Details For The Cobb And Kelly Contracts, and Stepaniak Retires

The Packers used the cap savings from Rodgers' restructure to sign Randall Cobb and Dennis Kelly.

The Packers signed Randall Cobb to a contract that includes the numbers he had with Houston for 2022 and a void year in 2023.  The contract looks like this, per Overthecap:

 

Yr. Base SB GA Cap Dead Savings
'21 $1.075M $1.391M $375K $2.687M $5.25M -$2.56M
'22 $7.875M $1.391M $375K $9.641M $2.783M $6.858M
'23 VOID 1.391M VOID $1.391M $1.391M None
Tot: $8.95M $4.175M $750K      

 

Multiple members of the media tweeted out the details of his contract for 2021, but as far as I could find none of them bothered to note Cobb's cap number for 2022 or even his dead money charge for 2022.  My answer for that is because it it widely perceived as a one year deal for $5.25 million plus $375,000 in game active bonuses, of which about $220K is likely to be earned.

In other words, unless Aaron Rodgers returns to the fold in 2022, the Packers almost certainly part ways with Randall Cobb, accepting the dead money charge and taking the savings.  I have seen some articles breathlessly announcing that the Packers are $50 million over the salary cap for 2022, but I mentally deduct the $6.858 million in cap savings for Cobb to reach a still uncomfortable $42.54 million. 


 

The details for Dennis Kelly's contract have been reported by Tom Silverstein.  It is a one-year deal for $1.325 million.  Kelly has a base salary of $1.075 million and a signing bonus of $250,000.  The signing bonus exceeds the maximum allowed for the deal to qualify as a qualified contract, so his cap number is $1.325 million instead of $987,000.  Since it is specified as a one-year deal, presumably there is no void year into which the Packers could have dumped half of the signing bonus amount.

Yr Base SB Cap
'21 $1.075M $250K $1.325M

I did not think Kelly would sign for so little.  Perhaps he is chasing a ring.

 


 

Simon Stepaniak announced that he is retiring.  The Packers moved him to the Reserve/Retired list.  Stepaniak was added to the 53-man roster late last season and participated in practice just yesterday, so he must have passed his physical.  The media mentioned personal issues.  The move means that his signing bonus prorations of $114,126 will accelerate onto the books as dead money.  I suspect that the Packers will not seek to recoup any of his signing bonus.  The team will retain his rights should he apply for reinstatement at a later date.

 


  

Using Overthecap's number for the Packers' current salary cap space, and adjusting down by $885K for Rodgers (explained above), $1.325M for Kelly, $114K for Stepaniak, the $792K offseason workout charge that all teams must include, $4.6M for the 52nd and 53rd contracts along with the  practice squad and $3M for in-season churn leaves the Packers with about $2.58 million that is spendable.

Cap Space Per OTC (includes Cobb) $13.284M
Deduction for Aaron Rodgers incentives -.$850K
Deduction for Kelly's contract -$1.325M
Deduction for Stepaniak -$114K
Deduction for the practice squad (minimum possible) -$3.186M
Deduction for 52nd and 53rd players $780K + $660K -$1.44M
Deduction for in-season spending (inc. IR and PUP charges) -$3.0M
Deduction for offseason workout charge (mandatory) -$792K
Net spendable: +$2.577M

 

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6 points

Comments (23)

Fan-Friendly This filter will hide comments which have ratio of 5 to 1 down-vote to up-vote.
Coldworld's picture

August 01, 2021 at 07:10 pm

Thank you TGR. Well, at least we know the facts, however unappetizing. If I understand correctly this would allow perhaps three minimum contract churns/injury replacements between now and the end of the season?

4 points
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1
Thegreatreynoldo's picture

August 01, 2021 at 08:08 pm

I rather enjoy doing it. So, yes, you know how it works. Couple of guys at cutdowns get released with an injury designation and the Packers reach an injury settlement. That usually is for 1 to 3 game checks, but it depends. It can cost $40K or much more.

Maybe Bakh does start on PUP for the season, so some player who otherwise would not have made the team is on the team for 6 games: ~ $33K/game times 6 = $233K cost. But Bakh loses his game active bonus for those 6 games, and he has a $600K bonus ($35K/game) so that nets out to practically nothing. But if someone gets hurt who doesn't have a game active bonus, then the $233K cost is real.

The $3M piggy bank is modest - Ken Ingalls thinks $5M is prudent, and he isn't wrong. The piggy bank also pays for any incentives that are technically not likely to be earned, but incentive payments can be pushed into 2022 for cap purposes. It also is there for in-season acquisitions which sometimes happen, but only matters if the player acquired costs a decent sum. That might be if GB trades a pick for a veteran and prorates a decent salary.

So four or five incidents isn't really correct. $3M might pay for 60 injury settlements. There won't be that many. As someone who has kept an eye on churn during the season, losing $2M between the day the 53 is finalized and the end of the season is not uncommon, and can be more, sometimes considerably more, if misfortune strikes.

Some things count right away, but most count only after the season. For example, Cobb's cap number has a $375K game active bonus, but for cap purposes only $220,553 counts now. However, the minute he is active for his 11th game, his cap goes up $22,058, and another $22K for the 12th game, etc. That counts immediately, not during the true up after the season. Sone churn that's negative is offset by other things that provide space. For an accountant, it is complicated. Most years nobody cares whether Cobb cap is $220K for GA or the max of $375K because it isn't that much money/cap space and presumably if he is healthy he is helping the team.

7 points
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Coldworld's picture

August 01, 2021 at 08:32 pm

Thank you. Lunch pail type flexibility is a little greater than I feared at least.

3 points
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Thegreatreynoldo's picture

August 01, 2021 at 07:31 pm

I chose to use a photo of Dennis Kelly. I may be off base, but I think his signing is little short of stroke of genius: well at any rate, I view it as an excellent signing. He's perfectly viable at RT as a starter, okay at LT, and can play OG in a pinch. He's leaked out and caught touchdown passes as a tackle eligible as well. And he is cheap. I love this signing!

Sorry to read about Stepaniak. The young man did earn $601K in 2020, so I hope that affords him a little cushion while he works out his issues.

OTC doesn't show its work; rather, they just list the Packers cap space without explanation. It is possible for example that OTC has already baked in the $792K offseason workout charge. Perhaps AR agreed to drop his $1M in incentives/escalator of which he earned $850K last year. OTOH, Ken Ingalls appears to have the Packers with roughly $1.5M more in cap space than I do. Ken's numbers are very good. I am not sure if we are making the same assumptions. He is assuming Kelly's deal is a qualified contract, but Silverstein has reported otherwise. That's about $338K less than I am assuming. I don't think he has plugged in Stepaniak's retirement. Those two would bring him roughly $452K closer to my number. Time will tell as we each update.

6 points
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PeteK's picture

August 02, 2021 at 08:43 am

Very surprised and sad about Stepaniak, thought he was progressing . I hope he successfully works out whatever issues he has.

3 points
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Bure9620's picture

August 01, 2021 at 07:38 pm

Excellent work. I was thinking the same thing about Cobb and being around $46 Mil over

From what I can see from OTC, Cobb and King are all but gone in 2022. In addition, atleast 1 of the Smith brothers and likely both of them will be gone 2022. Cutting Preston Smith (pre June 1) would save $12.5 mil, 7.5 would be the dead money hit.

Z will have a $28.1 mil cap hit in 2022 which is impossible. We would carry $12.3 dead after cutting him

We will be unloading after this season.

3 points
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2
wildbill's picture

August 01, 2021 at 07:46 pm

Excellent article. I do like Cobb but his signing does not make economic sense. He hasn’t played 16 games in a year since 2015 and now must try to play 17. If he is going to be on a limited number of snaps and share the slot with Rodgers he should have been much cheaper.

I agree the Kelly signing was genius for the money and I feel it will pay many dividends this year.

9 points
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jhtobias's picture

August 01, 2021 at 07:59 pm

Not sure why people don't like the Cobb signing look at it like this it has nothing to do with cobb as a player or his abilities. This was a signing to appease Aaron the most most valuable player on the team .. Don't look at what Randall brings to the team in the sense of value meaning catches, touchdowns, etc, This is a very small price to pay to have the MVP back it really is that simple don't over think this

-7 points
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Stroh's picture

August 01, 2021 at 08:16 pm

Yes it was only to appease Rodgers. That is the only context in which it makes any sense. At the same time it only provides proof Rodgers has no business being involved in player acquisition! The Packers do not need an aged, oft injured bestie of Rodgers! If Rodgers cared about what will make the Packers appreciably better he would have been recruiting a DL not his best friend injury prone WR!

9 points
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LambeauPlain's picture

August 02, 2021 at 10:03 am

Glimpses into how Rodgers the GM would manage an NFL team tells me after football he should host jeopardy.

3 points
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Thegreatreynoldo's picture

August 01, 2021 at 08:22 pm

So, this is my first comment ever using my phone. I don't like it.

I could only find photos of Kelly wearing Bakh's jersey and I didn't want him with the wrong number. So I just found a photo with his name clearly visible.

Getting better typing this, but the phone still seems vastly inferior to a real computer. Might make my comments shorter 🤔

11 points
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Coldworld's picture

August 01, 2021 at 08:34 pm

Welcome to typo hell TGR.

3 points
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Guam's picture

August 02, 2021 at 07:27 am

Yeah, my favorite is the autocorrect which completely changes the meaning of what I am trying to say.

3 points
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Oppy's picture

August 01, 2021 at 08:47 pm

I don't know how the I-use-my-phone-for-browsing people do it.

The young ones I understand, I guess.

But my friends in their 40's and 50's? I don't get it. A desktop is absolutely superior for navigating the web and data entry.

4 points
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fordguy's picture

August 02, 2021 at 01:14 pm

I'm sure there are a lot of Oppy's out there, but what city are you from if you don't mind me asking?

0 points
1
1
splitpea1's picture

August 01, 2021 at 08:52 pm

Any kid can probably give you a tutorial--they're real good at it....The phone IS inferior to a real computer because it is designed for little girl fingers....How on earth do people text when they drive?....I love land lines and phone booths, although I think the latter is virtually extinct.

5 points
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jurp's picture

August 02, 2021 at 07:36 am

I saw a phone booth about a week ago and almost dropped my teeth.

And then I saw that the phone booth actually contained only a couple of plug-ins for charging cell phones.

5 points
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stockholder's picture

August 01, 2021 at 08:30 pm

I think they got both pretty cheap. Anytime you get Two veterans that will start. It's a win!

-1 points
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Curt's picture

August 02, 2021 at 04:49 pm

I tend to agree - Cobb's is pretty high, but if he eliminates to parade at punt returner and makes 12 happier, seems ok to do.

Appears it was really a play by AR to get Cobb out of a toxic situation in Houston.

Probably means ESB and Malik are out, but like dropping Jake for Malik, I can't get too upset :)

2 points
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jeremyjjbrown's picture

August 01, 2021 at 09:17 pm

I don't understand why Kelly came so cheap.

8 points
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Thegreatreynoldo's picture

August 01, 2021 at 11:10 pm

Me, too. I went to Titanswire. The author was surprised that Kelly was released but not outraged. Titans drafted OT Alex Radunz 53rd. IDK is my answer.

4 points
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Coldworld's picture

August 01, 2021 at 11:49 pm

They were cutting a lot of players in March to free cap to allow them to fill holes. He was fairly upset at the time. Perhaps he sees the Packers as a way to prove it for one more decent contract? I’m surprised he was still on the market though. I see he had a number of visits. Cant find any reference to bad character and he was a bit of a fan favorite.

Could this be due to LaFleur? He was Kelly’s OC in 2018.

5 points
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LambeauPlain's picture

August 02, 2021 at 10:13 am

Yeah, he was a cap hit but was very upset how it was handled and how much he loved playing for the Titans....perhaps indicating he may have listened to a team friendly offer.

He was talking to the Texans where his brother coaches, but snooze you lose. Gutey with Matt's likely quick recruiting swooped in and grabbed Andre the Giant Kelly.

3 points
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