Kolb To Get $12.26 million Guaranteed
By Lance Epstein
In a move that shocked no one, the Philadelphia Eagles signed QB Kevin Kolb to a one-year contract extension that will take him through the 2011 season. Kolb's rookie contract was to expire at the end of 2010 season, so the Eagles had to figure a way to keep their franchise quarterback in the fold.
"We're happy to have Kevin under contract for the next two seasons," said head coach Andy Reid. "When given the chance, Kevin has proven to have good command of this offense and we're looking forward to having him operate as the number one quarterback for the Philadelphia Eagles."
General manager Howie Roseman is excited because of what the organization has seen from Kolb and his growth over the years. Roseman said he also looks forward to having Kolb in the fold for many more years.
"We're excited about what we've seen from Kevin during his three seasons in Philadelphia both on and off the field," Roseman said. "We're happy to get this contract in place for the near future and are looking forward to keeping Kevin in Philadelphia for many more years to come."
Eagles team president Joe Banner was happy to sign another young and up-and-coming player to a new deal especially one with the intangibles that Kolb brings to the field.
"I'd like to thank Kevin and his agent Jeff Nalley for their work in getting this contract signed," Banner said. "We're very happy with Kevin and all the attributes he brings to this organization and we're pleased to sign another young, ascending player to a contract. It's something that this organization has prioritized over the last several years."
Adam Caplan of scout.com and Sirus Satellite Radio, is reporting the deal includes a guaranteed $12.76 million and $10.7 million signing bonus.
The Eagles did the right move here by getting Kolb to sign a contract extension. First, they do not want to have him test the free agent market. A team would be willing to give up a ton for a young and talented quarterback of Kolb's caliber. Additionally, if the Eagles used the franchise tag, they would have to pay him the insane amount, which is the average of the top five quarterbacks in the league.
For fans that do not understand why he was not given a lengthier contract, but it is due to the collective bargaining agreement. Under the current agreement, Kolb and other players are restricted due to the 30 percent rule. The rule does not allow more than 30 percent increase in salary from year to year for renegotiated contracts completed in or during the 2010 uncapped season. Since roster bonuses and options are prohibited, getting a long term deal done is very difficult. The only way around this is that the Eagles would have to give him a ton of money up front in a signing bonus.
While Kolb is supposed to be the future, the Eagles are not prepared to give him up to 40 million in guaranteed money, when he has only started two career games.
This is a win-win for Kolb and the Eagles. Kolb gets his money he deserves for waiting in the wings for three seasons. Before Kolb, 25, sign his new deal, he was the lowest paid starting cornerback in the league.
And the Eagles only have to pay him for two years if he does not turn out to be the player they expect.
However, if Kolb has a lights out season and a new CBA comes into place, expect him to receive a nice long-term deal.