The Buccaneers put pen to paper with another rookie today, as Johnthan Banks, rookie corner out of Mississippi State, signed his first professional contract to stay on with the Buccaneers for 4 years. Sports Talk Florida’s Bucs Insider Jenna Laine broke the news of the contract details, outlining that Banks will receive fully guaranteed pay in years one and two of the deal, in addition to a singing bonus. Here is the breakdown from Jenna:
Details of player contracts are not made available to the public, but a source tells Sports Talk Florida that Banks’ deal is worth $4,726,321 and includes a signing bonus of $1,817,324.
Banks will earn a base salary of $405,000 in 2013, which is standard for NFL rookies. In 2014, that figure jumps to $619,833. In 2015, he’ll make $834,666 and in 2016, $849,498.
This is just another sign of how valuable draft picks can be, because Banks will be making a very small salary (in NFL terms) for four years, and may wind up being an every week starter at some point during this deal, making him a massive value pick for the Bucs.
Banks may not step into a starter’s role right away, but he doesn’t have to. He’s got plenty of competition at cornerback, which is a surprising statement given the results from the secondary last season, and there are questions about his speed and his lack of experience as a press-man corner. His inexpensive contract and the presence of Eric Wright and Leonard Johnson combine to allow him time to develop into the cornerback the Buccaneers drafted him to become.
Mike Glennon remains the only unsigned rookie for the Buccaneers, which is not surprising, as quarterback contracts always take a while, even under a new Collective Bargaining Agreement. Expect to see Glennon signed soon, and the Buccaneers poised to make some bargain moves after June 1st, when another wave of cuts across the NFL may happen.