ProFootballTalk wrote:GIANTS SIGN SHOCKEY TO LONG-TERM DEAL
Profootballtalk.com has learned that the Giants have signed tight end Jeremy Shockey to a long-term deal that makes him the highest-paid tight end in the NFL.
The deal ties Shockey to the Giants through 2011, and replaces the final two years (2005 and 2006) of his rookie deal.
Shockey gets $3 million to sign and a 2006 $7.5 million roster bonus, which is fully guaranteed for injury. He also receives a $250,000 reporting bonus in 2006, pushing the total guaranteed bonus money, for practical purposes, to $10.75 million.
However, the bonus money is offset by steep drops in his 2005 and 2006 salary. His 2005 base, for example, drops from $1.723167 million to $900,000. His base salary in 2006 is reduced from $2.071415 million to $950,000.
The new money, then, over the first two years is $8.805 million, and it could drop to $8.505 million (more on that later).
In 2007, Shockey gets a $1 million roster bonus, a $150,000 reporting bonus, and a salary of $850,000.
In 2008, he receives a $500,000 reporting bonus and a salary of $2.2 million.
In 2009, the salary is $3.025 million, with a $500,000 roster bonus.
In 2010, the salary moves to $3.825 million, with another $500,000 roster bonus.
In 2011, he'll receive $4.508332 million in salary, and a $500,000 roster bonus.
The total value of the contract is $30.183332 million, with new money of $26.388750.
The deal, however, also contains so-called "de-escalators," which could reel in his salary by $300,000 per year from 2006 through 2011 if he fails in the preceding season to put up Pro Bowl-caliber numbers.
So the total package could be reduced by up to $1.8 million, in $300,000 increments.
Even without the $1.8 million in money that could fall out of his salary figures, the new money is a hair under $24.59 million, and Shockey's per year new money average is $4.91 million -- more than the new money averages for all other recent tight end deals, including contracts signed by Tony Gonzalez, Antonio Gates, Alge Crumpler, Todd Heap, and Randy McMichael.
ProFootballTalk is normally a rag but this is also reported on WFAN radio in NY.