Well that answers that. Last week we asked you to put on your General Manager hats, and tell us what you'd do with Derek Cox. A surprising 38% of you voted to keep Cox for another year. 62% voted to cut him.
Cox made $10.25 million in guaranteed money from the Chargers.
We had made the case that the team could keep him until at least June 1st and cutting him would split his signing bonus cap hit between the 2014 and 2015 seasons. What we didn't know at the time was that his $4.25 million base salary was fully guaranteed if he was still with the team on March 13th. The fact that his base salary was fully guaranteed on March 13th means it's a pretty easy decision to cut him now if the team had no plans to keep him.
Cutting him now means the team doesn't owe him his $4.25 million salary, but it does create $3.9 million in dead money. The team had given him a $5.2 million signing bonus last year. Cutting Cox 1 year into his 4-year contract means 75% of his signing bonus now counts against the salary cap for 2014.
The Chargers now have about $12.55 million in dead money "owed" to Jared Gaither, Robert Meachem, Derek Cox and Le'Ron McClain.