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That VOIDED YEARS crap is going to keep us bad for awhile
Posted on 10/17/24 at 9:33 pm
Posted on 10/17/24 at 9:33 pm
That loophole in the salary cap will punish us for years. This is bad! Loomis destroyed this team with this.
10
Posted on 10/17/24 at 9:33 pm to Pels318
I was told here many times Loomis was a cap genius
Posted on 10/17/24 at 9:35 pm to Thib-a-doe Tiger
Loomising!
The salary cap isn’t real!
Funny how that talk has kind of died out isn’t it.
The salary cap isn’t real!
Funny how that talk has kind of died out isn’t it.
Posted on 10/17/24 at 9:36 pm to Pels318
Can you explain this to me like I am 5?
Posted on 10/17/24 at 9:36 pm to Guido Merkens
Can was kicked down the road and ow the chickens have come home to roost, Bobby Boucher
Posted on 10/17/24 at 9:38 pm to Guido Merkens
quote:
Can you explain this to me like I am 5?
We’ve pushed a lot of hits of aging vets into the future over a number of years in order to be compliant with the cap in the present.
Posted on 10/17/24 at 9:38 pm to Thib-a-doe Tiger
Was the right thing to do every year we had Brees. Why we’ve continued trading up in the draft and pushing dead cap out once we stopped being a contender is anyone’s guess.
Posted on 10/17/24 at 9:41 pm to Guido Merkens
quote:
Can you explain this to me like I am 5?
Signing bonuses are pro-rated over the life of a contract
So $10M signing bonus over a 5 year contract is $2M/year impact on the cap
If you cut the player before all 5 years are over, the remaining bonus money that hasn't been accounted for accelerates and hits the year of the cut. This is often called "dead money" today.
Loomis started adding voided years, which are basically fake years, to spread out signing bonuses further.
So he'd give that $10M over a 3 year contract and add 2 void (Dummy) years, so instead of $3.33M/year in bonus pro-ration, it would be $2M/year in bonus pro-ration.
The problem is after 3 years, your player is out of contract and still has $4M in bonus money for those void years on the books.
This is why we had to extend Cam Jordan in the offseason. He had a huge dead money left on his void year and we were so up against the cap we couldn't afford to let him walk. So we extended him with a new contract to spread that void money over the life of the new contract.
That new contract is a 3-year contract with....4 void years.
In 2026, he'll be out of contract and hit our books for $14.9M in cap hit
Posted on 10/17/24 at 9:42 pm to ned nederlander
We are going to be BAD real soon
Posted on 10/17/24 at 9:43 pm to Pels318
We warned you 4 years ago you were staring at a lost decade of Saints football. Made the same post on Saints Report and got banned for predicting the truth.
Posted on 10/17/24 at 9:43 pm to Geauxldilocks
Posted on 10/17/24 at 9:44 pm to ned nederlander
I kind of understood it that first year. Let’s see if we can develop Jameis by surrounding him around a talented roster and make one more run. Once it became evident that wasn’t happening the kicking of the can needed to stop.
Posted on 10/17/24 at 9:44 pm to SlowFlowPro
quote:
2026, he'll be out of contract and hit our books for $14.9M in cap hit
That’s ok, we’ll borrow on the credit card for 2027 and 2028 for Latt and Carr and make you like it.
This post was edited on 10/17/24 at 9:45 pm
Posted on 10/17/24 at 9:45 pm to SlowFlowPro
And we have fans who think that our rebuild will start at the end of this year, not realizing that we can't even start to rebuild for 3-4 years because of the dead money cap.
Posted on 10/17/24 at 9:47 pm to Pauvetibete
And we have fans who think that our rebuild will start at the end of this year, not realizing that we can't even start to rebuild for 3-4 years because of the dead money cap.
And those idiots will happy shell out $4k for a season ticket package trusting Loomis with another wasted draft to turn our fortunes.
And those idiots will happy shell out $4k for a season ticket package trusting Loomis with another wasted draft to turn our fortunes.
Posted on 10/17/24 at 9:48 pm to BilJ
quote:
I kind of understood it that first year. Let’s see if we can develop Jameis by surrounding him around a talented roster and make one more run. Once it became evident that wasn’t happening the kicking of the can needed to stop.
Correct
I still can't comprehend how high on hopium a person had to be to think signing Derek Carr and trading all that draft capital for Chris Olave were smart, +EV moves.
Posted on 10/17/24 at 9:54 pm to Pels318
quote:
We are going to be BAD real soon
That time is now
Posted on 10/17/24 at 10:50 pm to Pels318
The only way to fix this is to get out from under all the dead money after a few years and build through the draft. I’m still not sure why we didn’t do this following Drew’s retirement, we would be coming out of the woods by now. But instead we made it worse and didn’t get anything to show for it.
Posted on 10/17/24 at 10:51 pm to Pels318
i wish we had just tanked properly without paying guys like Carr
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