The second 2009 second-round pick to agree to terms has inked a deal that includes more than $2 million in guaranteed money for Patriots cornerback Darius Butler.
But no signing bonus.
Per a league source, Butler will receive a roster bonus of $440,000 and a guaranteed option bonus of $1.6275 million.
We’re told that this amount exceeds the bonus money given to last year’s ninth pick in round two by 38 percent.
Butler also is eligible for a one-time “log” bonus (if you don’t know what that means, you need to visit PFT more often) of $150,000.
He’ll receive base salaries of $310,000 in 2009, $395,000 in 2010, $582,500 in 2011, and $770,000 in 2012.
Typically, many first-round picks don’t receive a signing bonus, due to the niceties of the rookie pool and the 25-percent rule.
The absence of a signing bonus for Butler apparently relates in part to the fact that the Patriots have a total of four second-round picks. But we’re also told that Butler was able to get more total dollars by doing an option bonus, to the tune of roughly $300,000.
Even considering the “time value of money” argument, the reality is that signing bonuses often are paid out in installments over a year or so — sometimes longer. Butler’s option bonus will be earned and paid on March 15, 2010.