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This is interesting....

Source: ProFootballTalk.com - Mike Florio

Denver Broncos QB Peyton Manning signed a 'renegotiated' contract, but sources with knowledge of the deal said the new terms don't change his compensation. The contract, according to the source, adds an insurance clause, which reflects that the team has purchased an insurance policy in the event Manning suffers a serious injury. The insurance would both compensate the Broncos and provide a cap credit in the event Manning can't play. Manning will earn $40 million guaranteed over the next two seasons, in $20 million chunks for 2013 and 2014, respectively. The Broncos can avoid the $20 million payment in 2014 only if Manning suffers injury to the same area of his neck that kept him from playing in 2011.

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Wonder if the Packers are considering something like this too?
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How does something like this work? Is this insurance bought from the NFL? Can players pay back their salaries if injured (not that they would if there wasn't some kind of insurance policy that pays them)? Why not do this with every player on the roster who makes more than the minimum wage? If it makes sense for $20 mil, it makes sense for $2 mil--it would just be a matter of some insurance company calculating risk of injury against cost of pay-out. Put the business manager and the insurance accountant together in a room with medical specialists and stat geeks and you negotiate a prudent cost for the team that offers a reasonable profit to the insurance company.
Any way I think this over it looks like cap credit is, in effect, for sale. If with 'insurance' you can avoid a cap hit for an injured player who can't play whereas you'd lose cap space without the insurance it also looks like the old 'protection' racket.

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