Coming as no surprise to anybody the Chicago Bears are the first team to sign their first round draft pick. The Bears and Greg Olsen have agreed in terms on a five-year deal. The deal struck with the TE out of Miami is reportedly worth 10.69 million over the length of the contract.
The contract also has a one-time incentive based on minimum playing time of $578,700. For 2007, the trigger is 35 percent of the offensive snaps. For future years, it is 45 percent.
In 2008, there's an option bonus of $3.545 million and a base salary of $460,000.
In 2009, the base salary is $460,000, and Olsen is eligible for a $100,000 reporting/roster bonus that is earned at the start of training camp and paid out over the course of the regular season. (We'll explain the genesis of this new bonus later.)
In 2010, the base salary is $550,000, and the reporting/roster bonus is $140,000.
In 2011, the base salary is $650,000, and the reporting/roster bonus is $125,732.
The total value, including possible incentives of up to $2.921 million, is $10.69 million over five years
The Bears have always been proactive in signing their picks. They would rather set the value than let it get set. Granted Olsen is the 31 pick, not a top five pick. The chances that Olsen would have held out are slim to none at that spot. Maybe Drew Rosenhaus even looking to restore some good will with the Bears helped move things along, but that would just be wishful thinking.