It was a week ago that the Seattle Seahawks answered one offseason question regarding a player who many thought might be cut or traded for salary cap purposes, Tyler Lockett. Specifically, the team agreed to a four year, $69.2M contract extension with Lockett, and the terms of that contract have now been made public, thanks to Field Yates of ESPN.
Some Tyler Lockett extension details:
Signing bonus: $19M
2022 option bonus: $13M
Salaries: $2M, $3M, $9.7M, $15.3M, $15.3M
Roster bonuses: $1.6M in 24-25
Lockett can now earn $80M+ over the next five years, while Seattle extends a foundational player and creates cap room in 21.
— Field Yates (@FieldYates) April 7, 2021
For those wondering what the 2022 option bonus is, it is basically a deferred signing bonus. The team has used deferred bonuses in the past when tight on cap space, notably with Bobby Wagner’s 2015 extension and then Justin Britt’s extension in 2017. Assuming the deferred option bonus is treated as a signing bonus, here is what the cap hits for Lockett should be over the next five seasons:
2021: $9.25M ($2M base + $6.05M signing bonus proration + $1.2M 2020 incentive)
2022: $10.05M ($3M base + $3.8M signing bonus proration + $3.25M option bonus proration)
2023: $16.75M ($9.7M base + $3.8M signing bonus proration + $3.25M option bonus proration)
2024: $23.95M ($15.3M base + $3.8M signing bonus proration + $3.25M option bonus proration + $1.6M roster bonus)
2025: $23.95M ($15.3M base + $3.8M signing bonus proration + $3.25M option bonus + $1.6M roster bonus)
Obviously the 2023 and 2024 cap hits are significant, but those are the years when the salary cap should not just bounce back from COVID but also see significant support from the recently announced television contracts. For those who are wondering if the $23.95M cap hit in 2023 and 2024 could push the Seahawks to move on from Lockett prior to that season, if he were released prior to the 2023 season, the team would then have to recognize $14.1M in dead money.
In short, Lockett’s now signed and under contract for the next five years, and the amount of dead money the Hawks would have to take on if they were to trade or release him anytime soon certainly seems to be an indication that he will be around for the foreseeable future.