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The Cleveland Browns have re-signed veteran LB Malcolm Smith to a 1-year deal worth $1,212,500. Smith exceeded expectations for the Browns last year and graded well, so it’s nice to see him return at such a cheap price. It pretty much matches the offer I wanted Cleveland to offer him (I predicted 1-year, $1.15 million).
Smith graded extremely well last year for the #Browns. He finished 13th overall (70.8) and 7th in coverage grade (79.0) among qualifying LBs https://t.co/G86d0k2L07
— PFF CLE Browns (@PFF_Browns) March 18, 2021
LB Malcolm Smith’s Contract, Cap Hits Per Year
| Year | Base Salary | Signing Bonus | Veteran Salary | Total Cap Hit |
|---|---|---|---|---|
| Year | Base Salary | Signing Bonus | Veteran Salary | Total Cap Hit |
| 2021 | $1,075,000 | $137,500 | ($225,000) | $987,500 |
- Smith’s contract has $500,000 in full guarantees, which consists of $362,500 from his base salary and his $137,500 million signing bonus.
- What is the “veteran salary” amount? Well, it’s not really a negative on Smith’s contract, but it helps us demonstrate a reduction in Smith’s cap hit. If a veteran player accepts the minimum salary, they qualify for the veteran salary benefit.
- The veteran salary benefit allows a player to receive a $137,500 bonus (i.e. his signing bonus). For the benefit of the team, though, only the minimum salary amount equivalent to a second-year player gets charged to the cap. Looking at Spotrac’s minimum salary table, we see a second-year player gets a minimum of $800,000. Therefore, the cap hit for Smith is $800,000 + $137,500.