While the end result is the same — Reynolds is no longer on the team — there are major salary-cap ramifications depending on Reynolds' NFL future.
If Reynolds isn't claimed on waivers, the Packers would be on the hook for only $1.3 million, the yearly cost of his signing bonus, on both the 2004 and 2005 caps. That's because by releasing Reynolds, they were able to erase his $455,000 base salary and a $217,250 roster bonus due July 15. All told, the Packers would save about $672,000 on this year's salary cap, based on Reynolds' 2004 cap figure of $1.97 million. Reynolds' 2005 base salary of $500,000 would be erased, as well, but that $1.3 million bonus looms as dead money on next year's cap.
If Reynolds is claimed off waivers — a decent possibility considering the Colts made the trade to ensure they got their man — Reynolds' 2004 cap figure would swell to $2.6 million because the 2004 and 2005 signing bonuses would be accelerated to this year's cap. This scenario is the same as if the trade were finalized.
In three seasons with the Packers, Reynolds recorded 17 tackles and three sacks while playing 18 of a possible 48 regular-season games. His first two years were slowed by a knee injury and subsequent surgery during his rookie season. He allegedly was healthy last season but played in just five regular-season games and the Seattle playoff game and never laid a finger on a quarterback.
No members of the Packers' front office were available to comment, but it's presumed Reynolds failed the physical due to problems with that left knee.
The Colts traded an undisclosed draft pick to the Packers for Reynolds a week ago. His brother, Diron, is the Colts' defensive quality-control coach.