Shockey takes a $1.7 million haircut

The Saints cut tight end Jeremy Shockey last month, avoiding a base salary of $4.7 million.  Shockey signed a new deal last week, and he’ll make a lot less than that.

Pat Yasinskas reports, and we’ve confirmed, that Shockey will receive a base salary of $3 million with the Panthers in 2011.  Of that amount, $1 million is guaranteed fully, for skill, injury, and salary cap.  Thus, if he’s cut for any reason, he still gets $1 million.  (If, of course, there’s a season.)

Shockey also has a roster bonus of $812,500.  Per Yasinskas, Shockey gets the money if he’s on the opening day roster.

At that point, of course, the other $2 million in base salary essentially becomes guaranteed, if the new CBA continues the “termination pay” concept under the current labor deal.

In Carolina, Shockey is reunited with offensive coordinator Rob Chudzinski, who was a member of the Miami staff when Shockey played for the Hurricanes.