Darius Slay’s contract is set to cause some headaches for the Philadelphia Eagles in 2023. Entering the final year of the deal, let’s take a look at Slay’s contract and salary cap number in 2023 and examine the Eagles’ options in terms of managing that number.
Darius Slay’s Contract Details
After being traded from the Detroit Lions to the Eagles, Slay agreed to a three-year contract extension worth $50.05 million with Philadelphia. The deal contained $28.050 guaranteed at signing, with a further $2 million becoming guaranteed ahead of the 2022 season. Included in that was a $13 million signing bonus that was prorated across the contract at $3.25 million per year.
The Eagles have restructured Slay’s contract on two previous occasions. In 2021, they converted $11.4 million in salary/roster bonus to a signing bonus. At the same time, they added two void years to the contract, meaning it prorated at $2.285 million a year between 2021 and 2025.
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Further restructuring in 2022 converted $14.88 million in base salary to a signing bonus. Philadelphia added a third void year, meaning the bonus is prorated at $3.076 million per year between 2022 and 2026. All of that has added a total of $5.361 million to Slay’s 2023 cap number compared to when the deal was initially signed.
Heading into 2023, Slay is set to have a $26.111 million cap number, which is the highest for a cornerback next year. The remaining prorated money means the Eagles would be left with $21.265 million in dead money if they considered cutting or trading him. Slay’s 2023 salary cap number breaks down as follows:
- Salary: $17 million
- Signing Bonus (Prorated): $3.25 million
- Restructure 1 (Prorated): $2.285 million
- Restructure 2 (Prorated): $3.076 million
- Workout Bonus: $500,000
- 2023 Cap Number: $26.111 million
With so much dead money, the options are likely limited to reducing the cap number as opposed to releasing or trading Slay. In order to do that, they could convert around $16.335 million in salary and workout bonus to a signing bonus. That could reduce Slay’s cap number to around $13 million, but it would mean that Slay will count for close to $24 million in dead money if his contract voids in 2024.
The alternative option would be for the Eagles to look at extending Slay. However, with Slay set to be 33 in 2024, the Eagles would likely not want to commit to a long-term extension.
Slay’s Net Worth
Slay’s net worth is estimated to be $25 million. Over the course of 10 seasons, Slay’s NFL career earnings total $86.989 million. At the end of his current contract, that number will reach $104.489 million, with Slay set to take home $17.5 million in cash in 2023.