Update on the Harrington contract situation
OK, after more research into contract details after the flurry of crazy reports this week I thought many of you might be interested in the details and rammifications of Harringtons "impending" release. To the best of my knowledge, here are the keys:
1) Harrington reached an escalator clause in 2004 that changed some terms of his contract.
2) Because of these escalators, Joey is due a roster bonus of $3M on 7/1/05.
3) Also because of these escalators, Joey's base salary rose to $4.95M for 2005.
4) Joeys cap figure has now jumped from $3.28M to nearly $10.5M if he is released before 7/1/05.
5) After 7/1/05, the cap hit would be $8M this year and $5M in 2006.
I'm trying to be as accurate as I can but these escalator clauses are very confusing and I only have access to so much information. Wish I was talking about my own contract here given these numbers.