd realize it's just merely accounting, and it's very flexible. Especially in this era of the cap always going up, which shows no signs of going down or leveling off.

Now we got folks patting Lockett on the back for taking a paycut or making some sort of sacrifice, when that is not what happened here.

A restructure gives Lockett more money now, and makes him harder to cut in the future. Teams do it to create more room when they are up against the cap, they didn't need to get Lockett to agree to it, they just did it.

Extensions and paycuts on the other hand do need the players to agree to it.