OSI UMENYIORA'S RESTRUCTURED CONTRACT WITH GIANTS IS JUST FOR ONE YEAR, $6M AND DOESN'T INCLUDE ANY INCENTIVES
"Now it's clear why Osi Umenyiora's
former agent didn't want him to sign his restructured contract.
Turns out it wasn't a very good deal at all.
Umenyiora's restructured contract is only worth a total of $6 million,
according to multiple NFL sources that provided the details to the Daily News on
Tuesday – and that's the "best-case" scenario, if the 30-year-old defensive end
plays all 16 games this season. The reworked contract also doesn't include any
incentives, according to one source who saw the deal.
That appears to be less than the incentive-based package the Giants were
believed to be offering Umenyiora last spring, when he staged a brief holdout
and then rejected the offer and chose to play under his existing deal instead.
He had one year left on that deal that would've paid him a salary of $3.975
million and about another $725,000 in bonuses for a total of around $4.7 million
before he restructured late last week.
In other words, after years of fighting the Giants, threatening to retire,
calling GM Jerry Reese a liar in court, staging a brief holdout and complaining
often, Umenyiora may have only gotten an extra $1.3 million out of the Giants –
less if he doesn't play every game.
The breakdown of his new deal goes like this: Umenyiora got a $2 million
signing bonus and is due a base salary of $2.5 million. He'll get a $500,000
roster bonus and a $250,000 reporting bonus. The remaining $750,000 will be paid
off in a per-game bonus - $46,875 for every game he plays.
Umenyiora's cap number will be about $4.6 million. The deal also includes a
$1 million salary in 2013, but that's a "voidable year" of the deal, meaning he
is scheduled to be an unrestricted free agent next March.
Though he didn't reveal the terms, Umenyiora admitted on Monday that his
former agent, Tony Agnone, told him it was a "substandard" deal and he felt that
he could get him something better. When Umenyiora decided to sign it anyway, he
and Agnone split, though the defensive end said he plans to rehire Agnone before
he becomes a free agent.
Exactly what Agnone could have gotten for Umenyiora is unclear because the
Giants clearly weren't willing to give him a long-term deal at anywhere near
market value, which for a top defensive end is around $11 million per season
with $15 million in guaranteed money, at least. That figures to be what
Umenyiora, presumably with Agnone's help, will be seeking on the open market in
March, if the Giants don't slap him with the "franchise player tag," which
Umenyiora said he would gladly sign."