It took a little while, but we’ve gotten our hands on the full details and financial terms of the Patrick Peterson contract.
As Peterson first reported last night (Pulitzer!), it’s a five-year extension worth $70 million. (Actually, $70.05 million, and the $0.05 million is important.) The signing bonus is $15.361 million. Coupled with a fully-guaranteed base salary of slightly more than $888,000, Peterson is guaranteed to receive $16.25 million at signing -- all of which will be earned in 2014.
For 2015, he gets a $100,000 workout bonus and a base salary of $11.619 million. Guaranteed for injury only at signing, the 2015 base salary converts to a full guarantee on the fifth day of the 2015 waiver period.
In 2016, Peterson is eligible for a $250,000 workout bonus. His base salary of $9.75 million is fully guaranteed for injury only. It converts to a full guarantee on the fifth day of the 2016 waiver period.
The same base terms apply in 2017, with the base salary fully guaranteed by the fifth day of the 2017 waiver period. (Apparently, a sizable chunk of the 2017 base salary becomes fully guaranteed in 2016.)
In 2018, Peterson can earn a $250,000 workout bonus and an $11 million non-guaranteed base salary. Ditto for 2019.
For 2020, there’s a $250,000 workout bonus, a $250,000 reporting bonus, and a non-guaranteed base salary of $12.05 million.
It add ups to $14.01 million per year over the five new years on a new-money analysis. For the full seven years, Peterson will earn $83.019 million. That’s an average of $11.859 million per year, with the two existing contract years included in the calculation.
So how does Peterson’s deal compare to other big cornerback deals? We’ll put some together that breaks the deals down from a variety of angles later this afternoon.
And the over/under on the number of you actually anxious to see that is 2.75 percent.