Darius Slay’s new deal makes him highest-paid corner, under new-money analysis

[Rowdy]

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Yes, there’s often a very real difference between the so-called new-money analysis and the valuation of a contract from signing. The top of the cornerback market illustrates this point, based on two recent deals.

Dolphins cornerback Byron Jones signed a five-year, $82.5 million deal last month. With no existing years that were torn up and replaced, the deal has a value at signing, and a new-money average, of $16.5 million.

Eagles cornerback Darius Slay, after being traded by Detroit to Philadelphia, signed a four-year deal. The four-year deal pays out $60.55 million. That’s an average per year of $15.13 million at signing, considerably less than the Jones deal. But the new money is $56.445 million over three years. That’s a new-money average of $18.815 million, considerably more than the Jones deal.

So Slay is technically the highest-paid cornerback in football based on the new-money analysis, but Jones arguably has the better overall contract, even though the new money trails Slay by $2.315 million per year.

The difference is in the total value at signing, the guaranteed money, and the cash flow in the early years. Jones has $54.375 million guaranteed, $46 million of which is fully guaranteed at signing, with with $40 million paid out in the first two years. Slay has $30.05 million guaranteed, $26 million of which is guaranteed at signing and paid out in the first two years.

Also, Jones’ full guarantee extends into 2022, with $6 million guaranteed at signing and another $8.375 million kicking in if he’s on the roster on the fifth day of the 2022 league year.

Of course, Slay is committed for one less year, giving him a shot at getting back to the market sooner. And he was able to get the Lions to do something they didn’t have to do: Trade him to the Eagles so that he could get a new deal. And Slay may see only two years of the deal, given that it’s a bit backloaded, paying out $16.5 million in 2022 and $17.5 million in 2023 — a total of $34 million for the last two years after paying out $26.55 million for the first two.

Which means that Slay could end up making $13.275 million per year for two years while Jones makes $20 million per year for two years.