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3 big-money contracts that look better on closer inspection

Bob Levey / Getty Images Sport / Getty

During the reactionary time of free agency, deals are either viewed as great or terrible in terms of value.

However, things aren't always so black and white, especially given the complexity of NFL contracts.

Here are three deals that seem much more reasonable when placed under the microscope:

Brock Osweiler, Texans

Four-year, $72-million contract ($37 million guaranteed)

Perception: The Texans were so desperate for a quarterback that they handed a huge deal to Osweiler, who only had seven starts on his four-year resume and was benched for a broken down Peyton Manning in 2015. Osweiler has promise, but nowhere near enough be worthy of a deal that averages $18 million annually.

Reality: The Texans haven't handcuffed themselves to Osweiler for more than two seasons. The structure of the deal means they can realistically move on from him after two seasons if he completely fails, with $6 million in dead cap for 2018 and $3 million for 2019. His first two seasons contain all of his guaranteed money, and his cap hits of $12 million in 2016 and $19 million in 2017 are more than manageable.

Even if Osweiler is no more than average - which is the most likely outcome based on his play so far - then his deal is still reasonable in the current NFL climate. Osweiler may have received a huge contract, but he's still only the 16th highest-paid quarterback in the league in terms of yearly salary (the definition of average with 32 starters). That doesn't even represent his true standing, as the only starters below him are passers on outdated or rookie deals. If the best-case scenario happens, and Osweiler become a franchise-level player, then Houston has him on a below-market deal.

Houston needed to take a risk to fill their void at quarterback, but they avoided gambling their long-term future on Osweiler.

Cameron Wake, Dolphins

Two-year, $15-million contract ($10 million guaranteed)

Perception: Wake's deal was a head-scratcher by the Dolphins. He's been one of the league's top edge-rushers since joining the Dolphins from the CFL in 2009. However, giving a new deal to a 34-year-old coming off a torn Achilles made little sense. Not only did Miami give Wake a new deal instead of letting him prove his health in 2016, they handed in $10 million in guaranteed money. The move also did little for the Dolphins' cap, saving just $1.275 million in 2016.

Reality: Wake had one year left on his current contract, and his deal was said to be a "two-year extension." That doesn't mean Wake had two more years tacked on to his current deal, instead, he had his previous deal ripped up and this new contract will take its place. In handing Wake a $1.725-million raise for this season, the Dolphins will have him under contract in 2017 for a new money value of $5.725 million - a small figure if he's able to return to form.

If Wake doesn't produce, only $3.125 million of his 2017 salary is fixed on the books, meaning the Dolphins could restructure his deal to that mark to better suit his reduced effectiveness. If Wake had played out his previous deal and had a good 2016 season, then the Dolphins would have either been forced to let him go, or pay him way more than what's now scheduled for 2017. Instead, they locked him in for a reasonable salary for the foreseeable future, hoping he can return to form, but also allowing themselves the leverage to reduce his money if he can't.

Kelechi Osemele, Raiders

Five-year, $58-million contract ($25.4 million guaranteed)

Perception: No one denies that Osemele is among the premier guards in the NFL, but the Raiders broke the guard market with his deal. Osemele's yearly salary of $11.7 million is $3.7 million more than the next highest-paid guard. The 26-year-old will greatly improve the Raiders' offensive line and will protect their franchise player in Derek Carr, however, they overpaid and could have allocated the money to areas that would have provided better value.

Reality: While Osemele received a deal far in excess of any other guard, it's likely a contract that will reset the market and will be matched in the near future. Entering the offseason, the Raiders had close to $73 million in cap space. Considering the NFL imposes a minimum spending requirement for teams, the Raiders had to spend big. And, while overpaying isn't always smart, Osemele is arguably the surest player to continue to play at an elite level.

Because of their copious cap space, the Raiders were able to front-load Osemele's deal. With no guaranteed money after the first two seasons of his contract and $10-million cap hits in 2018, 2019, and 2020, the Raiders hold all the leverage in the long term.

Osemele's potential position move could also make this deal great. Oakland re-signed left tackle Donald Penn this offseason to a two-year deal, but can move on after just a year. While it's more likely Osemele will remain at guard, the Raiders could move him to left tackle, as he's performed well there previously in his career. If the move happens, he'd be the fifth-highest paid player at that position, which would be outstanding value for a player of his caliber.

(All contract numbers courtesy of Over the Cap)

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