Thursday, August 21, 2008

Steelers, Farrior Agree to New 5-Year Deal

The Steelers and James Farrior agreed to a new 5-year, $18.25 million deal today. It includes a $5 million signing bonus.

I have mixed feelings about this deal. On one hand, I do not like the idea of giving out third contracts to players over 30 years old. This is how teams get into cap hell, because they will ultimately face the prospect of being hamstrung by an underperforming aging veteran with a bloated salary cap hit.

On the other hand, the money seems okay. It’s not a whole lot. The Pittsburgh Tribune Review is reporting that Farrior will have base salaries of $1.8 million, $2.975 million, and $2.825 million in 2008, 2009, and 2010, respectively. Add in the $1 million prorated signing bonus each year (5-year deal, $5 million bonus), and you get cap hits of $2.8 million, $3.975 million, and $3.825 million in the first three years. Those numbers are certainly manageable, and in this day and age of free agency Farrior probably would have gotten more money on the open market. The base salaries in his last two years are probably around $2.5-$3.5 million, so this is not some backloaded deal that will force the Steelers to release Potsie because of an inflated base salary.

With James being 33 years old, I highly doubt he plays out this entire contract. I think he probably has 3 good years left in him, so there’s probably a chance the Steelers release him in the offseasons of 2011 or 2012 and eat the $1 or $2 million cap hit. Those are palatable numbers that won’t kill the Steelers salary cap. But still, you always would like to avoid those “dead money” situations, and with the length of this contract I don’t think it’s avoidable.

All in all, this crosses off a need that the Steelers would have had to fill in the 2009 offseason. They can now focus on the offensive line, defensive line, and secondary. I wouldn’t mind seeing extensions given out to Kemoeatu and McFadden. It remains to be seen if those will come to fruition.

4 comments:

Anonymous said...

Potsie?

Dave Wannstache said...

Yeah, that's his nickname.

I don't know where it originated, though.

hergieburbur said...

I think its a good signing. Both the team and Farrior have hinted that he has about three years left, and I think there is a good chance he retires before the contract is up.

Jay said...

we're still waiting for that whitney apology article, sam