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On Thursday morning, ESPN’s Mike Reiss was first to report the details of the new agreement between safety Patrick Chung and the Patriots.
Patriots safety Patrick Chung's two-year contract extension through the 2020 season has officially been signed. His cap numbers are as follows: $3.8 million in 2018, $4.2 million in 2019, and $4.2 million in 2020. Between a $4 million signing/roster... https://t.co/R3c7alHvbe
— Mike Reiss (@MikeReiss) March 22, 2018
When asked for additional details on Chung’s 2019 and 2020 figures, the Boston Globe’s Ben Volin stated that the veteran defender’s salaries will be $1.9 million each season. Volin also reported that Chung will earn $400,000 in per-game roster bonuses and a $100,000 offseason workout bonus in each season.
Volin also added that while Chung’s $600,000 in 2018 incentives were removed from the deal, $600,000 were added to each of the agreement’s final two seasons. The details on those incentives are not yet available.
The breakdown:
2018
Salary: $915,000 (the minimum salary available for a player with his amount of credited seasons)
Signing bonus proration: $2,000,000 — (The $1.2 million prorated portion of his new signing bonus, and the final prorated portion of the $2.4 million signing bonus he received as part of his 2015 extension.)
Roster bonus: $400,000
Per-game bonuses: $400,000
Offseason workout bonus: $85,000
2018 Cap Figure: $3,800,000
2019
Salary: $1,900,000
Signing bonus proration: $1,200,000
Per-game bonuses: $400,000
Offseason workout bonus: $100,000
Incentives: $600,000 (considering them “not likely to be earned” until further notice)
2018 Cap Figure: $3,600,000
2020
Salary: $1,900,000
Signing bonus proration: $1,200,000
Per-game bonuses: $400,000
Offseason workout bonus: $100,000
Incentives: $600,000 (considering them “not likely to be earned” until further notice)
2018 Cap Figure: $3,600,000
By reducing Chung’s salary to the league minimum for a player of his experience level, adding the $85,000 workout bonus and $400,000 roster bonus, prorating his new signing bonus, and ditching the incentives he had in place, the always fiscally crafty Patriots were able to keep his 2018 cap figure the same. Of course, this means there is no change in the team’s 2018 cap space figure as a direct result of this deal. Chung becomes the 12th player under contract for the Patriots beyond 2019.
With most of the details now available, the agreement appears fairly close to the one we predicted earlier this week.
More details to follow as they become available.