The Redskins can now check a big item off of their to-do list. They have locked up another key player into the next decade.
Jordan Reed has signed a contract extension, according to the team. Per reports the deal is for five years and is worth about $50 million and has $22 million in guaranteed money. The deal is added on to the one year he had left on his rookie contract so he is under contract through 2021.
The most important immediate effect of the deal is that they may have to find some salary cap space in order to sign their draft picks. The Redskins have about $4.2 million in cap space before the Reed signing. They need about $1.8 million to sign their draft picks. They saved $8 million in cap space by releasing cornerback Chris Culliver but because they designated him a post-June 1 cut to spread out the dead cap hit the savings will not hit the cap until next month.
They could squeeze Reed’s extension into a relatively small amount of cap space if they want to. Or they could release someone like Andre Roberts, a move that could create $3 million in cap savings.
But they will be able to work that out. The important thing is that they now have one less free agent to worry about re-signing in 2017. The list still includes DeSean Jackson, Pierre Garçon, Chris Baker, and quarterback Kirk Cousins.
The early extension for Reed could be a key factor in the negotiations for a long-term deal for Cousins. Had Reed gone into 2017 as a free agent they may have had to choose between using the franchise tag on him or on Cousins. That situation would have made for some difficult negotiations.
Reed will turn 26 in July so he is signed through his age 31 season. That will cover the prime years of the team’s third-round pick in 2013.
Reed recently fired his agent and hired Joel Segal. It seems that the change jump-started the negotiations and things came together rather quickly.