Inside the Montez Sweat deal

On Tuesday, the Chicago Bears made a significant move by trading for defensive end Montez Sweat without immediately signing him to a new contract. However, it didn’t take long for them to finalize the deal.

Earlier today, news broke of the extension between Sweat and the Bears. We have obtained exclusive details of the contract, courtesy of a source familiar with 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 upon 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, with $10 million guaranteed for injury upon signing, becoming 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. An additional $9.875 million will be paid on or around March 31, 2024. Furthermore, the amount reflecting Sweat’s 17th game check ($676,471) will also be paid around the same time.

The contract includes $41.965 million fully guaranteed at signing, with a practical guarantee of $62.865 million. The crucial aspect is that the 2025 injury guarantee becomes fully guaranteed in early 2024. If the Bears were to release Sweat to avoid this guarantee, they would have effectively paid him $41.965 million for just one year.

In total, the deal has a value of $105 million at signing, with a new-money total of $98 million. This translates to a new-money average of $24.5 million.