49ers owe Asomugha another $470K

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49ers owe Asomugha another $470K
November 6, 2013, 5:45 am
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In essence, the $470K  could have been parlayed into $2.35 million in signing bonus payouts over a five-year contract. (AP)

Programming note: Watch Wednesday's 49ers press conference with head coach Jim Harbaugh and DL Glenn Dorsey streaming live right here at 12 p.m. 

Veteran cornerback Nnamdi Asomugha passed through waivers unclaimed on Tuesday, which prevented the 49ers from saving more than $470,000 in salary-cap space, according to a source familiar with Asomugha's contract.

The 49ers released Asomugha on Monday to make room for cornerback Eric Wright, who was activated from the reserve/non-football illness list. Because it is after the NFL trade deadline, all players released are subject to the waiver system.

Because Asomugha is a vested veteran, with 10 accrued NFL seasons, he was guaranteed his entire season’s salary the moment he opened the season on the 49ers’ 53-man roster for Week 1.

[RELATED: Nnamdi Asomugha career stats | 2013 game logs

Asomugha signed a contract in April that included a base salary of $1 million. So even though he is no longer on the team, he will still receive the final 8/17ths of his salary -- $470,588 – from the 49ers.

He previously earned a $225,000 roster bonus for making the team out of training camp. Asomugha also had a possible $100,000 roster bonus, payable in $6,250 installments for each game he suited up. Asomugha was in uniform for just three games this season.

The 49ers could have used the savings from another team claiming Asomugha because salary-cap room from one season can be rolled into the next year.

The 49ers can begin negotiating contract extensions with quarterback Colin Kaepernick and outside linebacker Aldon Smith after this season. Guard Mike Iupati and wide receiver Michael Crabtree are among those who might be candidates for contract extensions, too.

In essence, that $470,000 in savings lost could have been parlayed into $2.35 million in signing bonus payouts over a five-year contract. Signing bonus money is prorated over the life of a contract when it comes to tabulating a player’s salary-cap figure for any given season.

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