Olivier Vernon: Record-Setting Edge Rusher Worth Guarantees
By Neal Lynch
Not all of the New York Giants free agent signings were considered “puzzling” by Ben Stockwell of Pro Football Focus. Somehow the acquisition of Miami Dolphins free agent defensive end Olivier Vernon, which was a record-setting 5 years, $85 million ($52.5 million guaranteed), avoided the list. Instead, Stockwell gave the Giants signing of Vernon a “B” grade, adding, “his 40 defensive stops in that (10-week) span also the most for any edge defender (only Khalil Mack was within 10 of his total for that 10-week span)”. The contract was worth more than what the Houston Texans gave J.J. Watt.
David Aitken of PFF ranked Olivier as the third best unrestricted free agent and the second best edge pass rusher behind Von Miller, who was franchise tagged by the Denver Broncos. Aitken added:
"“PFF’s second-highest graded overall edge defender in the regular season, Vernon earned positive game grades in each of the last eight weeks. Leading all 4-3 ends in QB hits, with 30, he would accumulate 24 of those in those final eight games, in addition to eight of his 10 sacks and 25 of his 41 hurries.”"
According to WalterFootball.com, Vernon was ranked as the second best free agent defensive end, behind Derek Wolfe, who re-signed with the Denver Broncos. WF added:
"“Olivier Vernon’s stats didn’t show it, as he didn’t even notch double-digit sacks, but he had a fantastic 2015 campaign, both in terms of rushing the passer and helping out against the run. Just 26 in October, Vernon has a bright future ahead of him.”"
Vernon has the second highest cap hit for the next four seasons behind Eli Manning. By the time, Vernon’s new contract expires, he’ll just be turning 30. Here are the details:
2016
BASE SALARY: $1,750,000
SIGNING BONUS: $4,000,000
ROSTER BONUS: $7,000,000
WORKOUT BONUS: $250,000
CAP HIT: $13,000,000
DEAD CAP: $40,500,000
2017
BASE SALARY: $11,750,000
SIGNING BONUS: $4,000,000
ROSTER BONUS: –
WORKOUT BONUS: $250,000
CAP HIT: $16,000,000
DEAD CAP: $27,750,000
2018
BASE SALARY $12,750,000
SIGNING BONUS: $4,000,000
ROSTER BONUS: –
WORKOUT BONUS: $250,000
CAP HIT: $17,000,000
DEAD CAP: $12,000,000
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2019
BASE SALARY $15,250,000
SIGNING BONUS: $4,000,000
ROSTER BONUS: –
WORKOUT BONUS: $250,000
CAP HIT: $19,500,000
DEAD CAP: $8,000,000
2020
BASE SALARY $15,250,000
SIGNING BONUS: $4,000,000
ROSTER BONUS: –
WORKOUT BONUS: $250,000
CAP HIT: $19,500,000
DEAD CAP: $4,000,000
According to Spotrac, Olivier’s “true value rating” was 89.37 in 2015, which was 11th best among defensive ends taking at least 25% of their unit’s snaps. Vernon took more than 80% of his unit’s snaps, which was the most among unrestricted free agents at his position who weren’t franchise tagged.
Did the Giants overpay? Define “overpay”. Yes, Vernon’s market value was around $9 – $10 million per year. We thought it was reasonable to offer Olivier $13 million per year over 5 years. The Giants exceeded that by $4 million per year because they got locked into a bidding war with the Jacksonville Jaguars, who had the most space under the salary cap. With Malik Jackson gone, most of the other free agent options at defensive end were all at least 30 years old. Of those who were under 30 years old: Vinny Curry re-signed with the Philadelphia Eagles, and Adrian Clayborn re-signed with the Atlanta Falcons.