Matt Cassel has been traded from the Patriots to the Chiefs. Adam Schefter broke the story on NFL.com. More details as they come, but for now…
YEEEEEEEEEEESSSSSSSSSSSSSSSSSSSSSSSSSSS!!!!!!!!!!!! We finally got a quarterback!
Update: Here is some more news from PFT on SportingNews.com:
It’s easy to assume that the Chiefs gave up the No. 3 overall pick in the draft, but the Pats aren’t the kind of team that would want to pay the kind of huge-money contract that the third overall slot commands.
That said, the Patriots could try to trade down from No. 3, continuing their practice of stockpiling draft picks and getting them at lower slots and thus cheaper contracts.
Once the trade goes through, the Pats will immediately clear $14.65 million from their 2009 cap space. Per Schefter, the trade is occurring without a new deal, which means that the Chiefs will have Cassel under contract for only one year at $14.65 million until a new deal is reached.
In many cases of this nature, the team trading a franchise player works out a new contract with a lower cap number before trading his rights. But since the Chiefs have more than enough room to carry Cassel’s eight-figure one-year pay, there’s no need to extend the deal before the trade goes through.
It also remains to be seen whether the Chiefs have protected themselves against Cassel declining to sign a long-term deal with trade terms that tie the final compensation to whether the Chiefs extend his contract.
Then again, Cassel and G.M. Scott Pioli likely will forge an acceptable middle ground; Pioli found Cassel in the seventh round of the 2005 draft, and Cassel returned the favor by making Pioli look like even more of a genius when Cassel finally was called upon to play.
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