Monday, March 21, 2005

Confused? Me too!

Cornerback Kelly Herndon, still officially Broncos property, has signed a five-year, $15 million offer sheet with the Seahawks that includes a $3.6 million signing bonus and $900,000 base salary in 2005. The Seahawks, who lost Ken Lucas on the open market to the Panthers, view Herndon as his possible replacement. Denver has until Wednesday to match Seattle's offer. Because Herndon was not drafted, the Broncos would get no draft-pick compensation if they refuse to match.
-- Rocky Mountain News

This whole thing seems a bit strange to me.

1 comment:

  1. What exactly seems strange? The fact that we extended an offer to Herndon? The fact that the Broncos have a week to match it? Or something else?

    It's the way restricted free agency works. Restricted free agents are free to negotiate with other teams, however, their current team (the Broncos in this case) have the right of first refusal.

    This means that they can choose to match the offer the other team (the Seahawks) extended and Keep their player, or allow the player to sign with the new team, and get draft compensation in return.

    The nice thing about Herndon is that because he was an undrafted free agent before joining the Broncos, if Denver decides NOT to match our offer, we get him and DO NOT have to provide any draft picks as compensation.

    Clearer now?