I’m sure you’ve heard all the hoopla about NFL contract restructuring. You must be wondering, “How does it really work?” Well, I’m glad you asked. NFL contract restructuring is actually not as complicated as it may seem.
First of all, when it comes to NFL contracts, everything starts with a negotiation between the player and the team. This negotiation process typically starts as soon as the contract is up for renegotiation, and teams and players will often enter into agreement before the contract expires.
Once a certain negotiation agreement is reached, it must then be voluntarily restructured by both sides in order to bring the contract up to date with the current market rate. This usually involves one or more of the following: reducing the cap hit (the cap number allocated to the player by the team), restructuring bonuses, or increasing the number of years the contract is in place for.
The next step in the process is for the team to make a request to the league for a “new” contract, which essentially replaces the original contract with one that better fits the team’s current financial situation. At this point, the team may choose to adjust the salaries being paid to the player, the bonus structure, and/or any incentives that may be included within the contract.
Once the team and the player have agreed on a new contract, the team must then submit the new deal to the NFL for approval. The league will review the contract details and, if they find the new agreement to be fair and legal, they will grant approval for the contract to move forward. This is where the real work begins, from the player’s perspective.
Once the new contract has been approved by the NFL, the player must then sign the contract and agree to the terms. This involves paperwork and an acceptance from the player. After the player has signed the new contract, the team will then file the paperwork with the league’s front office. From here, the contract is officially set in stone and the player is now officially a part of the team.
Now that the contract is officially in place, the team will begin to monitor how the player performs. This means assessing their performance in practice and in games and making sure they are living up to the expectations they have set. If the player is not meeting expectations, they may be asked to restructure the contact or the team may choose to move on from them.
As you can see, the process of NFL contract restructuring can be complicated but it doesn’t have to be. With some understanding of the process and a willingness to negotiate, you can ensure that you get the best deal possible for your team and your player.