This was originally reported by the Suntimes, but here's a condensed version from ProFootballTalk.com

http://profootballtalk.nbcsports.com/2010/03/02/report-bears-have-25-million-in-up-front-money-to-spend/

Last month, Bears president Ted Phillips declared that the Bears won't go "hog wild" in free agency.

Apparently, not going hog wild means having only $25 million in guaranteed money to spend on free agents.

Sean Jensen of the Chicago Sun-Times reports that G.M. Jerry Angelo has received permission to spend that amount in order to secure "impact" free agents. Frankly, that won't be enough to make a competitive bid for Panthers defensive end Julius Peppers -- especially if the Redskins are sitting in the crowd with one of those paddles with a number on it.

Jensen suggests that the allotted sum could go even higher based on a purging of veterans like Orlando Pace, whose departure frees up $3.75 million under whatever budget the team has applied to the 2010 season. Others who could be targeted for full or partial pay cuts are cornerback Nathan Vasher, defensive end Alex Brown, and receiver Rashied Davis.

Why wouldn't they be able to get Peppers? It's not like they have to give him ALL of his guaranteed money this year. These bonuses are spread over the entire contract. IMO $25 in bonus money to spend this year is good enough to get several impact players.

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I’m having a hard time believing that Jerry Angelo isn’t aware of the fact that Peppers is likely to cost somewhere around $35 million guaranteed. I’m wondering if this isn’t an example of a Sun Times writer that is confusing a signing bonus with guaranteed money. Perhaps the Bears said that Angelo could only write $25 million in up front checks this year, but guaranteed money can be built into the first several years of a player’s deal. For the larger deals, it often is, and can be disguised as guaranteed roster bonuses, workout bonuses, etc. Since a player of Haynesworth or Peppers’ ability is likely to be on the team for at least 3 years, this isn’t a problem. It would only be an issue if a player was cut after a season, because all of those additional guarantees would roll forward. But it isn’t traditionally used for lesser players that may be competing for a job or veterans that are one year deals disguised to look like multi year deals for accounting purposes (like Orlando Pace was).

Angelo has proven to be pretty shrewd with the cap and its management, so my guess is that he’s aware of the likely going rate for Peppers. Why put out all of those feelers if you haven’t anywhere near the money to spend on him alone, let alone him and the other players the Bears are linked to in terms of interest? If they are referring to signing bonus alone, then it makes sense. $15 million or $18 million up front for Peppers combined with $5-6 million for a top flight Safety and then fill in some holes with veteran backups or a mid level OT or Guard prospect. That would make more sense.

Haynesworth’s deal, which was supposed to be much larger than what Peppers is looking at due to the possibility of a 2011 lockout, guarantees $32 million over 13 months, so basically a huge portion this year (maybe $22 million) and then another huge portion in 13 months (technically next season and possibly for another $10 million) and not up front. If Peppers deal is smaller than Haynesworth, then maybe he’s looking at $15-18 million up front and another $7-9 million at the start of next season in workout/roster bonuses, paying out $22-27 million guaranteed, but within 13 months spread out over two cap seasons like Washington did with Haynesworth.

Even Washington wasn’t willing to front the entire guaranteed portion of Haynesworth’s deal in a single season. Haynesworth’s deal also has some kind of poison pill clause in year 5 that could lop $29 million and 2 years off the deal fairly easily.

But there is no cap for the coming year, so I would assume someone would be willing and able to pay more than the Bears up front.

Personally, I have questions about how Peppers will perform once he signs a new deal.

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This is true. I guess they could make his base salary for the year higher. I want them to avoid Peppers unless it's a good deal. I don't want them to make a flashy move to make fans happy when it will end up being bad for the team.

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That's a crap shoot. Any player can go that way and it's next to impossible to figure it out before hand...

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Except Peppers has a reputation as a guy who takes plays off, doesn't practice hard, & plays when he wants to play. That is too risky. The Bears don't need to tie up all of their free agency money in one player. Go out & sign Taylor, Rolle & Kampmen.

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We don’t have a trillion-dollar debt because we haven’t taxed enough; we have a trillion-dollar debt because we spend too much. — Ronald Reagan