Earlier this week when Ricky Foley spurned the B.C. Lions, after twice coming to terms with them and then signing with Toronto, some speculated that the move was money related.
The Argonauts insisted Foley made the decision to stay close to home and that they came at the non-import defensive end with only one offer. SPORTSNET.CA has learned of the exact cash structure that Foley, the CFL’s 2009 Most Outstanding Canadian, is set to receive from the Argos.
It gives the Toronto organization flexibility to release the defensive end out of York University with no 2011 salary cap hit following the 2010 season. The deal also provides the 29-year-old with a compensation package that guarantees him in the proximity of $150,000 — including bonuses — should he be on the Argos roster for the first game of the 2011 campaign.
Foley’s contract includes a $50,000 signing bonus and he is receiving a $90,000 pro-rated deal in 2010 — which over the eight remaining weeks of this year is a $5,000 per week paycheque, terms first reported by sportsnet.ca on Tuesday.
He also was given a $2,500 housing allowance, as well as bonuses for post-season individual awards, which he is quite unlikely to be the recipient of because he will play so few games in 2010. It is next year where his deal becomes intriguing and gives Toronto many opportunities to release the Courtice, Ont. native throughout the early months of 2011 with little impact on their cap, should they desire.
Foley’s 2011 bonus is $50,000, but payable in five, $10,000 increments on the first day of the each of the first five months of next year. So the Argonauts buy themselves time, should they decide to either cut him or trade him, without impacting their cap. If Foley, for instance, is traded on Jan. 31, the team that acquires him will be responsible for the remaining bonuses and Toronto is on the hook only for the initial $10,000 against the $4.3 million cap in 2011. Should Foley be dealt, or released on or before Dec. 31 of this year, the Argos would be off the hook for any payment.
Foley’s base salary in 2011 is $95,000, but with off-season bonuses and housing allowance of $5,000, his total compensation package is $150,000 for next year alone. Should he repeat his 2009 heroics and be an all-star as well as top Canadian in the league again, he would get another $10,000 payday.
Breakdown of Ricky Foley’s contract with the Toronto Argonauts
2010 Base Salary: $90,000 (prorated) Signing bonus: $50,000 Housing allowance: $2,500 CFL All-star bonus: $2,500 CFL Most Outstanding Canadian (East Division) bonus: $2,500 CFL Most Outstanding Canadian bonus: $5,000 CFL Most Outstanding defensive player bonus: $5,000
2011 Base Salary: $95,000 Roster bonuses: $50,000
**payable: $10,000 per month: Jan. 1, Feb. 1, Mar. 1, Apr. 1, May 1) Housing allowance: $5,000 Same post-season award bonuses as 2010.