There are now multiple reports — with no real details — regarding the contract signed Tuesday by new Dolphins receiver Mike Wallace.
But there are scant details regarding the five-year, $60 million deal, $30 million of which is reportedly guaranteed.
The average works out to a new second-tier high-water mark of $12 million annually on the nose. However, until the year-by-year breakdown can be analyzed, it will be impossible to know whether it’s real or imaginary.
Remember Mike Vick’s supposed six-year, $100 million deal? It was five-year, $80 million contract with a phony sixth year at $20 million tacked on to push it to nine figures.
The key metrics for the Wallace contract will include the signing bonus, the money fully guaranteed at the time of signing, and the total amounts paid out in the first, second, and third years.
As we reported last night (it feels like a month ago), new Seahawks receiver Percy Harvin is getting $36 million over three years, a real $12 million average. And Harvin didn’t have the leverage of an unrestricted free agent.
If Wallace falls short of his six-year average in the first three, that doesn’t mean it’s a bad deal. After all, the Dolphins ended up bidding against only the Dolphins to get him.