stevestojan Posted March 11, 2005 Share Posted March 11, 2005 From the Daily News: Chad opens his wallet for Coles BY GARY MYERS and RICH CIMINI DAILY NEWS SPORTS WRITERS Chad Pennington There are four words a professional athlete never utters: "Take my money ... please." The Jets' Chad Pennington just changed that. Pennington wanted so much to be reunited with wide receiver Laveranues Coles that, when early trade talks stalled because of Coles' contract demands, the quarterback approached the Jets and volunteered to take a $2 million pay cut, multiple sources told the Daily News yesterday. In effect, he was willing to pay Coles out of his own pocket. In the end, Pennington and the Jets got their man, reacquiring Coles from the Redskins in exchange for wide receiver Santana Moss. The trade became official Wednesday, when Coles passed his physical and signed a new five-year, $25 million contract that includes a $5 million signing bonus. Pennington's "donation" wasn't immediately necessary, but his proposal still was on the table as of yesterday. The Jets are strongly considering his offer because of the salary cap benefits, sources said, although it may not be addressed until the offseason slows in late spring. The trade might have died if it weren't for Pennington's unprecedented gesture, sources said. On Feb. 25, the Jets and Redskins agreed to the swap, but it got bogged down when Jets officials refused to yield to Coles' insistence on a new contract with a signing bonus. One source said the edict came from billionaire owner Woody Johnson, who didn't want to sweeten the pot. Coles still had five years remaining on a seven-year, $35 million contract with the Redskins - the deal that lured him away from the Jets as a restricted free agent in 2003. When Pennington got wind of the breakdown in talks, he acted unilaterally, presenting his give-back plan to the Jets, sources said. Some believe his initiative prompted the Jets to reopen the talks. He told friends that he did it in the interest of winning, and that he felt Coles would be a tremendous addition. One of Pennington's concerns was that, if the trade had been executed without the new contract, it would've made Coles unhappy and a potential distraction. Pennington couldn't be reached for comment. Pennington and Coles, both drafted in 2000, became fast friends. In 2002, they were regarded as one of the up-and-coming quarterback/receiver tandems in the NFL. Pennington was almost distraught when Coles took the money and ran to Washington. Financially, Pennington has the resources to take a pay cut. Before the '04 season, he signed a seven-year, $64 million contract extension. On March 31, he's due to receive $10 million - a deferred signing-bonus payment ($8 million) and a roster bonus ($2 million). Still, when was the last time an athlete gave up money without being pressured? "I've never heard of anything like this," one agent said. "It's bizarre." In the NFL, it's commonplace for the highest-paid players to restructure their contracts to help the team create salary-cap room, but they never lose any money in the transaction. In most cases, their base salary is converted into a signing bonus. Players accept outright pay cuts only when they're being threatened with a pink slip. Coles has told Pennington he doesn't want him to take a pay cut on his behalf, sources said. Pennington's offer shows his unselfish, team-first approach, but he unwittingly may have opened a can of worms. That he felt compelled to step forward raises questions about management's commitment. This may explain why Coles, speaking to reporters Wednesday night, was reluctant to discuss Pennington's involvement in the process. "Any time you have a quarterback like Chad Pennington at the helm," Coles said, "who wouldn't want to come and play for him?" I am trying to get a link to this... give me a minute. Sorry if its a report Link to comment Share on other sites More sharing options...
Justice Posted March 11, 2005 Share Posted March 11, 2005 Props to Pennington. Link to comment Share on other sites More sharing options...
Marv's Neighbor Posted March 11, 2005 Share Posted March 11, 2005 It's tax season! Maybe he needs an extra dependent. Link to comment Share on other sites More sharing options...
Miyagi-Do Karate Posted March 11, 2005 Share Posted March 11, 2005 Love the contrast between Pennington and Coles. One guy was willing to give up $2 mill for the team, and the other wouldn't live with his old $35 mill contract. Link to comment Share on other sites More sharing options...
Ramius Posted March 11, 2005 Share Posted March 11, 2005 does the NFLPA union allow a player just to take a pay cut and give up the money he signed for? i guess its possible since their contracts arent guaranteed... Link to comment Share on other sites More sharing options...
millbank Posted March 11, 2005 Share Posted March 11, 2005 link to story Link to comment Share on other sites More sharing options...
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