The Tampa Bay Buccaneers signed disgruntled starting left tackle Donald Penn to a six-year $48 million dollar contract extension with $20 million guaranteed, before the team took to the practice fields at one Buc Place to kick off their first practice for the teams 2010 training camp. On the surface many believed the Bucs caved in to Penn’s demands and rewarded him handsomely.
According to ESPN.com’s NFC South blogger Pat Yasinskas Penn reportedly only received a $2 million dollar signing bonus and has another $5 million dollars tied between likely-to-be-earned incentives ($3 million) and off season workouts ($400,000 thousand dollars a year). Of course new chief contract negotiator Dirk Diggler structured the contract in such a way that Penn most likely will never see the maximum $48 million, as the final two years are where the escalators are placed. Considering the contract calls for only $ 20 million in guarantees, in essence it really only equates to a six-year $20 million dollar deal as we all now players can be cut at any time. The bulk of the contract is in the form of base salaries ($35.5 million). So doing the simple math the total amount of Penn’s escalators are$5.5 million which brings the total to the $48 million that was reported.
Some toke it as a sign the Glazer aren’t cheap, but one has to consider that with Penn only receiving a $2 million dollar signing bouns (the only thing the Glazer paid out of their vault) as the rest of the money will be paid once TV revenues and ticket monies become available. Essentially for me, the Penn signing does little in the way of squashing the “cheap” label tied to the Glazers.