We finally have the details of Rodney McLeod’s two-year contract with the Eagles, and it’s much less lucrative than we first thought.
McLeod’s two-year deal, originally reported as a $ 12 million deal, is only worth $ 8.65 million, according to a league source. But it also includes guaranteed cash of $ 7.8 million. So you can count on McLeod to be with the Eagles during the 2021 season.
Now that we have the full contract details for McLeod, Jalen Mills and Will Parks, we can see that the Eagles 2020 will have the entire security position at a very reasonable price. Will the experiment work? We’ll find out later this year.
But it is an inexpensive plan. In 2020, all three together achieved a cap hit of $ 7,134,375 million. Had the Eagles made use of Malcolm Jenkins’ option (if he’d be willing to play on it), Jenkins would have counted as a $ 10,887 million cap he’d hit in 2020.
(By the way, Jenkins signed a four-year deal with the Saints this off-season, which could turn into a two-year deal.)
According to Spotrac, the Eagles spent more than $ 17 million in security space in 2019, the second highest sum in the league. They will be much lower on this list in 2020.
Let’s take a look at every single Eagles deal:
The Eagles used one of their favorite tricks on the McLeod deal, and they used it earlier this off-season when they signed Javon Hargrave.
Technically, McLeod’s contract is valid for five years, but the past three years are automatically (and only included) void for the purposes of the salary cap. The shortest version of it is that the Eagles can spread the cap limit from his $ 3 million signing bonus over five instead of two years, saving space each season.
McLeod has base salaries of $ 1.05 million and $ 3.75 million over the next two seasons.
Here are McLeod’s cap hits over the next three seasons:
2020: $ 1.65 million
2021: $ 5.2 million
2022: $ 1.8 million
Keep in mind that by 2022 he will no longer be on the team (at least not with this contract), leaving only money (pro rata salary bonus money) that the team wanted to cut out of his books for the next two seasons.
Overall, McLeod’s two-year contract is valued at $ 8.65 million with a guaranteed $ 7.8 million. It also has the ability to earn incentives of up to $ 1.7 million.
Mills is back in a new hybrid security / corner position with the Eagles and has signed a one-year contract worth $ 4 million. However, it has the potential to earn additional $ 1 million incentives. So this could be worth a total of $ 5 million.
Mills has a base salary of $ 2 million and a signing bonus of $ 2 million. Both count on the cap this year:
2020: $ 4 million
His cap hit in 2020 is the highest of the three guarantees, but McLeod has a higher one in 2021.
Mills’ deal guaranteed only $ 2 million and he got it in the form of his signing bonus. His base salary is not guaranteed this season, so the Eagles could theoretically cut him down to save $ 2 million, but they didn’t commit him to cut it.
The group’s newcomer, Parks, signed a one-year, $ 1.5 million contract with the Eagles. He has a fully guaranteed base salary of $ 1 million, a signing bonus of $ 375,000 and roster bonuses of $ 125,000 per game.
It’s a little trick to figure out the 2020 park cap. So stay here with me. The roster bonus money per game is calculated based on the number of games that Parks has played in the past season (14). So the full $ 125,000 could be used for the cap if he played a full season in 2019 – but because he doesn’t, we’re only counting $ 109,375. This doesn’t mean that parks make less money. It is for cap purposes only.
So we add the base salary, the signing bonus money and the roster bonus cap hit per game for a total of …
2020: $ 1,484,375
It’s a very team-friendly deal for Parks that is withdrawing from its rookie contract and has some potential. We know McLeod will be with the Eagles in 2021 and it looks like Mills and Parks will get a chance to contract him.