NFL Media Insider Ian Rapoport reported Tuesday that Ellerbe's base salary for 2015 has been chopped from $8.425 million to $1.1 million, per a source who has seen the deal. Ellerbe is guaranteed to make $4.9 million in 2015 off additional signing and roster bonuses. Previously scheduled to earn $6.45 million in base pay in 2016 and another $6 million in 2017, Ellerbe will now average $5.2 million over those two seasons with bonus pay factored in.
Traded along with a third-round pick for wideout Kenny Stills, Ellerbe is getting a second chance in New Orleans after two disappointing seasons in Miami. His pay cut was part of the deal, Rapoport was told, making the move palatable for a Saints front office battling the salary cap.
Draft pick aside, the Dolphins landed the player with the higher upside. Stills is an intriguing pass-catcher who won't cost Miami much coin. Ellerbe, 29, has yet to live up to his billing -- or his previously outrageous pay grade.