Salary cap recap 05.21.19: Breaking down impact of Edelman's extension, Veldheer's retirement, Shelton re-signing

Tuesday was a busy one for the Patriots, cap-wise. Super Bowl MVP Julian Edelman was extended. Offensive tackle Jared Veldheer retired. And we learned the details of Danny Shelton's re-signing. Here's a look at what all three mean, as well as the ramifications of some other moves over the course of the last few days:



1. Before his extension, Edelman’s 2019 salary cap number was $5,410,949:

–-$2,000,000: Salary
–-$1,535,949: Signing bonus proration of his 2017 signing bonus. His signing bonus proration was lowered by $130,718 since he had to forfeit four weeks worth of his signing bonus ($392,156.94) to the Patriots after his suspension, so we get $392,156.94 divided by the three years his signing bonus covered equals $130,718.
–-$1,000,000: LTBE incentives
–-$500,000: Offseason workout bonus
–-$375,000: 46-man active roster bonuses ($31,250 for each game he’s active). Was active for 12 games in 2018.

Before his extension, Edelman could have earned $6.5 million in cash this season:

–-$2,000,000: Salary
–-$3,500,000: Incentives
–-$500,000: Offseason workout bonus
–-$500,000: 46-man active roster bonuses

Edelman's salaries are now:

-- 2019: $1 million - a decrease from $2 million
-- 2020: $3.3 million
-- 2021: $2.8 million

Edelman received an $8 million signing bonus that will be prorated in the following manner:

-- $2,666,666 in 2019
-- $2,666,666 in 2020
-- $2,666,668 in 2021

After his extension, Edelman’s 2019 salary cap number will be at least $5,202,615:

–-$1,000,000: Salary
–-$1,535,949: Signing bonus proration of his 2017 $5 million signing bonus
–-$2,666,666: Signing bonus proration of his 2019 $8 million signing bonus

I expect there will still be 46-man active roster bonuses and an offseason workout bonus for the 2019 season in this deal, but at this point, we don't know those amounts. If we presume they remain the same, then his 2019 cap number will be $6,077,615.

Per ESPN, Edelman will receive $19 million in new money. At this point, based on what is known, I can only account for $13.1 million.

-- $8,000,000 signing bonus
-- $3.3 million 2020 salary
-- $2.8 million 2021 salary
-- $1 million decrease in 2019 salary

Large 46-man active roster bonuses, offseason workout bonuses, and LTBE incentives must make up the unaccounted for $5.9 million.

2. The Patriots re-signed Shelton to a one-year deal. Per ESPN, Shelton's cap number is $1,001,875. It consists of:

-- $75,000 signing bonus
-- $805,000 base salary
-- $121,875 in 46-man active roster bonuses ($9,375 for each game he’s active). Was active for 13 games in 2018.

3. Veldheer retired. His 2019 cap number was going to be $3,187,500. It consisted of:

–$1,500,000 salary – $500,000 of which was fully guaranteed
–$750,000 signing bonus
–$937,500 in 46-man active roster bonuses ($78,125 per game). Veldheer was active for twelve games in 2018.

Lots of possibilities here when it comes to Veldheer. If he did not receive the $750,000 signing bonus before his retirement, then his entire cap hit comes off the cap. If he did receive the signing bonus, then the $750,000 will remain on the Patriots cap as dead money, and the team will receive a credit on their cap after Veldheer pays back the money. The credit could come in 2019 or in 2020. I am unsure at the present moment. For the time being, I am going to consider the $750,000 as dead money.

(UPDATED: 5:30 p.m -- Veldheer did not receive the $750,000 signing bonus, so his entire cap hit comes off  the Patriots salary cap.)

4. On May 20, they waived offensive tackle Jake Eldrenkamp. There is no dead money resulting from Eldrenkamp's release.

5. On May 10, they signed cornerback Joejuan Williams, the 45th overall pick. Williams received a $2,839,384 signing bonus that will be prorated $709,846 annually. His 2019 and 2020 salaries are fully guaranteed. His cap numbers will be:

--2019: $1,204,846 with a $495,000 salary
--2020: $1,506,058 with a $796,212 salary
--2021: $1,807,270 with a $1,097,424 salary
--2022: $2,108,482 with a $1,398,636 salary

June 2, 2020 is the first date Williams can be traded while also creating cap space for the Patriots. The 2021 offseason is the first time date he can be waived while also creating cap space for New England.

6. On May 9, they signed offensive tackle Yodny Cajuste, the 101st overall pick. Cajuste received a $822,180 signing bonus that will be prorated $205,545 annually over the 4 years of his deal. His cap numbers will be:

--2019: $700,545 with a $495,000 salary
--2020: $840,545 with a $635,000 salary
--2021: $925,545 with a $720,000 salary
--2022: $1,015,545 with a $810,000 salary

June 2, 2020 is the first date that Cajuste can be released while also creating cap space.

7. On May 10, they signed guard Hjalte Froholdt, the 118th overall pick. Froholdt received a $723,364 signing bonus that will be prorated $180,841 annually over the four years of his deal. His cap numbers will be:

--2019: $675,841
--2020: $765,841
--2021: $855,841
--2022: $945,841

If Cajuste or Froholdt are placed on IR or PUP anytime during the 2019 season, their salaries will drop from $495,000 to $378,000. Their 2020 salaries are dependent on whether or not 2019 is a credited season (at least three games on the 53-man roster). If 2019 results in being a credited season for the duo, their 2019 salaries will be $585,000 (the minimum salary for a player with one credited season). If 2019 does not result in being a credited season for them, their 2020 salaries will be $510,000 (the minimum salary for 2020 rookie).

If Cajuste or Froholdt are placed on IR or PUP anytime during the 2020 preseason AND if the 2020 season was a credited season for them, their 2020 salaries will drop from $585,000 to $408,000.

If Cajuste or Froholdt are placed on IR or PUP anytime during the 2020 preseason and if the 2020 season was not a credited season for them, their 2020 salaries will drop from $510,000 to $393,000.

If Cajuste or Froholdt are placed on IR or PUP anytime during the 2020 regular season, their 2020 salaries will not be affected at all.

8. On May 13, they signed quarterback Jarrett Stidham, the 133rd overall pick. Stidham received a $636,112 signing bonus that will be prorated $159,028 annually over the four years of his deal. His cap numbers will be:

--2019: $654,028
--2020: $744,028
--2021: $834,028
--2022: $924,028

9. On May 10, they signed defensive tackle Byron Cowart, the 159th overall pick. He received a $300,596 signing bonus that will be prorated $75,149 annually over the four years of his deal. His cap numbers will be:

--2019: $570,149
--2020: $660,149
--2021: $750,149
--2022: $840,149

10. On May 10, they signed punter Jake Bailey, the 163rd overall pick. He received a $280,080 signing bonus that will be prorated $72,520. His cap numbers will be:

--2019: $567,520
--2020: $657,520
--2021: $747,520
--2022: $837,520

11. On May 10, they signed cornerback Ken Webster, the 252nd overall pick. He received a $69,072 signing bonus that will be prorated $18,644. That makes his cap numbers:

--2019: $513,644
--2020: $603,644
--2021: $696,644
--2022: $786,644

If Cowart, Bailey, or Webster are placed on IR or PUP anytime during the 2019 season, their salaries will drop from $495,000 to $378,000. Their 2020 salaries are dependent on whether or not 2019 is a credited season (at least 3 games on the 53-man roster). If 2019 results in being a credited season for the duo, their 2019 salaries will be $585,000 (the minimum salary for a player with one credited season). If 2019 does not result in being a credited season for them, their 2020 salaries will be $510,000, the minimum salary for 2020 rookie.

If Cowart, Bailey, or Webster are placed on IR or PUP anytime during the 2020 season AND if the 2020 season was a credited season for them, their 2020 salaries will drop from $585,000 to $408,000.

If Cowart, Bailey, or Webster are placed on IR or PUP anytime during the 2020 season and if the 2020 season was not a credited season for them, their 2020 salaries will drop from $510,000 to $393,000. (As you can see, being placed on a reserve list during their first two years in the NFL will have serious financial consequences for Cowart, Bailey, and Webster.)

Froholdt, Stidham, Cowart, Bailey, and Webster all have the minimum salaries for all four years of their rookie deals.

--2019: $495,000
--2020: $585,000
--2021: $675,000
--2022: $765,000

If a new CBA increases the minimum salaries for the 2020/2021/2022 seasons, those numbers will automatically be increased to the new minimum salaries.

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