The Steelers have signed another one of their draft picks this morning. Selected with the team’s first of two fifth round picks, Richardson is now under contract for four years. As I projected a couple weeks ago, Richardson’s 2014 cap number will likely be right around $467,513. The total value of his contract should be at or just about $2,410,052, with a signing bonus of $190,052.
If you’re not familiar with the number crunching behind rookie contracts, here’s a quick breakdown behind determining his 2014 cap number. To determine his 2014 cap hit, simply divide the signing bonus by 4. Signing bonuses are prorated across the life of the contract. Rookies carry a first year salary of $420,000. Add that to the $47,513, and you’re left with the $467,513 total from above.
With this signing, the team now has the last 5 of their 9 draft picks under contract. They still have cap space for more signings, but they will have an additional $8 Mil on Monday to pen the remaining picks to deals, which I expect them to do in fairly short order.