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Last week, the Patriots announced the signing of veteran wide receiver Jordan Matthews to a one-year deal. On Monday morning, MMQB’s Albert Breer provided the initial details of the agreement.
Detail in Patriots' deal with WR Jordan Matthews shows the bargain: one-year, $1 million, plus $700K in incentives. Only $170K is guaranteed.
— Albert Breer (@AlbertBreer) April 9, 2018
On Tuesday, the Boston Globe’s Ben Volin provided additional details on the deal.
Jordan Matthews’ 1-year deal with Patriots is worth $1m with $170k guaranteed. Has an $80k signing bonus, $790k salary ($90k gtd), and $130k offseason workout bonus. Had a lot of injuries last year, but could be great value for the Pats
— Ben Volin (@BenVolin) April 10, 2018
The breakdown:
2018
Salary: $790,000 ($90,000 guaranteed)
Signing bonus: $80,000
Workout bonus: $130,000
Incentives: $700,000 (unspecified, and considered not likely to be earned)
2018 Cap Figure: $1,000,000
While the reported $170,000 guaranteed figure is technically correct, Matthews’s offseason workout bonus brings the total up to $300,000, which would be the amount of dead money that would be created by his release this summer.
Matthews’s $1 million cap figure brings the Patriots’ wide receiver cap hit total to $16,414,287 thus far in 2018, with Matthew Slater being omitted from the calculation. The transaction cost the team $370,000 in net cap space, after replacing a player in the top-51. The Patriots’ current cap space total sits at $13,926,158 according to the NFLPA’s public report.