On Tuesday, the Bears traded for defensive end Montez Sweat without signing him to a new deal on the way in the door. Wisely for them, they didn’t wait long to get it done.
News emerged earlier today of the extension between Sweat and the Bears. Here are the full details of the contract, per a source with knowledge of the terms:
1. Signing bonus: $20.426 million.
2. 2023 base salary: $1.15 million, fully guaranteed.
3. 2024 base salary: $20.9 million, fully guaranteed.
4. 2024 workout bonus: $100,000.
5. 2025 base salary, $20.9 million, guaranteed for injury at signing, fully guaranteed on the third day of the 2024 league year.
6. 2025 workout bonus: $100,000.
7. 2026 base salary: $20.9 million, $10 million of which is guaranteed for injury at signing and becomes fully guaranteed on the third day of the 2026 league year.
8. 2026 workout bonus: $100,000.
9. 2027 base salary: $18.9 million.
10. 2027 offseason 90-man roster bonus: $2 million total.
11. 2027 workout bonus: $100,000.
Within 30 days of signing, $9.875 million of the signing bonus will be paid. Another $9.875 million will be paid on or about March 31, 2024. The amount reflecting his 17th game check ($676,471) also will be paid on or about March 31, 2024.
The contract has $41.965 million fully guaranteed at signing, with a practical guarantee of $62.865 million. The key is that the 2025 injury guarantee becomes fully guaranteed in early 2024; to avoid it, the Bears would have to cut Sweat — which means they would have paid him $41.965 million for one year.
The deal has a total value at signing of $105 million, with a new-money total of $98 million. That equates to a new-money average of $24.5 million.