Tribal Warfare
11-10-2009, 02:59 AM
Johnson’s release will cost Chiefs some money (http://www.kansascity.com/sports/chiefs/story/1559382.html)
By ADAM TEICHER
The Kansas City Star
The Chiefs’ release of running back Larry Johnson is expensive for the team but lucrative for the player.
Johnson is eligible to receive the remaining portion of his $4.55 million base salary from the Chiefs. Players are paid weekly through the 17 weeks of the regular season, so Johnson could collect about $2.14 million over the season’s final eight games.
To get the money from the Chiefs, Johnson must pass through the NFL’s waiver system. The waiver period concludes this afternoon. If Johnson is claimed by another team, that team assumes responsibility for his contract and the Chiefs owe him nothing more.
If Johnson clears waivers, the Chiefs are responsible for the $2.14 million even if he signs with another team before the end of the season.
But Johnson was also due a bonus of $62,500 for each game he was on the Chiefs roster. He will forfeit $500,000 since he won’t be on their roster the final eight games.
Johnson had three additional seasons and $22.5 million remaining on his contract, but none of that money was guaranteed and he will receive none of it. He was due $7.1 million in 2010 ($5 million in salary, $2.1 million in roster and workout bonuses), $7.4 million in 2011 ($5.3 million in salary, $2.1 million in roster and workout bonuses) and $8 million in 2012 ($5.9 million in salary, $2.1 million in roster and workout bonuses).
By ADAM TEICHER
The Kansas City Star
The Chiefs’ release of running back Larry Johnson is expensive for the team but lucrative for the player.
Johnson is eligible to receive the remaining portion of his $4.55 million base salary from the Chiefs. Players are paid weekly through the 17 weeks of the regular season, so Johnson could collect about $2.14 million over the season’s final eight games.
To get the money from the Chiefs, Johnson must pass through the NFL’s waiver system. The waiver period concludes this afternoon. If Johnson is claimed by another team, that team assumes responsibility for his contract and the Chiefs owe him nothing more.
If Johnson clears waivers, the Chiefs are responsible for the $2.14 million even if he signs with another team before the end of the season.
But Johnson was also due a bonus of $62,500 for each game he was on the Chiefs roster. He will forfeit $500,000 since he won’t be on their roster the final eight games.
Johnson had three additional seasons and $22.5 million remaining on his contract, but none of that money was guaranteed and he will receive none of it. He was due $7.1 million in 2010 ($5 million in salary, $2.1 million in roster and workout bonuses), $7.4 million in 2011 ($5.3 million in salary, $2.1 million in roster and workout bonuses) and $8 million in 2012 ($5.9 million in salary, $2.1 million in roster and workout bonuses).