Measuring some of the moves the Patriots made in the last day or so and their impact on the salary cap:
1. The Patriots waived Malcolm Mitchell. Chris broke down the roster implications here. This move creates $144,498 in dead money for the 2018 and 2019 league years. The Patriots are no longer responsible for Mitchell's $630,000 salary. If Mitchell goes unclaimed, he will become a street free agent. If a team claims Mitchell on waivers, they then become responsible for his salary. Please note Mitchell is eligible to be placed on a team's practice squad, since he has only two accrued seasons.
2. Via ESPN's Field Yates we've learned more details of the Eric Decker signing. Decker signed an one-year deal. His 2018 salary will be $950,000. He received a $75,000 signing bonus, which is the only guaranteed money in his deal. According to Field, Decker can earn up to $2.1 million via "bonuses and incentives". My educated guess is Decker's deal includes $475,000 in 46-man active roster bonuses and $600,000 in NLTBE (Not Likely To Be Earned) incentives. I am presuming his 2018 cap number is $1,500.000. The $1.5 million cap number consists of:
-- $950,000 salary
-- $75,000 signing bonus
-- $475,000 46-man active roster bonuses ($29,687.50 per game)
Decker replaced Mitchell on the Top 51 list, so the Pats lost $870,000 in cap space (Decker's $1,500,000 cap number minus Mitchell's $630,000 salary)
3. Since guard Nate Theaker -- who was waived on Thursday with an injured designation -- went unclaimed on waivers Friday, he's now on injured reserve. I fully expect Theaker and the Patriots will reach an injury settlement in the next several days. (The deadline to reach one was increased from five days to seven days this year.) Just in case my prediction of a Theaker injury settlement ends up being wrong please note the following.
- By being placed on IR so early, Theaker will not be eligible for the Designated to Return designation.
- Theaker's salary will be lowered from $480,000 to $363,000.
- Please note his salary will not count against the salary cap until the end of the Top 51 rule on September 6.
