Chicago Bears: Cameron Meredith inexplicably leaves for nothing

In a completely mishandled situation, Ryan Pace and the Chicago Bears let Cameron Meredith walk away for nothing in return.

Ryan Pace and the Chicago Bears are left holding the bag now that the New Orleans Saints have officially agreed to terms with wide receiver Cam Meredith on a two-year deal. The deal is worth $9.6 million, with $5.4 million in guarantees. Meredith, who was given the original-round tender ($1.907 million) by the Bears on March 12, signed the Saints offer sheet on April 11. The Bears had five days to match New Orleans offer but decided not to.

This scenario was completely botched by Ryan Pace and the Bears. Had the team given Meredith a second-round tender (at just $2.914 million), they would have received compensation for Meredith’s departure. However, because the team was pinching-pennies and gave Meredith the lowest tender, the Bears let the 25-year old wide receiver walk away for nothing.

This comes just one-year after the Bears let Alshon Jeffery walk away in free agency for nothing. Had the Bears franchise-tagged Jeffery, they could have tried to trade him and receive compensation in return (the Miami Dolphins did just that this year with Jarvis Landry).

Meredith, who tore his ACL during last year’s preseason, had a career-high 888 receiving yards and four touchdowns in 2016. He was being counted on to be the team’s No. 1 wide receiver last season before the injury occurred. He’ll now have a chance to rejuvenate himself by catching passes from Drew Brees in New Orleans. Meredith’s new two-year deal also ensures that he’ll hit free agency again in 2020 when he will still be just 27 years old.

The Bears know Meredith’s medical history better than anybody, and it’s clear that they did not feel comfortable handing Meredith $5.4 million in guaranteed money. However, the second-round tender would have cost the Bears just $2.914 million. That’s relatively peanuts, particularly given the Bears salary cap situation.

The Bears still have the sixth-most cap space of any team (nearly $27 million). Even if no one signed Meredith to an offer sheet and the Bears retained his services for one more season, it would have been well worth it to see exactly how Meredith plays. In this scenario, Meredith would be playing on a one-year “prove-it” deal. If he played great, the Bears could have tried to sign him to an extension; if Meredith struggled, the Bears could move on next offseason with no financial repercussions.

So, instead of taking a cheap one-year flier on a player in his prime or getting compensation for his departure, the Bears get absolutely nothing. This whole situation could have been avoided for just $1 million more. If Meredith returns to his 2016 form down in New Orleans, this will be one of Ryan Pace’s worst decisions.

Next: Chicago Bears: 2018 NFL Draft shaping up very well

I sure hope Pace is enjoying that extra $2.914 million in cap space right now. Not only will that cash likely never get spent this year, but now there’s yet another hole on the Bears roster that needs to be filled. What a terribly mishandled situation!