Patriots take a financial hit by releasing Hernandez now
Almost as soon as Aaron Hernandez was arrested in a case involving the murder of Odin Lloyd, the Patriots released him from their team. In their statement about the release, they conveyed that they were doing it because "it was the right thing to do".
Out of respect for the Lloyd family dealing with the loss of their loved one, I have to say I agree 100%.
This all comes just one year after the Patriots gave Hernandez a lucrative contract extension. So what happens to that money?
By releasing Aaron Hernandez today, Patriots have waived all rights to recoup bonus money or salary through the CBA.
— Adam Schefter (@AdamSchefter) June 26, 2013
Aaron Hernandez's new salary-cap charge in 2013 is $5.092 million, an increase of $1.019 million.
— Adam Schefter (@AdamSchefter) June 26, 2013
Aaron Hernandez's 2014 salary-cap charge will be $7.5 million, which is remaining pro-ration of his signing bonus.
— Adam Schefter (@AdamSchefter) June 26, 2013
That's $2.5m and $50k in signing bonus, $1.323m guaranteed salary in 2013, $1.137 guaranteed salary in 2014 and $82k workout bonus this year
— Ben Volin (@BenVolin) June 26, 2013
The Pats appear to have sacrified a bit by releasing Hernandez when they did. Since the Patriots didn't allow Hernandez's contract to default, it will now be very hard to recoup any of that money. It doesn't seem like they care that much though. I would still think they would try, but that wasn't the point of the decision they made.
Ray Lewis was not released by the Ravens when he was in a similar situation. Which method do you prefer?
