A somewhat confusing report emerged during the draft regarding the new contract signed by cornerback Josh Wilson with the Redskins.
My current goal is to make the situation less confusing. Which would be somewhat out of character.
Per a source with knowledge of the situation, Wilson agreed to a no-strings-attached $2 million pay cut. He was due to earn a base salary of $3.9 million and a workout bonus of $100,000. Now, he’ll make a base salary (non-guaranteed) of $2 million.
Wilson also can earn up to $500,000 in incentives based on playing time and individual/team performance.
So Wilson cut his compensation in half, but he can earn back up to 25 percent of what he lost.
Of course, he potentially could have lost it all. With nothing in it for Wilson, the “or else” undoubtedly was getting cut. (Bringing in Quentin Jammer for a visit last week arguably sealed the deal.)
In turn, the Redskins freed up $2 million in cap space, cutting Wilson’s cap number from $5.33 million to $3.33 million. Since the incentives are categorized as “not likely to be earned,” the cap charge will apply in 2014, if Wilson earns any/some/all of the extra $500,000.
At last count, the Redskins had a wafer thin margin of only $29,000 in cap space. They now have more room to breathe.