So the contract details of Keenan Lewis, the Saints newest player, are starting to trickle in. According to a Pitsburg Steelers web site, his contract is 5 yrs / $26m which includes a $6m signing bonus. The Saints also guaranteed his 2013 salary ($1m) & his 2014 salary (reported to be $3.5m). So the total guarantees come out to $10.5m. Not too bad of a deal at all, for both parties. HIs 2013 CAP hit will be a very pallatable $2.2m & 2014 is not much worse at $4.7m. The cost should escalate to the $6.3m/yr range (with only $1.2m per yr guaranteed) for 2015, 16 & 17. Loomis does his magic once again.
As of today, the Saints should have just over $7.5m in CAP space at their disposal. In other words, more than enough to sign another key FA as well as a quality back up QB.
More updates to come as we get them…..but a great Free Agency Day 3 for the Who Dat Nation!
Follow up – The details of Drescher’s new 4 yr deal have not been released yet, but I would expect it to be in the $500-550k /yr range. Thus, his new deal would only increase the Saints CAP by around $100-150k.