PFT has obtained and fully analyzed the Odell Beckham Jr. contract. To see how the six-year, $98.459 million contract is constructed, keep reading.
For starters, there is no extension. It’s a new contract that covers the next six years. The full details for the six-year deal appear below.
1. Signing bonus: $20 million ($10 million will be paid by September 19, $5 million will be paid by November 21, and $5 million will be paid by February 20).
2. 2018 base salary, fully guaranteed: $1.459 million.
3. 2019 base salary, fully guaranteed: $16.75 million.
4. 2020 base salary: $14 million. Of that amount, $2.75 million is fully guaranteed at signing, the rest is guaranteed for injury only. As of the third day of the 2020 league year, the $14 million becomes fully guaranteed.
5. 2021 base salary: $14.5 million. Of that amount, $12.791 million in guaranteed for injury at signing. The amount becomes fully guaranteed on the third day of the 2021 league year.
6. 2022 base salary: $13.75 million.
7. 2023 base salary: $13.75 million.
8. Workout bonuses from 2019 through 2023: $250,000 per year ($1.25 million total).
9. Training camp roster bonuses for 2021 through 2023: $1 million per year, if he shows up on the first day of training camp.
That last term is smart, and it suggests that the Giants don’t plan to rip up the final three years of the deal if/when Beckham feels like he’s underpaid. If he holds out in any of those three years, he loses $1 million. Period.
Here’s the cash flow: $21.459 million through 2018; $38.459 million through 2019; $52.709 million through 2020; $68.459 million through 2021; $83.459 million through 2022; $98.459 million through 2023. (Note that the cash flow through the first three years is more than $7 million less than the reported $60 million. That’s a fairly significant difference.)
He has $40.959 million fully guaranteed at signing, and $65 million guaranteed for injury at signing. Given the structure of the vesting, with the guarantees kicking in the same year the money is paid, the Giants could (in theory) part ways with Beckham after two years and $41.2 million over after three years and $52.709 million.
Finally, the incentives. (Actually, escalators.) Beckham can boost his 2022 salary by up to $2.5 million. He triggers the escalators in $500,000 chunks, getting another half million for each of the following accomplishments: (1) 96 or more receptions; (2) 96 or more receptions and a playoff berth; (3) 1,374 receiving yards; (4) 1,374 receiving yards and a playoff berth; and (5) 12 touchdown receptions. The same potential dollars apply to 2023, with the same formula based on what he does in 2022.
So to get the extra $5 million, he needs 96 catches, 1,374 yards, 12 touchdowns, and playoffs in 2021 and in 2022. At a time when someone other than Eli Manning likely will be the quarterback.
Again, the deal is very good, but it’s hardly the earth-shattering package that many thought Beckham deserved. And I’d still take the Sammy Watkins contract, especially since he’ll make only $4 million less over the first three years and end up back on the market.