View Full Version : Colts resign Reggie Wayne
FOXSports.com has learned that the Colts agreed to terms Wednesday with wide receiver Reggie Wayne on a six-year deal worth nearly $40 million including $13.5 million in bonus money. Wayne was slated to become an unrestricted free agent and his signing now weakens an already extremely weak receiver free agent class.
While the contract terms have been agreed upon by both sides Wayne has not yet officially signed and should as soon as the NFL approves the deal.
The deal also makes him the third highest-paid receiver in the NFL behind teammate Marvin Harrison and Randy Moss. By getting the Wayne deal done the Colts do not have to use the franchise tag on him, a move they were primed to make had they not worked out a new contract. It's unclear whether they will use the tag on free agent running back Edgerrin James, but right now that appears to be unlikely.
Wayne had 83 catches this past season for 1,055 yards and five touchdowns in the Colts' high-powered attack.
02-22-2006, 03:45 PM
There goes one of the few players I was truly interested in in FA this year...but the net effect is still good...we can all sit back and enjoy watching the Colts slowly being dismantled by salary demands this offseason...
02-22-2006, 03:52 PM
I assume James is gone; that is some serious $ for Reggie Wayne. Colts appear headed for a cap crack-up in a few years unless a new CBA raises the roof on the cap.
02-22-2006, 03:55 PM
Wow, 2 of the top 3 highest paid WRs on the same team!
I hope they keep spending money on their offense and keep forgeting about their defense!
02-22-2006, 04:05 PM
It wouldn't surprise me if it was part of Mannings contract that he gets a say in what sort of contracts are offered and to who.
Its well established fact that Manning has lobbied hard, and been successful, in getting high round offensive draft picks - this seems to be just an extension of it.
Wayne is an excellent WR - but he might find things a little harder next year - especially if the Edge or someone comparable isn't in the backfield to give Manning the time to throw that he needs.
02-22-2006, 04:55 PM
wow. huge deal. smart move by the steelers to re negotiate wards contract instead of letting him play it out as players like wayne set the market. looking back, while expensive, we really got the sb mvp cheaper than if we had to try and keep him this off season if they had played hard ball on their stance of not renegotiating. hopefully the f.o. will be as astute in locking up polamalu and ben
02-22-2006, 06:01 PM
Hines Ward signed a 4 year contract for $16 million in salary (average $4 million per year) over 4 years + $10 million bonus + $2 million in realistic incentives.
Reggie Wayne signs a 6 year contract for $27 million in salary (average $4.5million per year) + $13 million bonus.
When you figure the only real money is the bonus and first year of the contract and that the length of the contract basically is a vehicle to figure out the period over which the bonus is amortized, the cap hits from the Wayne and Ward contracts appear pretty close. Of course, given their respective roles for their teams, Steelers got greater value in signing their #1 receiver.
Colts run the risk of dead money at the end of Wayne's playing days since I do not see him as being effective for 6 years or anything beyond an Alvin Harper/John Taylor type receiver who benefits from playing across from a Hall of Fame level # 1 receiver. Howver, as LITP said, I believe Manning calls the shots and with James leaving Peyton presumably insisted he not lose another offensive weapon as the Colts window starts closing.
I wonder how the Colts are gonna resign the players that made their defense good for the first time in decades (Freeny, June, Sanders). You know they are gonna want to get paid when it's their turn to hit free agency...
02-22-2006, 08:51 PM
I don't think the the Colts have a rceiver problem (they could have let Wayne go). their problem is Manny gets away from the running game in the playoffs. the more they spend of offense the weaker their defense will be and that is a good thing.
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