Contract details: Jeremiah Masoli gives Redblacks cap space, pockets more money with renegotiated contract

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Quarterback Jeremiah Masoli provided the Ottawa Redblacks with $75,000 in salary cap relief under the terms of his renegotiated contract but will keep $33,000 more in his pocket after taxes, according to sources.

Masoli had one year remaining on his deal when he signed an extension on January 16 to keep him in the nation’s capital through 2024. The new agreement was viewed as a win for both parties with the team’s overall costs going down and the veteran QB receiving more up front in the form of a signing of bonus, which are taxed at a significantly lower rate for American players.

The 34-year-old was originally scheduled to earn approximately $500,000 next season, but will now receive $425,000 in hard money in 2023. That includes a $175,000 signing bonus, which formed the crux of renegotiations.

The Redblacks will pay their franchise pivot $226,200 in base salary, plus $13,800 for housing and $10,000 for travel. He could receive a $1,000 performance bonus for being named an East Division All-Star, $2,000 for being a CFL All-Star and $5,000 if he wins Most Outstanding Player, capping his potential earnings at $433,000.

Masoli will see his pay increase in the second year of the new pact with his base salary set at $326,200. He is scheduled to receive a $100,000 offseason roster bonus on January 15 and another $50,000 for reporting to training camp. All housing, travel, and performance bonuses remain the same throughout the contract, bringing his maximum earnings potential to $508,000 for the 2024 season.

Masoli joined the Redblacks as a free agent last off-season following a nine-year run with the Hamilton Tiger-Cats. He completed 66.7 percent of his passes for 1,083 yards with two touchdowns and two interceptions over four games along with 11 carries for 39 yards and one touchdown before suffering a season-ending leg injury. He earned $432,000 for the year.

The Redblacks originally hoped that Masoli would be able to return during this past season but his surgically repaired leg became infected, setting the timeline back. The team is confident that he will be fully healthy before training camp gets underway this year, however the quarterback is not scheduled to receive a report and pass bonus in the first year of the new deal. That offers him financial protection should his recovery from injury reach a set back ahead of training camp.

Masoli began his CFL career in Edmonton in 2012 but was traded to Hamilton the following year. He threw for 15,555 yards with 80 touchdowns and 51 interceptions with the Ticats while rushing 252 times for 1,507 yards and 19 touchdowns.

The five-foot-ten, 215-pound pivot had his best year in 2018 when he threw for 5,209 yards, 28 touchdowns and 18 interceptions while rushing 63 times for 473 yards and two touchdowns. He was named the East Division’s Most Outstanding Player.

The Redblacks have a new head coach, Bob Dyce, and offensive coordinator, Khari Jones, for the 2023 season, but Masoli’s return will be the biggest factor in producing a franchise turnaround. His willingness to renegotiate early allows Ottawa more salary cap flexibility to help that happen.

Justin Dunk is a football insider, sports reporter and anchor.