Gerry Dulac of the Pittsburgh Post-Gazette reports via Twitter that the three year contract signed by Monday by cornerback William Gay is worth $4.5 million with a $500,000 signing bonus.
I am assuming that Dulac is counting the signing bonus in with the $4.5 million. While we do not know the exact breakdown of the contract, I am going to venture to guess that the base salaries are $750,000, $1,250,000 and $2,000,000.
If the above holds true, that would put the 2013 cap hit for Gay at $916,666.66. In 2014 it would be $1,416,666.66 and in 2015 it would be $2,166,666.66.
Should the team decide to release Gay after the 2013 season, then his dead money charge in 2014 would be $333,333.33.
I will update this post should the structure be different than what I have outlined, but it sounds about right.
UPDATE BELOW:
The base salaries for Gay came in different than my guess above. Gay will earn base salaries of $1,000,000, $1,500,000 and $1,500,000 over the course of the next three years. This makes his cap hits in each of the next three years, $1,166,666,$1,666,666 and $1,666,666 respectively. The potential dead money remains the same. The change in the rule 51 number based after the Gay signing increases $761,666.00.
