March 18, 2013
The 2013 cornerback market is worse than previously believed.
The contract signed by Sean Smith with the Chiefs widely was reported as being worth $18 million over three years, for a modest average of $6 million per year. In reality, it's even more modest than that.
Per a source with knowledge of the contract, it has a base value of only $16.5 million, which equates to an average of $5.5 million annually.
Escalators and incentives can push the number to $18 million.
Also, only $7.465 million is fully guaranteed. The 2014 base salary of $3.45 million is guaranteed for injury only, and it becomes fully guaranteed on February 7.
So, basically, the top of the cornerback market is $5.5 million per year.