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Thread: Madison question

  1. -1
    phunwin's Avatar
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    Madison question

    With the drafting of Will Poole in round 4, it's been suggested that this is Madison's last year in a Miami uniform. Salary-wise, what's the consequence of cutting Madison after the 2004 season, or after 6/1/2005?

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    Merman's Avatar
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    Right now Madison has about $10.065 million in unamortized signing bonus money. His yearly amortization is about $2.856. Thus dead money after 2004 is $7.209 million.

    Cutting him after 6/01/05 is a little more complicated because the salary is included along with the 6/01 rule. Now this calculation contains no other bonuses or incentives.

    2005 Base salary.. $3.42 million
    2005 SB proration.. 2.856 million
    Total cap charge....$6.276 million

    Less one year proration of $2.856 million because of the after 6/01 rule is a $3.42 million cap savings and $2.856 million of dead money in 2005. The remaining $4.353 million dead money would be charged in 2006.

    The Dolphins gave Madison $5 million in additional signing bonus this year with salaries of $3.42 million for 05 and 06, $4.5 million in 07. Barring some major change that speaks loud and clear they think he plays through 2006. His pro-rated bonus goes down $1.359 million after 2006 so if Madison is still playing well he could play out his contract.

    As is Spielman's and the rest of the NFL trend potential good rookie players get at least a 4 year deal. So Poole will be signed through 2007 on his rookie contract.
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    phunwin's Avatar
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    Okay, thanks. Sounds like we're pretty much tied to Mad Dog for the next three years.
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    If Poole works out then I don't think Madison will be back in '05.

    We would actually save about 60K if we cut Madison before 06/01/05 and if our cap situation remains decent, depending on Ogunleye, Chambers, and a Surtain extension, we can move forward without Madison and still be set at CB.

    Also a post 06/01/05 cut would free up the money to sign another key player, especially one of our own UFA's.
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    Merman's Avatar
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    Quote Originally Posted by Aqua
    If Poole works out then I don't think Madison will be back in '05.

    We would actually save about 60K if we cut Madison before 06/01/05 and if our cap situation remains decent, depending on Ogunleye, Chambers, and a Surtain extension, we can move forward without Madison and still be set at CB.

    Also a post 06/01/05 cut would free up the money to sign another key player, especially one of our own UFA's.
    Aqua, aren't you the one who goes over the Dolphin cap numbers with Clump??? Please do give us your numbers. I for one am interested as my numbers are not much different than Clump's in Madison's case.

    As you know the numbers I have would generate a $933 thousand loss if Madison is cut before 6/01/05 with $7.209 million of dead money.

    The numbers Clump has would generate a $1,104,645 loss if Madison is cut before 6/01/05 with $7,437,576 of dead money.

    I forgot, the loss for 2005 would increase about $305 thousand because the 52nd highest salary is then added to Team Salary to makeup the 51 highest salaries during the off-season.
    Last edited by Merman; 04-30-2004 at 12:34 AM.
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    Clumpy's Avatar
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    Merman, Here are the numbers I have for Madison. I found an error in my numbers since my last post affecting Madison's 2005 bonus amount. So providing Madison doesn't slip too much more in production it does, as you stated, seem like he'll be here through 2005 unless we can eat the $1.2M it would cost to let him go before March 1, 2005. Of course, the other factor is the play of Howard and Poole and what we do with Surtain in terms of an extension.

    2004
    Bonus Formula- ($11,600,000/7)+($2,252,000/7)+($4,700,000/4)+$1,290,000
    Bonus- $4,443,857
    Salary- $660,000
    Cap Number- $5,103,857

    Cost to Cut Formula- ((11600000/7)*3)+((2252000/7)*4)+((4700000/4)*4)
    Cost to Cut before 06/01/04- $10,958,286
    Net- (-$5,854,429)

    2005
    Bonus Formula- ($11,600,000/7)+($2,252,000/7)+($4,700,000/4)
    Bonus- $3,153,857
    Salary- $3,420,000
    Cap Number- $6,573,857

    Cost to Cut Formula- ((11600000/7)*2)+((2252000/7)*3)+((4700000/4)*3)
    Cost to Cut before 06/01/05- $7,804,429
    Net- (-$1,230,572)

    Cost to Cut after 06/01/05- $3,153,857
    Net- $3,420,000
    Dead Money 2006- $4,650,572
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    Clumpy's Avatar
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    I'll e-mail ya soon

    Based on your numbers, it's likely that Madison could be cut after this season. An additional hit of slightly more than $1.2 million is not likely to matter if they feel that Poole/Howard can adequately replace him. The one problem will be Surtain's extension. The market is obviously much higher, especially when a stone hands like Winfield can get an 8 digit bonus
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    Quote Originally Posted by Aqua
    Merman, Here are the numbers I have for Madison. I found an error in my numbers since my last post affecting Madison's 2005 bonus amount. So providing Madison doesn't slip too much more in production it does, as you stated, seem like he'll be here through 2005 unless we can eat the $1.2M it would cost to let him go before March 1, 2005. Of course, the other factor is the play of Howard and Poole and what we do with Surtain in terms of an extension.
    No problem Aqua we all gain by reasoning it out.

    I took a quick look at 2005 which of course doesn't mean much now but we will be up against the cap wall and probably won't be able to afford to cut Madison if he is playing decent. As you correctly point out there is no way to know the future. A player like Boston could be cut for problems or released for injury and the instant cap space would allow the luxury of taking the 2005 cap loss on Madison.
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