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SMITH DEAL NOT AS RICH AS ADVERTISED
Posted by Mike Florio on June 13, 2008

Contrary to an Associated Press reports pegging the value of Saints defensive end Will Smith?s contract extension as having a Dwight Freeney/Jared Allen ballpark of six years and $70 million, the reality is that the deal is worth, by our calculations, $61.4 million over seven years. The value increases to $62.3 million if Smith earns a $150,000 workout bonus in each of the six seasons from 2009 through 2014.

The difference is huge. Under the version that presumably was propagated by his agent, Smith would average more than $11.5 million per year. The truth is that the deal has an average value of less than $9 million annually.

The contract contains guaranteed money in the amount of $25 million. If the non-guaranteed 2008 base salary of $700,000 is included, the practical guarantee increases to $25.7 million.

Smith pocketed a $12 million signing for signing his name on the dotted line. He?ll receive a $5.45 million roster bonus in 2009, which is guaranteed for skill and injury. Ditto for 2010, with the roster bonus increasing to $5.55 million. Also, his 2009 base salary of $1.07 million is fully guaranteed, as is $930,000 of his $1.93 million salary in 2010.

The deal also includes up to $3 million in escalators based on sacks.

ProFootballTalk.com - SMITH DEAL NOT AS RICH AS ADVERTISED