Our contract BS spider sense suggested that it wasn’t a $10 million deal, but a contract with a lower base value including incentives that, if reached, would pay $10 million.
For a change, our instincts were right. Per a source with knowledge of the terms, it’s actually a one-year, $8 million deal.
Peterson gets a $5.9 million signing bonus and a $2.1 million base salary. He can make the extra $2 million based on playing-time incentives and making All-Pro.
In other words, he’s most likely not getting $10 million.
It’s just the latest example of how the intense competition causes reporters to rush to Twitter with the information they’re given, ignoring whether the numbers are accurate. If one doesn’t do it, another will. So they all do.
And they all know they’re doing it. These aren’t instances of naivete. And the reporters in question don’t even get upset about it; they view it as an occupational hazard. Put simply, they’d rather have the news of the signing with bad information as to the value of the deal than no news at all.
From the player’s perspective, phony numbers create the impression that he has more money than he does. Which could have benefits in some contexts (like when comparing contracts in the locker room) and drawbacks in others (like when friends and family want some of the $10 million).
UPDATE 10:57 a.m. ET: Peterson gets $500,000 for 70-percent playing time, $500,000 for 80-percent playing time, and $500,000 for 90-percent playing time.