Darius Slay is on vacation, and as the ink dries on his newly signed contract extension, the numbers are in, and the details are favorable for Philadelphia.
Slay’s two-year, $42 million extension could keep the cornerback with the Eagles for three more years if he continues to be elite.
At worst, Slay plays out the final year of his previous contract in 2023, and he’ll be on the roster for Philadelphia in 2024.
Here are the complete details of the new deal courtesy of Over The Cap.
2023 Base Salary --$1,165,000
Slay was previously due $17.5 million in 2023, but the extension provided Philadelphia with much-needed cap relief.
With the $1.1 million base salary, $10 million bonus, and $150K workout bonus, Slay is due $11.65 million this year.
2024 base salary --$1,210,000
In a similar structure, Slay gets a $1.2 million base salary, a $9.7 million bonus, and a $150K workout bonus. Slay received $11.64 million in 204, the final year of guaranteed money.
2025 base salary --$1,255,000
In the final year of the extension, Slay would have a final base salary of $1.2 million and another option bonus of $16 million with a $14 million cap hit.
2026-2029 - Void years
The final four years of the contract are void years for salary cap purposes. The new contract reduced Slay’s salary cap number in 2023 by $14.283 million.
Final Observation
With the final three years being void years for salary cap purposes, if Slay only plays the next two seasons with the Eagles, the deal in effect is a two-year, $23.29 million deal per OTC.
If Slay can continue to be elite, he’d be due $17 million in 2025 and Philadelphia would be on the hook for a final cap hit of $14 million.
That’s a number they would certainly work to restructure or get from out under.
