The Chicago Bears and wide receiver Earl Bennett agreed to a four-year contract extension on Friday, and now Brad Biggs of the Chicago Tribune has learned some great details about exactly how the contract is structured. Here is a breakdown of the details:
The contract has a base value of $15 million, but has $3 million dollars worth of performance-based incentives Bennett can earn throughout the life of the deal. The performances incentives are structured as follows:
- Bennett can trigger an additional maximum of $3 million if he has three consecutive seasons of 80 receptions and 1,200 yards. Those targets, individually, are worth an additional $500,000 in 2015. So, in 2012, 2013 or 2014, if he has only one season with 80 receptions, he will trigger an additional $500,000.
- The roster bonus will increase by an additional maximum of $1.65 million if he has three consecutive seasons of 70 receptions and 1,000 yards.
- The roster bonus will increase by an additional maximum of $600,000 if he has three consecutive seasons of 65 receptions and 850 yards.
As for general structure in the signing, $6 million is structured as a signing bonus paid to Bennett up-front, with $1.2 million of that counting against the team salary cap this season. Here is the year-by-year break down:
- 2012: $1 million fully guaranteed base salary with a $500,000 roster bonus payable in March and a $100,000 workout bonus.
- 2013: $2.25 million base salary ($1.5 million guaranteed) and a $100,000 workout bonus.
- 2014: $2.35 million base salary and a $100,000 workout bonus
- 2015: $2 million base salary and a $100,000 workout bonus.