Contrary to an Associated Press reports pegging the value of Saints defensive end Will Smith’s contract extension as having a Dwight Freeney/Jared Allen ballpark of six years and $70 million, the reality is that the deal is worth, by our calculations, $61.4 million over seven years.
The value increases to $62.3 million if Smith earns a $150,000 workout bonus in each of the six seasons from 2009 through 2014.
The difference is huge.
Under the version that presumably was propagated by his agent, Smith would average more than $11.5 million per year.
The truth is that the deal has an average value of less than $9 million annually.
The contract contains guaranteed money in the amount of $25 million.
If the non-guaranteed 2008 base salary of $700,000 is included, the practical guarantee increases to $25.7 million.
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