Greg Jennings' contract with Vikings includes $17.8 million guaranteed
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PHOENIX -- Greg Jennings received $17.8 million fully guaranteed on the five-year, $45 million contract he signed with the Minnesota Vikings last week.
According to a source with knowledge of the contract, Jennings received a $10 million signing bonus in addition to fully guaranteed base salaries of $2.9 million in 2013 and $4.9 million in 2014. His cap number is only $5 million in 2013 and $7 million in 2014 before the deal spikes.
Jennings' scheduled base salary is $8.9 million in 2015, '16 and '17, with a cap number of $11 million each of those seasons. He also has a $100,000 workout bonus in each year and escalators in 2014 through '17 that could push the total value even higher.
So, it's pay-as-you-go after the initial two-year, $18 million pact. The Vikings could cut Jennings at any time after that without owing him another dime, although they'd still have a $6 million cap hit to deal with because of the remaining signing bonus proration.
The relatively small cap hit in 2013 leaves the Vikings nearly $6 million under their adjusted salary cap.