Locked On Patriots - Daily Podcast On The New England Patriots - Financial Friday: PatsCap talks New England Patriots Finances — 5/28/2021

Episode Date: May 28, 2021

The finances of the New England Patriots continue to be the hot topic in and around Foxboro, Massachusetts. To help sort out the Pats salary cap situation, host Mike D’Abate welcomes Miguel ‘PatsCap’ Benzan. The pair discuss the financial framework of a potential deal for Julio Jones, the financial future of several key Patriots’ veterans, and looking ahead to 2022. Lastly, in a segment unique to Locked On Patriots, Miguel ‘sets the record straight’ on various cap myths circulating throughout Patriots media.Support Us By Supporting Our Sponsors!Built BarBuilt Bar is a protein bar that tastes like a candy bar. Go to builtbar.com and use promo code “LOCKED15,” and you’ll get 15% off your next order.BetOnline AGThere is only 1 place that has you covered and 1 place we trust. Betonline.ag! Sign up today for a free account at betonline.ag and use that promocode: LOCKEDON for your 50% welcome bonus.Rock AutoAmazing selection. Reliably low prices. All the parts your car will ever need. Visit RockAuto.com and tell them Locked On sent you. Learn more about your ad choices. Visit podcastchoices.com/adchoices

You are Locked On Patriots, your daily New England Patriots podcast. Part of the Locked On Podcast Network, your team every day. Hello to all of you Foxborough faithful. You are now locked into the Lockdown Patriots podcast. It is Friday, May 28th, 2021, and it's time to head into your holiday weekend and close the week in style here on the pod. My name is Mike DeBate, your host of the Lockdown Patriots podcast, your daily home for news notes and analysis infused with the occasional opinion on your six-time

Super Bowl champions, the New England Patriots. And after you've listened to today's episode of Locked On Patriots, check out my colleagues, NFL analyst Brian Peacock and former NFL scout Matt Williamson, as they host Locked On's Peacock and Williamson every Monday through Friday. Brian and Matt give you the national perspective all around the NFL, covering all the latest news and insight on every game, every team, and every move around the NFL.

Get your picks, previews, and much more every weekday with the Peacock and Williamson podcast, part of the Locked On Podcast Network. Subscribe wherever you get your podcasts. Thank Football and Foxborough. It is Friday, Patriots fans, and thank you for joining me here on today's episode. My name is Mike DeBate, your host of the Locked On Patriots Podcast, which of course is a proud part of the Locked On Podcast Network, your team every day. And folks, because it's your team every day, that means your questions, comments, and feedback are always welcomed and very much appreciated.

So share that feedback. Send it to the internet by reaching out to me and following me on Twitter at MDABATEFPC. And while you're out there giving that weekend nod and saying, how you doing to the Twitterverse, please be sure to follow the Locked On Patriots account as well at LO underscore Patriots. Pats fans, it's been an interesting couple of weeks in New England. The Pats have entered Phase 3 of OTA. Several familiar faces and new faces on the roster are practicing at Gillette. The famed worldwide leader has decided it wants to resurrect a 14-year-old non-traversy.

And maybe I'm missing something here, but it doesn't seem like that story is getting quite the traction that the worldwide leader hoped. Maybe, just maybe, that everyone except those with an axe to grind are kind of tired of that story. I'm not saying, I'm just saying. And of course, lest we forget, the Julio Jones trade rumors have been the hot topic for more than a week now. And it really seems like everyone with a Twitter account in Patriots Nation suddenly has a source within the organization that says this is a done deal. Well, folks, that may be true. It might not be.

But one thing is for certain. The Patriots will not. I repeat, they will not complete a deal for Julio Jones unless the price is right. Not just talking about the financial price, but also the capital that will be going back to the Falcons in this deal. Now, the Falcons are pretty cap-strapped right now, so it's highly unlikely that they would take on any type of significant contract in return, which likely means a package of draft picks. And according to ESPN's Diana Rossini, there are teams

out there, notably the Tennessee Titans, that may have offered the Atlanta Falcons a first-round pick for Julio's services. That may be a little too rich for the blood of the New England Patriots, but stranger things have happened, and anything is possible in the NFL. But if the Patriots were to trade for Julio Jones, they're one of the very few teams in the NFL that could take on that type of salary without too much extracurricular activity, meaning having to cut players or maneuver salaries around. Theoretically, they could make it work within the cap.

But considering I'm still a guy that does math on his fingers, you don't want the fiscal details from me. Luckily for us here on the pod, to help us close the week in style, is the doctor of Foxborough Finance 101, my good friend, the wizard of Benzahn himself, the Pats cap, Miguel Benzahn, will join us on the hot seat today. And Miguel will run down the intricacies of what a Julio Jones trade might look like, and also what it might mean for the Patriots' financial situation, not just in 2021, but

into 2022, and maybe even beyond. Miguel will also give his opinion on what the Patriots might do to clear cap space to operate during the 2021 season. The Pats do have over $15 million in available cap space, but the old saying goes you can never have too much of a good thing. And if the Patriots find a way to be able to maximize that cap value, they may do it. Whether it be restructurings,

whether it be some veterans that get their walking papers, or whether it be through trade, the Patriots will look at any and all options. That's already an action-packed agenda, but we're not done yet, because Miguel will gaze into his Belichickian crystal ball and take a look at the 2022 cap situation for the NFL. Earlier this week, Tom Pellicero of the NFL Network reported that the NFL and the NFLPA had indeed agreed to a cap ceiling for 2022. And Miguel has all the latest details on that and will tell you not only how it's going to affect the 31 other NFL teams, but most importantly, he's going to tell you how it might affect your New England Patriots.

Last but certainly not least, in a segment that is unique to this podcast, I give Miguel the floor to be able to set the record straight on all of those erroneous cap reports or takes with a Z that are floating around Patriots social media courtesy of the uninformed. Folks, Miguel brings a style all his own to the pod, and when we talk closing out the week in style here on Locked On Patriots, it is that unique style of the Patriots salary cap top gun, Miguel Benzon, that will bring you into the unofficial start of summer and your holiday weekend. Talking Pats financials with the Pats cap when this Friday episode of the Locked On

Patriots podcast continues. Locked On listeners, get all the latest news, odds, and info for all of your sporting needs, including Major League Baseball, the NBA, NHL, all of your UFC MMA action, and of course the NFL, with the only place that has you covered and the only place we trust. BetOnline. BetOnline is the fastest and easiest way to bet on all of your sports action. Before the start of your next favorite sporting event,

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This is your chance to get into the action. Head over to their website or use your mobile device to sign up today and receive your 50% welcome bonus on your first deposit when you use the promo code LOCKEDON. BetOnline, your online sportsbook experts. Patriots fans, there is never a shortage of topics to talk about here in New England BetOnline, your online sportsbook experts. practicing during OTA for the first time in a long while on the Gillette Stadium football fields. There's always a lot to talk about, but the finances of your New England Patriots really continue to be the most poignant topic in and around Foxborough. And when it comes to the Patriots' bottom line, it's time to talk business.

New England Patriots business. And when we need the definitive word on any and all things Patriots salary cap, we seek the wisdom and counsel of the great and powerful Wizard of Benzahn. You know him as Pat's Cap. He is my good friend, Miguel Benzahn. And it's always my honor to bring his wisdom and counsel back to the podcast today. Welcome back to Locked On, Patriots, my friend. Thanks so much for joining me today.

Always a pleasure. I love being hyped by you, Mike. I swear. I just, you do wonders for my ego. Well, you know, that laugh does wonders for all of our Patriots fan base. Everybody loves it. It's infectious. It's a great way to take us into the holiday weekend.

And I appreciate the compliment on the hype. Like I said, it always comes from the heart. Our man Doug joined me the compliment on the hype like I said it always comes from the heart our man Doug joined me here yesterday on the pod and he said that you are one of the great hype men in all of uh you know sports media and I do I take that very seriously like I said to him yesterday uh probably a little of my 80s wrestling fandom coming out uh you know that uh that ability to what a hype up uh you know whether it be Hulk Hogan or Randy Savage or, you know, let me tell you something, brother. You know, it gets you going. So it's ready.

But you know what gets me going is being able to share the microphone with great guests like yourself, man. Anytime you come on, you always raise the wisdom and council meter to levels that just break the needle off. And, you know, you always, always bring it. And as we speak, according to your calculations, the Patriots are shown as having $15,096,845 in available cap space. And this accounts for the release of fullback Danny Vitale, which we heard about yesterday. It does not include the injury settlement for Leroy Reynolds. You've done an amazing job of pointing that out. It may be a few days before we really know what that injury settlement looks like. But I always take your calculations down to the dollar.

You do it better than anybody in the business. And not only that, but you've also indicated that the Patriots do have one open spot on the roster now. Yes. Thus far in the offseason, Miguel, the Patriots have spent. They've spent in a way we haven't seen them spend in quite a while. Again, you're on top of every dollar. That's an incredible feat. I don't know how you do it.

This coming from someone that still does math on his fingers. Believe me, folks, this guy does it and he does it so well. But as much as the Patriots have spent there is still a section of the fan base a large section of the fan base that's clamoring for the team to invest in one more marquee name you know it I know it Julio Jones wide receiver of the Atlanta Falcons Miguel this is a hot topic among Patriots fans you've done an amazing job of breaking down the potential involvement in this trade what the financial impact would be. So for the benefit of our listeners, walk us through a potential deal for Julio Jones

with the Patriots and just what impact it might have on the Patriots this season and possibly even moving forward. Okay. So let's, folks, let's get clear. Let's, let's get some stuff away. All right? For example, last Sunday, WEI has a column saying if the Patriots had quiet Julio Jones, his cap number would be $23 million. Folks, that's wrong. Because the signing bonus probation remains with the Falcons.

If he was to join the Patriots right now, his cap number would be $15.3 million on the cap. But he would kick off D. Virgin off the top 51 list, who has currently a salary of $920,000. So $15.3 million minus $920,000 is just a little over $14 million. All right. So then that's what his net impact would be on the Patriots. All right. And then if you redo his deal, all right, you can restart, you know, convert most of his salary into a signing bonus.

You could drop his cap number all the way down to $5.8 million. So that'd be a savings $9.5 million. Of course, we're pushing that $9.5 million out into the future. All right. So that would make his cap in 2022, $16.25 million. Okay. He would have the same cap in 2023. All right? So the question becomes, do you want to acquire Mr. Jones, Mr. Julio Jones, for that kind of cap hit not only in 2021 and in 2022? All right? And the Patriots could do it. All right? But you've got to decide if that's worth the investment because remember

there might be a bidding war for him and the Patriots may not win a bidding war because they don't have as much draft capital as some of the teams that should go after him like for example

the teams that should go after him of teams he like for example if i was the jets if i was the jaguars i'd probably go after him just because he would make my new young quarterback better but would he want to go to a bad team all right then again he doesn't he doesn't have a no trade clause. So he he doesn't control where he goes. All right. And that's the thing. So he could go to the end as other things. And someone asked me this on Twitter. He he could restructure his deal anytime after he signs with the Patriots. All right. He has seventeen point three million dollars in guaranteed money. I would doubt that he would give it up, but he could.

Right. He could. I mean, he could just wipe his slate clean. He's just like, if I'm done with it, he's done with the Falcons. All right? Doesn't mean he could be done and like, I'll play for anybody else for $2 million a year. We don't know what he, I don't know what he wants for money-wise,

but let's just presume he wants to keep wants to get around the same amount of money. We're talking for him for three years, we're talking about $13 million average. That put him around 19th among wide receivers. I said, well, that's a little high. But I will argue that if you acquire Julio Jones, you not only made one position better on your roster, you made four or five positions better on your roster

because he becomes number one. So your former number one becomes your number two wide receiver. Your former two number one becomes your number three, and so on and so on. So depending on how many wide receivers you're going to carry into the season, let's say you're going to carry five. All right? He makes

all five positions better. So that cap hit for 2021, there's no way you can improve five positions for a cost of $5.8 million right now. Right.

So is it possible? Yes. I personally think, would I try to go get them? I would. But do I think they're going to win a bidding war? I don't. Yeah, good point. And I think a lot of people are coming around to that idea now, especially in light of the recent reports from Diana Rossini from ESPN stating that the Falcons, at least what she's being told, the Falcons do have a offer for a first rounder on the table for Julio services in 2022. And reportedly that team is the Tennessee Titans. I don't know if the Patriots are willing to go that first round route.

I'm not sure that they would do that. And if they if they're not, that may take them out of the sweepstakes. But primarily, the way that you've outlined this in terms of a bidding war, in terms of how this works financially and what the impact would be financially, I think you've done a great job of outlining long. I've been a little more pessimistic than optimistic, and I've been very cautious to tell people I'm not vetoing the idea. I'm certainly not saying that there's no chance that it happens.

There certainly is, but I think it may be a little less likely than some are being led to believe simply because the hype machine is in full effect. Everybody wants to see it. Everybody loves to see those Photoshopped images of Julio in a Patriots uniform. It gets the fan base up and running it gets them excited but stop and take a look at the logistics when you stop and take a look at the logistics of things it does create some issues and miguel has done a great great job of outlining that today and i thank you for that because we need that level-headed wisdom and counsel especially when it comes to these pie in the sky type of reports that are out there.

I'll say this about the Titans. I didn't mean to interrupt Mike, but I'll say this about the Titans. Alright? They don't spend cash. If they did, they would have kept Malcolm Butler this year. They decimated

their secondary because they freed up a ton of cash and cap. All right? And I think that first round pick is dependent on the Falcons eating some of Mr. Jones' salary, Julio Jones' salary. So that report is probably true. i don't think it has the

full context of the offer and i can't i don't blame diana for that all right i'm saying so i'm i i'm venturing right now that's either i don't think it was for that that 2000 if it's for 2022 i think it's because the falcons have eaten some money in the deal. And what I mean by that, they prepaid Mr. Jones some of his salary, 2021 salary, and give him a signing bonus, which means they're going to have more dead money in 2022. But in return for having more dead money in 2022, they got a first- pick for them or the other possibility is that future first round pick is for 2023 right exactly absolutely and again all

things to be considered and that's an excellent point is that we don't know the compensation details all of the the details behind the scenes that are associated with that type of an offer. So folks, definitely, especially over the course of the next couple of days until the end of the day on June 1st and June 2nd being really the first day that this would be able to be completed

with the Falcons getting that cap relief that they've been seeking. Between now and the next few days over the weekend, be very cautious about some of the reports that you read. Try to do the best you can. Go back, take a look, educate yourself. One of the best ways to do it is to follow this man on Twitter. I know most of you are already, but if you're not, definitely follow him. He's my source. He's the only one I need. And at that point, you'll definitely always be spot on if you're listening to Miguel. And that leads me nicely into my next question for you, my friend, is that you and I both know that a Julio Jones trade would likely mean some additional moves from the Patriots if they do pull it off.

Because it would leave them in a precarious cap situation, whether it be converting some of Julio's salary into a signing bonus or whether it be letting go of some of the guys on the roster and or restructuring some of the guys on the roster whether they're required or not the Patriots are likely to do this we hear the names all the time the two prominent names that we hear all the time Dante Hightower, Stephon Gilmore just to name a couple those are the if the Patriots want to create cap space those are the guys to do it type names that you hear Miguel if the Patriots want to create cap space, those are the guys to do it type names that you hear. Miguel, if the Patriots are looking to clear cap room for whatever reason, how do you believe they might do it between now and the start of the 2021 NFL season? I think you could easily create cap space by extending Stephon Gilmore. All right. So he has a $7 million salary and also can has about $700,000 in roster bonuses.

All right. You give him you give him a big signing bonus, lower salary to the minimum, and then you lower and you lower his cap hit. All right. Same thing with Dante Hightower. All right. You could you probably wouldn't want to go out for a guy who for't want to go out for a guy who opted out last year. You probably just want to go extend him one more year. You wouldn't want to go a long-term deal. A long-term deal would give you more cap savings, but a short-term deal would limit how much cash, dead money you would have. Right.

All right? You could do something with Devin McCourty because, folks, his deal will void in early March. So right now, I have him on the books at 2022 at his dead money hit. Right. All right? I'm not – because his deal automatically voids. So I'm presuming his deal voids. So they could do, the Patriots could do with

Devin McCourty what the Saints did with Breeze at the end of his career. Just move that void year up, extend it one more year, and lower his cap hit. They could also do, and they're probably not, It's probably too early to do this. All right. But let's just say they like how Trent Brown is playing.

Yeah. All right. They could extend his deal and lower his cap number. That's more likely to happen during the season than before before the season right um and then they'll get some cap space folks when patrick chung returns um excuse me returns retires on june 2nd i can sorry for that mike sorry for that mistake um okay and then folks and i'll just say this they'll get a little bit of cap space not too much a couple hundred thousand dollars when the NFLPA figures out how many players attended all the workout sessions. Because, folks, each team is charged at the beginning of the league year $792,000 for the offseason workout bonus because they presume all 90 players will attend 32 off-season workout sessions. That's not going to happen

for the Patriots because some of these 90 players haven't been on the roster. They just joined the roster. There's no way they get to attend all 32. That's not going to happen. You've got some rookies

who don't get the full amount. They're not allowed to get to 32. I think they get to 26. All right? Mm-hmm. So you'll get some money back. All right? And that's...

I think the Patriots have different ways of getting cash. And the other thing is somebody... Some veteran. Besides we already had Edelman, we also had Patrick Chung retire. They say things happen

in three. You know what I'm saying? So another player retires, like a Hightower or Matthew Slater, another veteran, one of those retires, that creates that old cap space for the Patriots. Absolutely.

And, you know, there are so many ways to be able to create that, to be able to allow for cap space. And there are so many different creative ways that the Patriots have done it over the years. It's foolish to think that they won't do the same thing this time around. And you always bring the knowledge, bud. You always give our listeners an insight as to how things can be done, how those maneuvers can be made, and what the impact will be, not only this year, but even beyond. Because you and I both know, as well as anyone, the New England Patriots don't make moves in silos. They make moves with eyes toward the present without any question, but they always have that eye on

the future. And folks, we are just scratching the surface with Miguel here today because he is on that short list of being the best of the best in all things salary cap. There's no question about that. That's why I call him the Pat's Gap Top Gun, the best of the best. But next here on Locked On Patriots, Miguel is going to gaze into that Belichickian crystal ball a little bit. It's going to give us a quick look into the future and what the 2022 Caps situation might look like. And of course, folks, you knew it was coming.

You know we're waiting for it. In a segment that is unique to this podcast, Miguel will address some of those Cap myths floating around and set the record straight. Do not miss this when the Locked On Patriots podcast continues. Locked On listeners, we've all heard the phrase often imitated but never duplicated. It's a part of the sports fans lexicon.

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And insight you can only find here from Miguel, folks. And Miguel, earlier this week, Tom Pelissero of the NFL Network reported that the NFL and the NFL Players Association have agreed to a salary cap ceiling of $208.2 million for the 2022 season. I know we haven't even begun 2021 yet, but there's always an eye on the future when it comes to the NFL. And Tom noted that this is not currently,

right now, there is not currently an agreed-to cap floor. That final cap figure will not be set until next February, but the ceiling for 2022 is nearly $30 million more than the $182.5 million cap set for 2021. Now, obviously, we expected that spike a little bit in future revenue.

The league following a season that was just primarily played without any fans in attendance. COVID-19 put a serious dent into that. You had to think that 2022, you were going to see a projected spike. And it's expected. Miguel, it's still very early, and believe me, I'm not putting you on the hot seat by any stretch in this question, but what type of an impact might this agreed-upon cap ceiling have upon the NFL, specifically the New England Patriots?

Okay, I know that Tom has said the word ceiling, all right? I just, I'm pretty sure right now, going on a hot seat, willing to be wrong, I think that's what the number is going to be. I think it's going to be the 2022 league cap number is going to be

$208.2 million, what the number Tom said. What does that mean for the Patriots? That's great news for the Patriots. And the reason I'll say that. Before this bit of news, everybody was projecting somewhere that the 2022 capital is going to be

between $198 and $203 million. This is a $5.2 million increase. $5.2 million gets you a couple of players. All right? Buys you, you know, that just helps the Patriots. All right?

I can't tell you when right now none of us know at this moment what's the Patriots adjusted cap number. All right? All right? And I want to talk about that because that's the number that really counts. The adjusted cap number is the lead cap number plus the amount of

cap space you carried over from the prior year plus the incentives adjustment. Right now, the Patriots have about $15 million in cap space. Will they carry that amount of $15 million

to next year? It's doubtful. They usually carried over a lot of cap space last year because of the opt-outs. They usually carry over somewhere between $3 to $5 million. Let's just say, let's just go $5 million.

Now that makes it just a cap number 200 for the patriots 213.2 million dollars all right now let's i don't know we don't know right now what players will earn their incentives all right the pages the pages have players have a total about they could earn. If each player earns all their incentives, that's $33 million. Right. Okay. Of course, some of that can't happen because you've got a couple of players at the same position. So obviously one of them is at the incentives and the other one can't.

All right? So we don't know what their incentives adjustment is going to be. But let's just say Cam Newton gets all of his incentives. That's going to be a negative impact on the 2022 cap, but it also means the Patriots won the Super Bowl. Right. All right. So there is a doubt.

I mean, so it's possible that that 213 could be less than that. You have a lot of players earn not likely to bring in incentives. It also could be possibly higher than that if some of the players who have likely to bring in incentives don't earn any of that. We don't know that right now. None of us know that. But I would like, if you want to, don't use folks, for now, if you want to try to guess what the Patriots' cap number is for 2022, don't use a 208.2. I would use 213.2

because the Patriots have a history of ending the cap of the league year with $5 million in cap space. All right? And I'll just say this. Right now, 46 players signed for the 2022 season.

And after each year, they always sign players from the practice squad to future deals. So let's just say they signed 10 of them. The salaries, and they all have a rookie deal for the 2020, a rookie salary for 2022, all right?

Right. So that gives me 51 players on the roster, all right? My total cap commitment, right? And I'm presuming that Devin McCourty's deal is voided, and I have some dead money from Patrick Chung's retirement. All right? I got about $208 million, $200.8 million in total cap commitments. All right?

And so you got the 2013. That gives the Patriots about $13 million in cap space. But they have a full roster. All right? And some of the players I list have on the, probably won't make the team on 2021, which will create cap space. But let's just say they needed cap space in 2022.

All right? And Hunter Henry or Matthew Judon played well in 2021. You can convert some of their salary into signing bonus. All right? Or let's say Nelson Aguilar blows up.

He did his last year in his deal in 2022. You can extend him and save him cap space. All right? So you have some ways in 2022 to create cap space. And I should say, my number, I'm presuming that Jacoby Myers is going to get a second

round tender. And that's the other thing about and that's the other thing that's helpful for the players with this $200 million. The higher the cap is in 2022, the more money RFA's get

because their RFA tenant is based on the increase in the salary cap. All the RFA's get about a 14% increase from their counterparts in 2021. Amazing.

Jake Bailey, right? Because he was a pro bowler, right? He earned a proven performance escalator. His 2022 salary, Mike, right? And this is one of these nuggets I'm going to share right now

on the podcast. I bet you none of these beat writers out here, folks are going to say this unless they listen to this podcast for a while. His salary is going to be close to $4 million next year. Because he's going to get... Yes. Yep. All right?

Makes sense. Okay, because he's got that... He earned that proven performance escalator by getting the Pro Bowl. All right? So I have him at that money. I also have Jacoby Myers at that money. And I have Gunna getting the low RFA tender, and that's about $2.3 million. So let's just say Gunna doesn't make the team.

That's about $2 million. About a million and a half comes off the cap space. But everyone else, I was presuming those Myers and Gunner would get RFA tenders. So that's why my number is a little bit higher than some websites, all right, for the total cap events. The Patriots are going to be in good shape as of now in 2022. I could see them being in bad shape if a lot of players earn not likely to burn in centers.

But if that is true, that means they've done well, which means the Patriots probably did well. Right. Exactly. There's a price for success. Exactly. There is a price for success exactly there is a price for success you're absolutely right and you know what the insight that you're able to provide especially when it comes to 2022 knowing that this is not going to really affect anybody for at least a

year if not beyond is really amazing the way it all comes together excellent insight on jacoby myers and his salary and what that's going to entail excellent insight on some of the non-likely to be earned incentives and how they could adversely affect the Patriots. But the tradeoff is, is if they're earning those, it means the Patriots are likely successful and maybe making a deep playoff run. And at that point, you have to think that the Patriots' brain trust will say it was worth it to be able to compete short-term

and to be able to do what they need to do. But the Pats always have an eye on the future, bud. We know that, and they will continue to do that. And something tells me that even if their cap situation looks precarious at times, they'll find a way to be able to make it work because that's simply what they do. And all they have to do is listen to you. They listen to you, they'll be all set. I've said that from now until, you know, the end.

I will continue to say that. All they need to do is just follow you, listen to you, put the man on staff, and he will continue to say that all they need to do is just follow you listen to you put the man on staff and he'll be able to do anything you need to do last but not least buddy one of my favorite parts of having you join me here on this pod is your ability to identify some of those erroneous cap reports out there you've already debunked a couple talking about the julio Jones trade, talking a little bit about 2022 cap. But I know there are still some that stick in the back of your mind a little bit. And I know there's some stuff you need to get off your chest.

So, Bud, in your infinite wisdom, the floor is yours. Set the record straight. Tell us what's right and what's wrong when it comes to the salary cap situation for the Patriots and even the NFL as a whole. Okay, so, folks, it's been a while since it's been on my show. All right. So I think between the last time I was on a show and now we had, I love, I'm going to mention the guy's name. I love his work on ESPN, Dan Orfoloski. Right. He mentioned in the, in talking about the Patriots,

he talks about how much money it would take for them to sign their draft picks. Right.. He was and he just added up all the cap numbers and said the Patriots could lose about 12 million dollars in cap space. Sign the draft picks. I immediately DM someone from ESPN saying, can I work? Can I work for you guys part time? Do you guys need someone to help you with the salary cap? All right. It's like, it was literally because he's... You got my endorsement, man. Okay. Because you guys, he didn't take it in effect. Top 51 rule.

All right? And I'll just say this. Don't even have to take my word for it. Just go on to... Sometime today, after we finish recording this, I'm going to tweet out a link to the NFLPA salary cap page. All right. You could see the numbers change after a draft pick gets signed.

All right. For example, when Trey Nixon got signed by the Patriots, the Patriots cap did not go down by his cap number of $684,669. It went down by $24,669. Because his salary, his cap number is too small to be in the top 51 list. All right? So only signing bonus preparation counted. And what I mean by the top 51 list, during the offseason, only the salaries of the players with the 51 highest cap numbers

count against the cap. For the guys who are not in the top 51. Only if they have a signing bonus per ration and he roster bonuses of off season workout bonuses count against the cap. For example, I'll just, I talked about trade Nixon, only a signing bonus per ratio count against the cap. Let me talk about another player who's been on the roster for a while. For example, Harvey Lange was just signed to a deal. Okay.

What? Oh, no, no. He's a bad example. He's in the top 51. Sorry. Alex Remnant. He was just signed to a deal. So what accounts against what is commonly counted for him?

It's his $40,000 signing bonus. And it's $26,471 active roster bonus. His $850,000 does not account for the salary now. It will if he makes a 53-man roster. But right now, his $850,000 salary counts zero against the cap. All right? So Dan just looked up all the cap numbers for the Patriots cap hits and just gave that 12 million dollar total. When it's actually about three point two million dollars. All right.

So that was one thing I want to get off my chest. Right. And folks, you could just take my word for it. Just go on the NFL and just look at the changes every day and look at the changes as after a team signs a draft pick all right the second thing i wanted to talk about is i love michael lombardi's gm shuffle thing all right i know he was in the front office all right and i've been trying to tell people it's the june 2 june that that matters he says on his podcast june 1 oh Oh my gosh. That's why earlier today I tweeted out the picture. I quoted out. I sent a screenshot of the CBA.

It came right directly from the CBA. Then Mike repeats something else I've been hearing. That the June 1 date has been important for the comp picks. I'm saying I know Mike has not, I don't know when was the last time Mike worked in the business. All right?

But I will tell you this. It changed in 2016. Back in the day, it used to be June 1st used to be, hey, you can sign any play after June 1st, and he wouldn't count against the comp picks formula. All right? Right. It changed in 2016 okay it's 2016 it then became like was may 10th and i focused i was like and i and somebody on some beat writers have said this on on patriots i'm like really how did you forget about lagarde bunt like Blount? Now, I know I'm a geek, and this is what I do for a hobby, all right?

But you forgot about LeGarrette Blount getting a tender on May 10th in 2017 so he would still qualify in the compulsory pick calculations? All right? I'm like thinking, if you forgot that, okay, maybe forgot that. But for that, but, but it's since 2016 and the NFL sends out a announcement every time free agency begins. So 2016, 2017, 2018, 2019, 2020, 2021, six announcements. And these guys beat writers. I get it's in the announcement.

And when these guys stop qualifying and for the complex and they and they got it wrong and they still say june 1st right i'm like oh it's amazing i'm just i'm literally folks you can't see me but i'm like i i'm just shaking my head i'm like it's in the announcement and so you folks there's's a website called NFLcommunications.com. All right? So some stuff that's out there is free to the public. And you don't need to log on. Okay? So you, for example,

so if you were to go over to the page and scroll back to the announcement, the press releases, go look for the date for March what was the first day of the league year? Was it 18th or 17th of this year? I just, man, the pandemic has just got league year? Was it 18th or 17th of this year? The pandemic has just got me all fired up. This year, I think it was the 14th.

Okay, all right. I don't remember, Mike. You'd think I would remember as a cap nerd, I wouldn't think I would remember, but I'm just... Whatever. You get to see it in the announcement, that. All right? I had three things I wanted to talk about about setting the record straight. So it's

A, June 1st date, it applies to June 2nd date is the real demarcation date. The comp thing, all right? And oh, Jesus, my goodness gracious. I mentioned three things and I can't remember now.

I'm getting old. Well, talk about... I do stand corrected. The league year did start on March 17th. You were correct. I was wrong. I'll take a lap for that one, but you deserve the kudos for that. Carry on, my friend. Okay. So that's all I

got for setting the record straight. So that's all I got for setting the record straight. So that's all I got. You know what, though, bud? It is absolutely refreshing to hear, and it's really, it's always, always a pleasure when you join me here on the microphone, because you do set the record straight, whether it be for

signing a rookie class, which you've done several times, or setting the record straight when it comes to certain dates, certain things that need to happen, how much cap space is needed, how viable the cap is to league business, to team business. We hear it all the time. We hear it debunked, or we hear it not really debunked, but we hear it lessened, or we have its significance challenged

or questioned on so much of media and especially terrestrial radio. But we know from your great work that that's exactly what happens each and every time. It's such a vital part of what we do. And it's such a vital part of why you're, in my opinion, one of the greatest, if not the greatest, follow in Patriots Nation. Folks, the great Miguel Benzón never disappoints. When his wisdom and counsel graces the airwaves here on Locked On Patriots, I could not be more honored or more humbled for him to join me. My friend, thanks so much for joining me and helping me close out the week in style here on Locked On Patriots.

Folks, follow Miguel at Patscap on Twitter. I always say this. I'm going to keep saying it. I call him the Top Gun. He is the top gun. The plaque for the alternates, it doesn't exist because he has no equal. Bud, what can I say? Before I let you go, please let everyone know what they can expect in the coming days, weeks, as we inch toward the beginning of the 2021 season from your great voice, your great pen, and anything else that you'd like to share with our audience before signing off today.

I'll be on Twitter at PatScap um i expect a couple more rookie we got three more draft picks to sign we got um ronnie perkins christian barrymore and mac jones still left to sign we're gonna get some cap space when patrick chung retires on June 2nd. I do think that there'll be a slowdown in transactions between now and the beginning of training camp in late July. I hope to see some of you guys at training camp. So if you know my laugh, you can easily find me in this dance.

Folks, I can tell you that from personal experience. Miguel found me in training camp one time just by doing the laugh. I was over on the roped off section in the media and all of a sudden I heard him start laughing and I went right over to him. He is a great, great follow. He's a great guy to meet in person. If you are in the area for a training camp this year, I highly highly recommend it but i look forward to seeing you at camp this year and uh in the meantime please continue to stay safe stay well thank you for helping to educate the masses and patriots nation with your great wisdom and counsel and we look forward to talking ball with you again here on the pod very soon thank you so much for having me I just, it's always a pleasure for me. I just love

coming on the show. I just, I, and I listened to Dougie's show yesterday. I just finished right while I was mulching and I thought it was a great show. I mean, it's always, I love listening to you. You're my favorite daily podcast. I just love coming on. It's, it's just awesome. Sorry. Well, you are one of the big, awesome about this podcast. And believe me, the honor and the privilege is all mine to share the microphone with you, my friend. That's why we keep having you on. You are part of the Locked On family here. And again, it's just one of the highlights of my job to be able to share the microphone with you regularly and not only talk Patriots football, but just to be able to talk to you in general.

A great analyst, an even better man, and a great friend. Thank you, Bud, for always being there for the handoff. And again, we look forward to talking with you again very soon. But the honor and privilege is all mine. All right. Take care. And go Pats. And so, Patriots Nation, we put a bow on the week that was here on the Locked On Patriots podcast, and I sincerely thank each and every one of you for joining me here this week. It's always my honor and my privilege to bring you the latest news notes and analysis from

Foxborough, but here on the Locked On Podcast Network, you can get all the sports news you need in under 20 minutes with the Locked On Today podcast. Host Peter Bukowski updates you on the latest news in every major sport with the help of our local experts. Follow the Locked On Today podcast on the Odyssey app or wherever you get your podcasts. But when it comes to your favorite football team in Foxborough, make sure that you're not missing a second of the action.

Download, subscribe to, and follow the Locked On Patriots podcast on platforms such as the Odyssey app, Spotify, Google Podcasts, Apple Podcasts, wherever you get your podcasts. Just make sure that you are staying locked in to Locked On Patriots. Once again, my name is Mike DeBate. I thank my good friend Miguel, the Pat's Cat Benzon, for his time, his insight, and his appearance on today's pod. But most of all, I thank you all so much for listening and for continuing to make Locked On Patriots a daily part of your New England Patriots coverage. Until next week, Foxborough faithful, stay safe, stay well, always be the

change you wish to see in the world. Have a great weekend, everyone.