REPORT: Bears to Sign Mike Glennon for 3 Years and $45 Million, With Just $19 Million Guaranteed
At long last, the reported full numbers on the Bears’ much-expected signing of free agent quarterback Mike Glennon:
When Mike Glennon signs with Bears, as expected, it will be a three-year, $45 million deal that includes $19 million guaranteed, per sources
— Adam Schefter (@AdamSchefter) March 9, 2017
The deal won’t be official until the signing window opens up at 3pm CT, but no one expects there to be any last minute hurdles.
Although the $15 million AAV number has been bandied about – and criticized – for days, the real question all along in the Glennon signing was how much guaranteed money would be involved. At just $19 million, that’s only about 42% of the contract being guaranteed – a relative low for recent quarterback signings. Note that Brock Osweiler’s deal with the Texans last year included $37(!) million in guaranteed money on his four-year, $72 million deal.
Heck, the “cheap” option out there was to retain Brian Hoyer, and he’s reportedly getting $10 million guaranteed:
When finalized today, Hoyer's deal w/SF expected to be: 2 yrs, $12m w/ upside to $18m, (2,500 yrds passing, 20 TDs each season), $10m gtd.
— Adam Caplan (@caplannfl) March 9, 2017
From a purely financial/value standpoint, this is not a bad deal for the Bears by any stretch, particularly if the money is structured in such a way as to limit the impact in 2018 and 2019.
As for whether this is the right quarterback move for the Bears (who will still target a QB in the draft, I remind you), that can be debated.
As things stand now, Glennon projects to enter 2017 as the Bears’ starting quarterback, with the opportunity to demonstrate that he should stay in that role for 2018 and beyond. If he doesn’t, then the hit to the Bears may not be all that significant.