Sackem90
Misplaced Panthers Fan
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Boy, ol' Danny-Boy is getting in really deep shit now!
:laugher: and :boune:
NFL investigating Redskins-Coles transaction
March 14, 2003
By Jay Glazer
SportsLine.com Senior Writer
Tell Jay your opinion!
The Washington Redskins' signing of Laveranues Coles to an offer sheet is threatening to cost them a lot more than a first-round pick.
SportsLine.com has learned that upon urging from the New York Jets, the National Football League is investigating Washington's signing of Coles to determine whether the Redskins violated league rules.
Dan Snyder has taken a few former Jets, but his dealings with Laveranues Coles might cost him more than he intended.(AP)
Those rules state a restricted free agent is allowed to negotiate with another team but is prohibited from reaching an agreement without signing the offer sheet. By agreeing to a deal, the Redskins had essentially pulled Coles off the open market several days before he signed it.
The possible penalty, if any wrongdoing is proved, could be significant in terms of draft picks and/or a fine.
Coles and the Redskins have both admitted to having a deal done Sunday.
However, the Jets didn't receive the offer sheet until late Wednesday as the Redskins failed to have the salary cap room to finalize the signing. The structure of the agreed-upon deal required the Redskins to free up a little over $2.3 million in cap space.
Earlier in the week, the Jets asked the NFL to look into the matter and the league began gathering information to determine if enough evidence existed that a deal was actually finalized days before it was signed.
Several sources close to the situation confirmed the investigation, but admitted it could be difficult for the league to prove that the Redskins had actually broken the rules.
Last week, Coles admitted that he was upset with the Jets and that he had been contacted by another team's owner. Since he is a restricted free agent, such contact is not considered tampering.
In recent days Coles has gone as far as saying he is a Redskin and has urged the Jets not to match the sheet.
In a conversation with Jets assistant general manager and chief negotiator Mike Tannenbaum on Tuesday, Coles informed him that he was not coming back to New York. But again, up to that point, the Jets had yet to receive a formal offer sheet.
The Redskins had also gone as far as giving Coles a jersey with the number 80 on it for him to don. That jersey and Coles' admission that he has agreed to a deal with the Redskins might be enough to qualify as a smoking gun.
Should the league determine that the Redskins violated rules, it is doubtful they would strip them of their first-round pick to void the Coles' deal.
League officials declined to comment on the investigation saying it was an internal matter.
To get far enough under the $75.004 million salary cap ceiling to finally sign Coles, the Redskins reworked the contracts of Pro Bowl linebacker LaVar Arrington and defensive lineman Renaldo Wynn. The Redskins guaranteed more than $5 million of Arrington's salary for next season. That $5 million is taken from the 2003 cap and prorated over the final four years of his remaining contract.
The Jets on Wednesday finally received the offer sheet and are considering whether to match the deal. They will have until late next week to make their decision.
The offer was structured to be extremely cap friendly during the first three years of the contract.
According to the terms of the deal, the salary cap numbers are as follows: $2.3 million this year, $2.3 million in 2004 and $3.3 million in 2005. In the fourth year of the deal, Coles' cap number becomes difficult to swallow at $6.8 million. In addition, Coles will be owed another $2 million in bonus money.
In 2007 he would count $5.3 million against the cap and would be due another roster bonus -- this one of $500,000. The final two years of the deal has cap numbers of $6.8 million and $7.8 million.
Coles' employer would likely be forced to restructure his contract in the fourth year.
Should the Redskins pull this off, the Jets may actually end up in better shape. With the Jets receiving Washington's first-rounder, Herm Edwards' squad can sign another restricted free agent in Seattle's Darrell Jackson but still have a first-round selection.
New York would have to send Seattle the 22nd pick in the first round if they sign Jackson to an offer sheet and Seattle declines to match. If this happens the Jets, in essence, would be trading Coles and the 22nd pick for Jackson and the 13th selection of the draft.
Plus, Jackson's asking price for a long-term deal would likely be much cheaper than the price that Coles eventually will garner. Jackson also has better numbers than Coles since the two entered the NFL together (both were third-round picks in the 2000 draft).
Coles is one of many free agents added to the Redskins roster this offseason.
Dan Snyder's squad has raided the Jets in particular by signing kicker John Hall and guard Randy Thomas, and attempted to acquire return maven Chad Morton. They have also added wide out Patrick Johnson, RB Trung Candidate (via trade), defensive linemen Regan Upshaw and Brandon Noble, safety Matt Bowen, quarterback Rob Johnson and offensive lineman Dave Fiore.
How have they been able to be so aggressive in the free-agent market? They have used a dangerous technique known in the football world as credit card management.
In essence, they buy now but will pay heavily in the future and could be stuck with much of this talent whether they pan out or not.
Next year the Redskins have over $17 million committed in prorated bonus money (this will increase if the Jets decline to match the Coles contract) to 40 players. In 2005 the Redskins have $13.3 million committed and $11.9 million committed in 2006.
Snyder has also utilized an interesting structure for each contract to lessen the current financial burden. For nearly every deal that he is signing players to, the contracts include high signing bonuses and minimal salaries. This allows the Redskins to prorate the money for cap purposes over an extended period of time.
To lighten the hit on his actual cash payouts this year, Snyder has deferred each of these signing bonuses through 2005. So instead of receiving the entire bonus up front, the players will be paid out in three separate installments.
For example, Randy Thomas will receive his signing bonus in the following schedule: $2 million in April, another $2 million next April then $3 million in 2005. Brandon Noble receives $400,000 in April of this year, $600,000 next April and $800,000 in April of 2005. Coles, too, has a three-year payment plan.
If the Redskins turn into solid playoff contenders Snyder will have a solid base for the next few years and may have the last laugh, albeit a costly one.
But there is also great risk involved in using his strategy. Should Snyder's signees fail to perform up to task, he will be stuck with below-par players, which could be catastrophic to the roster. Should these players get hurt early in their Redskins careers, the team will likewise be stuck with them.
Washington currently leads the NFL in dead money with nearly $13 million owed to players no longer on the roster. This is the third year in a row that Snyder's Redskins are near the top of the dead money pool. While football is a game, the NFL is first and foremost a business and giving away money to ex-employees is not a terrific business strategy.
Still, the Redskins' hope is that these strategies will lead to a Super Bowl. The Jets may be hoping that the league will find that one of these strategies may have veered from the rules.
:laugher: and :boune: NFL investigating Redskins-Coles transaction
March 14, 2003
By Jay Glazer
SportsLine.com Senior Writer
Tell Jay your opinion!
The Washington Redskins' signing of Laveranues Coles to an offer sheet is threatening to cost them a lot more than a first-round pick.
SportsLine.com has learned that upon urging from the New York Jets, the National Football League is investigating Washington's signing of Coles to determine whether the Redskins violated league rules.
Dan Snyder has taken a few former Jets, but his dealings with Laveranues Coles might cost him more than he intended.(AP)
Those rules state a restricted free agent is allowed to negotiate with another team but is prohibited from reaching an agreement without signing the offer sheet. By agreeing to a deal, the Redskins had essentially pulled Coles off the open market several days before he signed it.
The possible penalty, if any wrongdoing is proved, could be significant in terms of draft picks and/or a fine.
Coles and the Redskins have both admitted to having a deal done Sunday.
However, the Jets didn't receive the offer sheet until late Wednesday as the Redskins failed to have the salary cap room to finalize the signing. The structure of the agreed-upon deal required the Redskins to free up a little over $2.3 million in cap space.
Earlier in the week, the Jets asked the NFL to look into the matter and the league began gathering information to determine if enough evidence existed that a deal was actually finalized days before it was signed.
Several sources close to the situation confirmed the investigation, but admitted it could be difficult for the league to prove that the Redskins had actually broken the rules.
Last week, Coles admitted that he was upset with the Jets and that he had been contacted by another team's owner. Since he is a restricted free agent, such contact is not considered tampering.
In recent days Coles has gone as far as saying he is a Redskin and has urged the Jets not to match the sheet.
In a conversation with Jets assistant general manager and chief negotiator Mike Tannenbaum on Tuesday, Coles informed him that he was not coming back to New York. But again, up to that point, the Jets had yet to receive a formal offer sheet.
The Redskins had also gone as far as giving Coles a jersey with the number 80 on it for him to don. That jersey and Coles' admission that he has agreed to a deal with the Redskins might be enough to qualify as a smoking gun.
Should the league determine that the Redskins violated rules, it is doubtful they would strip them of their first-round pick to void the Coles' deal.
League officials declined to comment on the investigation saying it was an internal matter.
To get far enough under the $75.004 million salary cap ceiling to finally sign Coles, the Redskins reworked the contracts of Pro Bowl linebacker LaVar Arrington and defensive lineman Renaldo Wynn. The Redskins guaranteed more than $5 million of Arrington's salary for next season. That $5 million is taken from the 2003 cap and prorated over the final four years of his remaining contract.
The Jets on Wednesday finally received the offer sheet and are considering whether to match the deal. They will have until late next week to make their decision.
The offer was structured to be extremely cap friendly during the first three years of the contract.
According to the terms of the deal, the salary cap numbers are as follows: $2.3 million this year, $2.3 million in 2004 and $3.3 million in 2005. In the fourth year of the deal, Coles' cap number becomes difficult to swallow at $6.8 million. In addition, Coles will be owed another $2 million in bonus money.
In 2007 he would count $5.3 million against the cap and would be due another roster bonus -- this one of $500,000. The final two years of the deal has cap numbers of $6.8 million and $7.8 million.
Coles' employer would likely be forced to restructure his contract in the fourth year.
Should the Redskins pull this off, the Jets may actually end up in better shape. With the Jets receiving Washington's first-rounder, Herm Edwards' squad can sign another restricted free agent in Seattle's Darrell Jackson but still have a first-round selection.
New York would have to send Seattle the 22nd pick in the first round if they sign Jackson to an offer sheet and Seattle declines to match. If this happens the Jets, in essence, would be trading Coles and the 22nd pick for Jackson and the 13th selection of the draft.
Plus, Jackson's asking price for a long-term deal would likely be much cheaper than the price that Coles eventually will garner. Jackson also has better numbers than Coles since the two entered the NFL together (both were third-round picks in the 2000 draft).
Coles is one of many free agents added to the Redskins roster this offseason.
Dan Snyder's squad has raided the Jets in particular by signing kicker John Hall and guard Randy Thomas, and attempted to acquire return maven Chad Morton. They have also added wide out Patrick Johnson, RB Trung Candidate (via trade), defensive linemen Regan Upshaw and Brandon Noble, safety Matt Bowen, quarterback Rob Johnson and offensive lineman Dave Fiore.
How have they been able to be so aggressive in the free-agent market? They have used a dangerous technique known in the football world as credit card management.
In essence, they buy now but will pay heavily in the future and could be stuck with much of this talent whether they pan out or not.
Next year the Redskins have over $17 million committed in prorated bonus money (this will increase if the Jets decline to match the Coles contract) to 40 players. In 2005 the Redskins have $13.3 million committed and $11.9 million committed in 2006.
Snyder has also utilized an interesting structure for each contract to lessen the current financial burden. For nearly every deal that he is signing players to, the contracts include high signing bonuses and minimal salaries. This allows the Redskins to prorate the money for cap purposes over an extended period of time.
To lighten the hit on his actual cash payouts this year, Snyder has deferred each of these signing bonuses through 2005. So instead of receiving the entire bonus up front, the players will be paid out in three separate installments.
For example, Randy Thomas will receive his signing bonus in the following schedule: $2 million in April, another $2 million next April then $3 million in 2005. Brandon Noble receives $400,000 in April of this year, $600,000 next April and $800,000 in April of 2005. Coles, too, has a three-year payment plan.
If the Redskins turn into solid playoff contenders Snyder will have a solid base for the next few years and may have the last laugh, albeit a costly one.
But there is also great risk involved in using his strategy. Should Snyder's signees fail to perform up to task, he will be stuck with below-par players, which could be catastrophic to the roster. Should these players get hurt early in their Redskins careers, the team will likewise be stuck with them.
Washington currently leads the NFL in dead money with nearly $13 million owed to players no longer on the roster. This is the third year in a row that Snyder's Redskins are near the top of the dead money pool. While football is a game, the NFL is first and foremost a business and giving away money to ex-employees is not a terrific business strategy.
Still, the Redskins' hope is that these strategies will lead to a Super Bowl. The Jets may be hoping that the league will find that one of these strategies may have veered from the rules.
:laugher: 
