CLEARING THE AIR ON THE T.O. CAP HIT

So we heard Tim Ryan and Pat Kirwan of Sirius NFL Radio scoffing at the notion that the Cowboys will take a $9.675 million cap hit if they sever ties with Terrell Owens. Kirwan contends that the cap charge is less than $800,000. Which position is right? Well, both. Depending on the perspective from which the cap hit is determined. Owens will count $8.995 million against the Cowboys’ 2009 salary cap if he’s on the team. If he’s not on the team, $6.45 million in future bonus proration hits the 2009 cap, in addition to the 2009 proration of $3.225 million. The so-called “dead money” would be $9.675 million. Thus, reports that cutting or trading Owens would result in a $9.675 million in cap hit are 100 percent accurate. Kirwan’s point is that cutting Owens would cause the team to apply only $680,000 more in cap space under Owens’ name, since he’ll count for $8.995 million if he’s not traded or released. Here’s the difference: carrying the $8.995 million cap charge includes having the player. The $9.675 million hit is based on Owens being elsewhere. But that doesn’t mean it’s better to keep him. Though the cap charge would be greater if he’s not around, the team would also avoid paying him a $2.67 million salary and a $3.1 million roster bonus. Bottom line? Folks who want to suggest that it’s too hard to get rid of Owens would point to the $9.675 million cap hit. Folks who want to suggest that it’s easy to dump him would call the cap hit only $680,000 -- and would point to a savings of $5.77 million in 2009 cash. Both are accurate to a large extent, but both are also somewhat misleading.