We surmised on Tuesday that cornerback Champ Bailey opted to do a deal now with the Denver Broncos in part because he received a chunk of money now, in advance of a possible lockout.
We surmised wrong. (Not the first time, nor the last.)
Mike Klis of the Denver Post has the details on Bailey’s new deal.
For starters, Bailey received no signing bonus.
His 2011 base salary of $11 million is fully guaranteed. But he won’t get any of it until the 2011 season starts.
If Bailey is on the roster the first week of the 2011 season, another $4 million in 2012 will become guaranteed. Bailey’s remaining $11 million in salary for 2012 at that point will become guaranteed for injury, and fully guaranteed on the fifth day of the 2012 league year.
As Klis suggests, the “industry” will say that $22 million is guaranteed. But that’s not the case. Only $11 million is truly guaranteed upon signing. And the team can pull the plug by March 2012 for a total payout of only (only?) $15 million.
In all, it’s a four-year, $43 million deal. Klis reports that, last October, the Broncos had a four-year, $43 million offer on the table, but the team yanked it.