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09-02-02 06:23 PM #1
Strahan, Giants agree to $46M extension
Monday, September 2
Strahan's 7-year extension guarantees $20 million
ESPN.com news services
EAST RUTHERFORD, N.J. -- Michael Strahan, who set the NFL's single-season sacks record last season, and the New York Giants agreed Monday to a seven-year contract extension worth $46 million, ESPN.com has learned.
The agreement ended speculation that this might be the defensive end's last season with the team.
The contract includes a signing bonus of $6.4 million, ESPN.com's Len Pasquarelli reported, but Strahan's base salary for 2002 is reduced from $8 million to $4.5 million, so the net gain for '02 is actually only $2.9 million in so-called "new money." There is an additional $9 million in guaranteed base salaries for the 2003 and 2004 seasons but, because of the cap ramifications, those years would essentially have been guaranteed anyway.
Clearly, the $46 million total for the contract is considerably less than the $58.1 million that he was offered this spring. The signing bonus is also less than the $17 million signing bonus he rejected, and there is no "second level" option bonus in the new deal.
However, the deal includes about $20 million in guarantees, which gives Strahan about a $2 million boost over the guaranteed money in the deal he rejected in the spring. The guaranteed money in the deal he accepted will be spread out over the 2003 and 2004 seasons, while he would have received $17 million up front (signing bonus) in the previous deal.
The Giants will save about $1.2 million in salary cap funds this season. The cap value for 2003 is about $4.2 million and roughly $6.5 million for 2004, relatively palatable numbers.
Strahan will earn $32 million in the first four seasons of the new deal, the same total of his former four-year contract.
The contract all but ensures that one of the game's most dominant defenders will finish his career with the Giants. The contract is believed to fall short of the seven-year, $49.5 million deal that middle linebacker Ray Lewis signed last month with the Baltimore Ravens, but does outdistance that contract is some ways.
Strahan and the Giants came close to reaching agreement this spring. That deal fell apart when Strahan balked at taking a $17 million signing bonus split over the first two years.
When the deal fell apart, running back Tiki Barber criticized Strahan and that led to a rift between the two players, one that both now say is old news.
Strahan, the NFL's defensive player of the year last season, is in the final year of a $32 million contract that he signed before the 1999 season. He got a $12 million signing bonus and was to make $8 million this season.
Tony Agnone, Strahan's agent, had talked with Giants general manager Ernie Accorsi over the past few days about a new contract, but even Strahan seemed unaware after practice Monday that a deal was imminent.
Strahan earned every penny of his contract last season, setting a single-season record 22.5 sacks, breaking the mark of 22 set by Mark Gastineau of the New York Jets in 1994.
Strahan's record-setting sack last season was somewhat controversial with Green Bay quarterback Brett Favre seemingly falling down in front of Strahan in the final game, on a naked bootleg that wasn't called in the huddle in the final minutes.
Strahan, who will turn 31 in November, is entering his 10th season in the league. The four-time Pro Bowl selection enters the season fifth among active players with 84.5 sacks, including 9.5 in 2000 when the Giants played in the Super Bowl.
Strahan downplayed his statistics Monday.
"You guys are caught up on one person," Strahan said. "What I do does not matter. What the team does matters, and I think everybody loses sight of that. My 22½ sacks mean nothing because we went 7-9. If we can have a better record and make the playoffs and have a chance to go to the Super Bowl, I could care less."
09-02-02 06:24 PM #2
09-03-02 07:56 AM #3
09-03-02 03:06 PM #4
- Join Date
- Sep 2002
i agree. it does.
GO BIG BLUE!
09-03-02 05:27 PM #5Originally posted by NYYFAN
This should make Giant fans happy...
09-12-02 01:25 PM #6
- Join Date
- Apr 2001
- Milltown, New Jersey
Happy? HAPPY? What are you , insane?
For the money strahan is making, the giants could sign a halfway decent outside linebacker to replace armstead. Or dedicate their money elsewhere in the future. What does this do? It eats up the salary cap like me at a buffet. Happy? What a bonehead move. Fire Ernie Accorsi.
09-12-02 01:41 PM #7Originally posted by orangemom
Did ya hear my sigh of relief in your distant land, far far away?
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