The Official Cap Compliancy Thread (Keeping Track of the moves)

[Clumpy]

In this thread, I will start keeping track of Miami's moves to become cap compliant before the 2004 League Year starts March 3rd(4th?). One point that MUST be made: Cap compliancy includes tender offers to any "tagged" players and RFA & EFA. Why? Well, because the deadline to tender these players is before the above date.

The unadjusted salary cap for 2004 is $80,582,000

I reserve the right to revise and extend my remarks. Without objection, so ordered!
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MMMMPH! Ah wanna pwrotest, but ahm bound in duct tape!!! <-----has gotta be Muck
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UFA: WR Gadsden, OL Nails, OT Wade, TE E. Perry, KR Charlie Rogers, FB Ayanbadejo, DE Burnett, LB Hendricks, CB Wyrick, S Freeman (Re-signed), S Wooden, and CB Buckley

RFA: DE Ogunleye(NC), LB Greenwood(3rd), RB Minor(3rd), QB Rosenfels(5th)

EFA:: OL Jerman, DT Romero (Re-signed), RB L. Henry (re-signed 1yr-$380,000)


Official Moves(bold)

1) Re-signed RB Leonard Henry(potential EFA): 1 yr-$380,000

2) Restructured DL Jay Williams: salaries for 2004 & 2005 both reduced. 2004: $1.2 million--->$660,000 and 2005: $1.3 million---->$900,000. He accepted a pay cut in 2004. He has a $12,500 roster bonus in 2004. The move saves $527,500 on 2004 cap

3) Simple restructure by DT Larry Chester: salary of $1.525 million reduced to $535,000. The difference of $990,000 likely converted to signing bonus and amortized over 3 yrs at $330,000/season. Cap number lowered from $2.095 million to $1.185 million. Cap savings on 2004 is $910,000 if you include the waived roster bonus of $250,000

4) WR Derrius Thompson: guarantee roster bonus(treat as signing bonus): saves $200,000 on 2004 cap. (OFFICIAL but numbers not available)

5) LB Zach Thomas: appears imminent that his $4.5 million roster bonus will be guaranteed, thus amortized at $900,000/season: saves $3.6 million on 2004 cap. His salary was reduced from $2.845 million to $660,000 with the difference also guaranteed. Total cap savings: $5.358 million

6) K Olindo Mare: signed to 3 yr contract extension. 2004 salary reduced from $1.85 million to $660,000. Given $2 million signing bonus. Cap savings of $916,667

[Clumpy]

The Official Unadjusted Salary Cap for 2004 is $80,582,000

[dolphan39]

The Dolphins reworked contracts for defensive linemen Larry Chester and Jay Williams, picking up approximately $1.5 million in salary cap space.

Chester had $990,000 of his base salary for the upcoming season guaranteed, creating $660,000 in cap space, and Williams freed up more than $800,000 in cap space.

The Dolphins are still approximately $13 million over the cap and must get under by March 3.

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[dolphan39]

The Dolphins have cleared about $1.5 million in salary-cap space by restructuring the contracts of defensive end Jay Williams and defensive tackle Larry Chester.

Williams, who could compete for a starting position if Adewale Ogunleye leaves via free agency, agreed to reduce his base salary from $1.2 million to $660,000.

Chester, a starter the past two seasons, received a $990,000 signing bonus for waiving a $250,000 roster bonus and reducing his base salary from $1.525 million to $535,000.

The Dolphins still have to clear $13 million to $15 million in cap space by March 3 to get under the NFL limit of $80.5 million.

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[MiamiFan1354]

I'm confused, and the begining on the offseason, we were supposed to be only over by like 17 mill, and then they upped it like 2.5 mill and we have restructred about 4 mill with everyone, and we're still 15 mill over? I don't read too much of this, but we keep gettin reports of like we are savin 990000 here and 500000 there and stuff, and the cap never lowers... I guess big hits like Jay and BG being gone will help out a lot, but has to happen before the 3rd, which is only like 8 days away now.. 8 DAYS TILL FREE AGENCY!!! Hope we actually do something this year.. WR, OL, get picks for Ogun.. could be nice..

[dolphan39]

Rosenhaus, who will meet with the Dolphins today, hopes to finalize a restructuring for linebacker Zach Thomas.

No restructure for Taylor yet: Taylor said the Dolphins have not talked to him about restructuring his deal yet. Taylor is scheduled to make $5.5 million this year, counting more than $8 million against the salary cap.

Cornerback Sam Madison said he would like to finish his career in Miami. Madison is scheduled to make $6.3 million this season, counting more than $8 million against the cap, but the Dolphins would like to restructure that deal.

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[dolphan39]

Thompson restructures deal: Receiver Derrius Thompson became the fourth Dolphin to restructure his contract to allow the Dolphins to get under the salary cap, following defensive lineman Larry Chester, Jay Williams and David Bowens.

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[DolfanDaveInATX]

Because we obtained Sage Rosenfels via trade, I don't believe we get draft compensation for him if he leaves.

[Clumpy]

Yes, players acquired still far under the provisions of RFA and EFA. Miami can tender him as a RFA and with the minimum tender, it would bring back a 5th. Miami is probably trying to sign him to a 2 or 3 yr deal though

[Merman]

Rosenfels originally was a fourth-round draft choice (109th overall) of the Redskins in 2001.