Kevin Byard’s deal is worth $72.5 million over six years

[T-Rac]

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The new-money analysis once again rears its ugly head.

Reporters are rushing tonight to perpetuate the characterization of Titans safety Kevin Byard‘s deal as having a value of $14.1 million per year, making him the highest-paid safety in NFL history. However, the truth lies in the fact that contract extensions aren’t actually extensions but new contracts.

Byard didn’t sign a five-year, $70.5 million extension; Byard signed a brand-new six-year deal with $70.5 million in new money and $2.025 million that he was due to make this season.

In new-money terms, the deal is indeed worth $14.1 million annually. From signing, it’s worth $12.08 million per year.

While plenty of agents dispute the legitimacy of analyzing deals based on their value at signing, we always present both. (Most reporters will present only the new-money analysis, which always makes the deal look better than it is.) The reality as to the highest-paid safeties is that the three who signed big-money deals earlier this year (Landon Collins at $14 million, Tyrann Mathieu at $14 million, and Earl Thomas at $13.8 million) did so as free agents. So those are the real values of the contracts from signing. Byard’s deal, at signing, is worth considerably less.

There’s another problem with Byard’s contract. He has committed for a total of six years. With a new labor deal coming, along with new TV deals and more and more states embracing legalized gambling, the salary cap could skyrocket over the next few years. But Byard has committed through 2024 to a deal that could quickly look not very good at all in comparison to what other safeties receive.

On one hand, it’s difficult to surrender a large, life-changing bird in the hand. On the other hand, Byard could be regretting his decision once the guaranteed money is paid and the Titans acquire a team-friendly annual option on whether to keep Byard around.