Breathe a sigh of relief everybody.
John Clayton had been reporting that the Jets were $1.3 million over the cap. Thing is, that this calculation was done assuming that dead money counted. The new CBA however, says that that's not the case.The Jets are actually under the cap as of now and will have much more money to spend come tomorrow's frenzied free agent rush.
We finally appear to have received confirmation on an issue lots of you have asked about. Here are the NFL’s transition rules for the 2011 league year. Buried in Section 5(b)(i) is the following:
no signing bonus proration to the League Years of this Agreement shall apply for any Preexisting Contract that was terminated, traded, or assigned via waivers prior to March 11, 2011
In other words, the potential dead money charges that John Clayton has been including in the Jets cap commitments do not need to be accounted for.
The great site nyjetscap.com then does a new calculation based on this and comes out that the Jets now are actually $7.8 million under the cap.
Good news folks, good news.
P.S. Just wondering: If baseball's FA period is known as "hot stove", what the heck should the upcoming days be known as?