clock menu more-arrow no yes mobile

Filed under:

Financially, Is Sanchez's "New" Contract As Bad As Imagined?

When I was first told about the Sanchez contract it was explained in these exact terms

"Sanchez just got extended for 3 years, nearly $60 million in total, $20+ in guarantees, $10 million in escalators"

I was devastated, absolutely couldn't understand it and was I'll be honest, pretty angry. First of all Sanchez is our QB in 2012 and 2013, under the old deal we could have ditched him after the 2012 season, however with the new deal we are tied down for two years. However it's just two years, this isn't us tied to him through 2016 which is where his contract runs.

We have been looking for ways to create cap room in 2012 to bring in the missing pieces that we need to make this team a competitive one in 2012. We made the arrangements to become a game manager led Franchise who relies on defence and power running. The problem is that we don't have a legitimate pass rusher or safeties that enable this defence to be elite.

With Sanchez's new contract he is guaranteed $20.5 million over the next two years, under his old agreement he was down to receive $17.75 million. However Sanchez's 2012 salary which under the old deal was a $11.75 million base has been converted into a $8 million signing bonus and a base of $3.25 million creating $6.4 million in cap space. If you add this to Ferguson's restructured deal creating $7.5 million in cap space, with these two moves we have almost created $14 million in cap space. This enables us to have more flexibility in free agency to create the defence we need to match with a power running game management offence.

We all know the Sanchez has been inconsistent, however with an elite defence coupled with a power running and game management offence in 2009 there is reason to think that we can be that team. We were likely sticking with Sanchez through 2012 and 2013 anyway and under his new contract we have a lot more flexibility to make the team better as a whole.

In 2013 Sanchez is guaranteed which I believe is where people have issues with this deal. However in 2014, 2015 and 2016 the deal is not guaranteed. Which means that we create wiggle room in 2012, we give Sanchez a chance to prove he can manage this offence over the next two years and we leave ourself open to be able to cut ties after 2013 if his development does not go as planned.

Are we paying Sanchez too much, yes we probably are. Is this deal as disastrous as first imagined, absolutely not. Well not in my humble opinion anyway.