The Miami Dolphins and free agent wide receiver Mike Wallace agreed to a five-year. $60 million contract on Tuesday. Today, Spotrac.com released how that contract breaks down by year, and what the associated salary cap numbers will be from now through the 2017 season.
Of the $60 million, $27 million is guaranteed. That works out to the $11 million signing bonus as well as the base salaries for 2013 and 2014. There is an additional $3 million guaranteed against a career ending injury.
Now for the fun. Looking at the ridiculous salary cap number for 2013, Wallace will cost the Dolphins $3.2 million in space this year. That's $2.2 million from the signing bonus, along with a $1 million base salary. A $12 million per year receiver costing just $3.2 million in space this year is...well, ridiculous.
In 2014, that salary cap number jumps to the highest value of the contract, $17.2 million. That's a $15 million base salary and the $2.2 signing bonus.
After the 2014 season, the Dolphins can walk away from the contract with just the $6.6 million remaining on the signing bonus. However, on the fifth day of the 2015 league year, the base salary for that season will become guaranteed. If the Dolphins don't get out of the contract, Wallace will be a $12.05 million cap hit.
The final two years of the deal, 2016 and 2017, both have a base salary of $11.45 million. With the $2.2 million signing bonus number, each of those years will cost Miami $13.65 million against the salary cap.
Looking at the deal, Wallace's agent can claim it's a 5-year, $60 million contract with $30 million guaranteed. In reality, it's a 2-year deal for $27 million, with a team option for the additional three years. If Wallace is not performing, the Dolphins can get out of the contract early, with just the signing bonus costing the team in dead money.