No Trey Hendrickson Trade Imminent; Bengals’ Asking Price Has Dropped?

The last few days have brought a flurry of updates regarding Trey Hendrickson‘s persisting standoff with the Bengals, though there seems to be no real progress regarding contract or trade talks

Hendrickson and the Bengals reached an agreement on the length and value of an extension weeks ago, according to NFL Network’s Tom Pelissero. However, the team still refuses to guarantee money beyond the 2025 season, which has been one of the All-Pro edge rusher’s demands all along. Hendrickson confirmed the state of negotiations as described by Pelissero to ESPN’s Laura Rutledge during Monday Night Football coverage of the Bengals-Commanders preseason game (via ESPN’s Ben Baby).

Rutledge also reported that there has been no movement on a potential trade, likely due to the Bengals’ high asking price. They rejected an offer of “a second-round pick and change,” before the draft, per Pelissero, preferring a first-rounder instead. He added that the price has “softened, or at least changed a little bit,” explaining that Cincinnati is now asking for a draft pick and a young impact player to help offset the loss of Hendrickson this year.

However, that does not gel with a report from The Athletic’s Dianna Russini, who says that teams who checked in with the Bengals regarding a Hendrickson trade were given an asking price of a 2026 first-round pick and a young defensive player. That player does not necessarily have to be a pass rusher.

Despite an early report that the Browns were interested in trading for Hendrickson, Cleveland is not “seriously pursuing” the NFL’s reigning sack leader, according to Mary Kay Cabot of Cleveland.com. The Patriots, however, have called about Hendrickson, per Outkick’s Armando Salguero, though putting together a package that meets the Bengals’ requirements may be difficult this close to the season.

Nikhil Mehta contributed to this post.

Bengals Listening To Trade Offers On DE Trey Hendrickson; Contract Talks Have Stalled

10:00pm: Cincinnati has been fielding calls on Hendrickson for weeks, Dehner and colleague Dianna Russini report. If the Bengals were to trade Hendrickson now, they likely would not land as valuable of a trade package as they would have if they had traded him before the draft. Clearly, no team has put forth an attractive enough offer as of yet.

12:20pm: Contract talks between the Bengals and defensive end Trey Hendrickson are at an impasse, per Tom Pelissero and Ian Rapoport of the NFL Network. As such, the club is again listening to trade offers for its star pass rusher.

NFL insider Jordan Schultz says the Panthers, Browns, and Colts are among the clubs that have expressed interest. Of course, an intra-division trade to Cleveland for a player of Hendrickson’s magnitude is unlikely, and Cincinnati is still setting a high asking price in trade talks. Per Schultz, the Bengals are seeking an impact player or two as well as a draft pick. A mutual interest still exists for this team-player relationship to continue, Schultz adds, but the same issues (namely guaranteed money) continue to represent a sticking point in negotiations. 

The Bengals’ offense was excellent in 2024, with quarterback Joe Burrow and wide receiver Ja’Marr Chase both submitting MVP-caliber performances. Chase and running mate Tee Higgins were re-signed this offseason, and the team also returns promising running back Chase Brown, so points should not be terribly difficult to come by.

However, the team’s woeful defense undermined the efforts of Burrow & Co., and Cincinnati ultimately failed to qualify for the postseason. That is despite the presence of Hendrickson, who recorded 17.5 sacks for the second year in a row and who earned First Team All-Pro acclaim. Given that continued elite production and the upward movement of the EDGE market, any new Bengals accord will include a substantial raise if one can indeed be worked out before Week 1.

The Bengals did add a potential impact pass rusher, Shemar Stewart, in the first round of April’s draft, and Stewart is now in the fold after unusual contract talks of his own became a basis for criticism directed at the organization. Still, it is unclear whether Cincinnati did enough this offseason to significantly improve its defense, and subtracting Hendrickson from the equation would seem to make matters more difficult for new defensive coordinator Al Golden.

As such, Kelsey Conway of the Cincinnati Enquirer is skeptical that the Bengals are serious about moving Hendrickson, and Paul Dehner Jr. of The Athletic does not believe the situation has changed. He does not think the club, through today’s reports, is trying to drum up trade interest, and he continues to believe it is unlikely a rival team will meet Cincinnati’s asking price and pony up a massive extension for Hendrickson.

As things stand, the 30-year-old is owed $16MM in 2025, the final year of his pact. Hendrickson has stated a willingness to sit out regular season games in the absence of an extension. Time remains for an agreement to be reached, but before authorizing any major raise, the Bengals will once again field trade offers.

Adam La Rose contributed to this post.

Brian Schottenheimer Did Not Expect To Land Cowboys’ HC Job; Jets, Seahawks Surfaced As OC Options

After a two-man HC search in 2020, the Cowboys again veered off the usual search playbook by conducting a four-interview operation to replace Mike McCarthy. Their choice — Brian Schottenheimer — had not been part of a head coaching interview in over a decade, and the team announced the unorthodox promotion on a Friday night.

As term length became a sticking point in conversations to retain McCarthy, the Cowboys did not move on until a week after Black Monday passed. This reminded of the team’s delay in firing Jason Garrett in 2020. Labeling the Schottenheimer promotion “a risk, not a Hail Mary,” Jerry Jones had said the OC being in place as an option contributed to the delay in firing McCarthy.

Dak Prescott had endorsed McCarthy, but The Athletic’s Michael Silver notes the veteran quarterback’s rapport with Schottenheimer did well to lead to this unexpected promotion. His HC interviews came after the second-generation NFL staffer expected to be heading elsewhere. Both Aaron Glenn and Mike Macdonald had contacted Schottenheimer about their respective OC positions, Silver reports.

A Jets or Seahawks move would have brought a reunion for the well-traveled coach. Schottenheimer was the Jets’ OC from 2006-11 — a stint that saw him stick around in that role in 2009, despite Rex Ryan beating him out for the New York HC job — and helmed the Seahawks’ offense from 2018-20. But the Cowboys’ interest in Schottenheimer staying — either as an OC or HC — scuttled those respective reunion prospects. While Schottenheimer had told McCarthy he was planning to head elsewhere, confirming (via WFAA’s Ed Werder) he did not view himself as a likely HC option in Dallas, but Jones made it clear he wanted to retain him.

I’m like, ‘What’s up, Jerry?’ Schottenheimer said (via Silver) of an ensuing phone call with Jones. “And he’s like, ‘Let’s see what this would look like … at the very least, I don’t want you to leave. I want you to stay here, be my play caller, and be the offensive coordinator. But let’s talk a little bit more in depth.’”

Schottenheimer, 51, had been a non-play-calling OC during McCarthy’s tenure. Even if Jones had insisted on Schottenheimer staying to call plays, that would have been a notable change. It would also not have been the first time Jones mandated a coordinator stay; upon hiring McCarthy, the Cowboys retained Kellen Moore as their play-caller. Though, Moore already called plays under Garrett for a season. Both the Jets and Seahawks’ 2025 OC gigs would have been for play-calling roles; Schottenheimer had called plays for both teams previously.

The Cowboys’ 2025 search consisted of Moore, Schottenheimer, Robert Saleh and Seahawks assistant Leslie Frazier. Moore was reported to be a frontrunner at one point, but while the Eagles were journeying to the Super Bowl LIX title, Schottenheimer impressed Cowboys brass. Three days after the Moore report emerged, word circulated the Cowboys were giving serious consideration to elevating Schotteneheimer — during a process that included two lengthy interviews with the three-year Dallas staffer.

Schottenheimer turned down avenues to become the Dolphins’ HC in 2007 — the job eventually went to Cam Cameron — and to land the Bills’ HC post in 2010 (the job went to Chan Gailey), passing on both AFC East situations. The Jets gave Schottenheimer a considerable raise to stay on as OC in 2007. He later interviewed for the Jaguars’ HC gig twice in two years, after the team hired Mike Mularkey over him in 2012 and then moved on after one season. The Bengals also reached out, according to Silver, in 2019 but backed off their pursuit before an interview occurred. Cincinnati hired Zac Taylor. A Texans rumor emerged in late 2020, but no interview commenced; Houston hired a new GM (Nick Caserio) weeks later.

The 2020 Seahawks season then featured tension between Pete Carroll and Russell Wilson, and the QB’s explosive start brought internal “hero ball” accusations. An end zone interception during a November 2020 loss to the Rams prompted Carroll to tell his then-third-year OC he did not recognize the offense the team was running. After Seattle tightened the reins on Wilson after his hot start cooled, Carroll fired Schottenheimer at season’s end. A disastrous one-year fit as Urban Meyer’s Jags QBs coach transpired in 2021.

I thought I had missed my window,” Schottenheimer said, via Silver. “It’s a young man’s game. My wife and I would sit around at night sometimes talking about it during the offseason, like, ‘Damn, it would have been cool to lead my own team at some point,’ because I knew I would be good at it. I say that humbly. I knew that I’d be good at it because of my people skills, my ability to lead. But I had to come to peace with that.”

Schottenheimer’s ascent in Dallas represents one of the most surprising hires in recent NFL history, but the seasoned HC does carry 14 years of OC experience. The Cowboys will count on him to coax better play from Prescott compared to his 2024 start. McCarthy is not currently on an NFL staff, having backed out of the Saints’ HC pursuit — which Moore won — during that process.

Bengals S Geno Stone To Miss Time

The Bengals’ safety depth will be tested during the final weeks of the offseason. Geno Stone exited the team’s preseason opener with what has been termed a soft tissue injury.

On Saturday, head coach Zac Taylor said (via The Athletic’s Paul Dehner Jr.) Stone is week-to-week. Depending on how his recovery process fares, missed time during the regular season could be in store as a result. That would leave the Bengals thin in the secondary.

Stone – who agreed to a pay cut in May – is on track to handle starting duties in 2025 alongside Jordan Battle (who has yet to log a defensive snap share above 48% during his two seasons in the NFL). Set to play his sixth season in the league, Stone started every game with Cincinnati last year; he notched a career-high 81 tackles to go along with four interceptions in 2024.

With Stone at least set to miss practice time in the near future, Cincinnati’s backups at the safety spot will receive an extended evaluation. 2024 seventh-round pick Daijahn Anthony and Tycen Anderson (taken in the fifth round in 2022) are next in line on the depth chart. Their performances in the coming days will be key in determining if an outside addition is deemed necessary.

“That’s a group that we’re looking to make sure we’re deep enough there,” Taylor said (via Dehner) when speaking about the Bengals’ remaining healthy safeties. “So I think it’s a good chance to really see where they’re at in their development… Those are guys that these next six practices will be really good for.”

Improving against the pass is a major priority for the Bengals in 2025, so the play of their secondary will be critical. Stone is a pending free agent, and a strong showing this season would help his market value next spring. That will of course depend on his ability to return to action in time for Week 1, something which will be worth monitoring.

Justin Simmons, Jordan Poyer and Vonn Bell – who returned to Cincinnati on a one-year pact for 2024 – are among the safeties still unsigned at this point. The Bengals currently have nearly $29MM in cap space, so if an addition is to be pursued in the wake of Stone’s injury, finances will not be an issue.

Cody Ford In Lead For Bengals Starting Job; Dylan Fairchild Entrenched At LG

Defense understandably became the primary Bengals offseason focus, given the events of 2024, but the team will almost definitely have a rookie starting on offense. Despite not being drafted until No. 81 overall, Dylan Fairchild appears a safe bet to begin his rookie season as a starter.

The Bengals have Fairchild ready to take over at left guard, The Athletic’s Paul Dehner Jr. notes. Rather than cross-training Fairchild at both guard spots, OC Dan Pitcher said (via SI.com’s Jay Morrison) the team is only having him work at the LG spot. That development has not yet hit a snag, and Fairchild is readying to replace Cordell Volson as the Bengals’ primary starter there.

Touted as a competition between Volson and Fairchild, Cincinnati’s LG situation now looks settled. Fairchild will make the common SEC-to-NFL jump, coming from Georgia. Fairchild started for the Bulldogs over the previous two seasons, earning second-team All-America acclaim for his 2024 performance. Although veteran options exist in Cincinnati, the team’s plan appears clear.

A 2022 fourth-round pick, Volson had been the Bengals’ primary LG from 2022-24. He started 48 games in that span but was benched in December of last year. The Bengals then reduced his contract-year salary this offseason, adding $500K guaranteed in that compromise, putting the North Dakota State product on the roster bubble.

With Fairchild the likely Week 1 Cincy LG starter, the team will turn to a veteran at the other guard spot. While the Bengals signed Lucas Patrick this offseason, ESPN.com’s Ben Baby notes Cody Ford is the clubhouse leader to take over there. Ford can be classified as having the inside track, per Baby, especially as Patrick has missed recent practices with an injury. The Bengals gave Patrick a one-year, $2.1MM deal but only guaranteed him $200K. Ford re-signed on a two-year, $6MM contract that came with $1MM guaranteed.

Both deals featured the team protecting itself, but Ford is now in his third year in Zac Taylor‘s system. After making one start in 2023, the former Bills second-round pick made nine last season. Ford, though, spent most of his 2024 time filling in for Orlando Brown Jr. at left tackle. He played 431 snaps there, logging zero at right guard. Ford did line up at LG on 152 plays last year. Patrick has vacillated between center and guard during his career. After a two-year run as the Bears’ primary snapper ended, he caught on with the Saints and worked as their primary LG, logging 474 snaps there last season.

Overall, the Bengals are counting on lower-level investments to bail them out at guard — after the team released three-year RG Alex Cappa this offseason — and Dehner adds neither Ford nor Patrick looked great during the team’s preseason opener Thursday. This is obviously not a great juncture to bring in a veteran, and a July offering pointed to the Bengals standing down here. That said, Brandon Scherff, Dalton Risner, Cody Whitehair and Mark Glowinski are available. The Cardinals and Steelers, respectively, took Will Hernandez and Andrus Peat off the market Thursday. The waiver wire figures to also be a place to monitor for Cincy here.

Ford has yet to hold a starting job for a lengthy period as a pro, being traded out of Buffalo and not being retained by Arizona as a 2023 free agent. Ford has made 42 career starts, however. Barring an outside addition, it appears the Oklahoma alum will add to that total soon.

Bengals’ Offer To Trey Hendrickson “Closer To The Top Of The Market”

There’s been plenty of analysis on the stalemate between the Bengals and star edge rusher Trey Hendrickson. We’ve continually heard that the main holdup between the two sides revolves around guarantees, and that still appears to be the case. However, when it comes to average annual value, it sounds like the Bengals are willing to make Hendrickson one of the highest-paid players at his position.

[RELATED: Trey Hendrickson Not Seeing Bengals Talks Shift]

According to Albert Breer of SI.com, the AAV is “no longer the problem” between the two sides. Breer believes the Bengals are offering a contract that’s “well into the 30s” annually, and the offer is “closer to the top of the market than people want to believe.”

Just this offseason, we’ve seen four pass rushers surpass Nick Bosa‘s $34MM AAV, with T.J. Watt now pacing the position with a $41MM annual mark. While a Micah Parsons deal could slightly change the calculus, it sounds like the Bengals and Hendrickson are generally in agreement on the contract’s basic value.

The Bengals organization has traditionally shied away from offering guarantees beyond the first year of an extension, although they did buck that trend when it came to contracts for Joe Burrow and Ja’Marr Chase. While those deals could have set a new precedent for the Bengals defensive leader, it sounds like the front office isn’t budging on their first-year guarantee stance.

There were some recent rumblings that the team was considering including some guaranteed money in the second year of Hendrickson’s contract, but it sounds like that still won’t be enough to satisfy the impending free agent. The Bengals are trying to point to the massive raise Hendrickson would see in 2025, but we learned that a $10MM gap in guaranteed money still exists between the two sides.

There were once reports that the Bengals hadn’t offered a contract that even touched a $35MM AAV, so from a glass-half-full perspective, Breer’s report seems like a positive step forward. However, there have been reports all along that a disagreement over guarantees were at the root of the showdown between the Bengals and Hendrickson, and that apparently hasn’t changed.

Hendrickson engaged in a brief holdout before reporting to training camp, but he refuses to practice with his teammates until he inks a new deal. The player later told reporters that “nothing has changed” when it comes to negotiations, so it sounds like this is a storyline that’s destined to continue throughout the preseason.

Bengals To Sign TE Noah Fant

The Bengals are expected to sign veteran tight end Noah Fant, according to ESPN’s Adam Schefter. The Bengals released undrafted rookie Kole Taylor in a corresponding move, per Schefter.

Fant was released by the Seahawks on July 20 and quickly lined up a visit with the Bengals. Fant left Cincinnati without a deal and met with the Saints and the Dolphins but quickly circled back to the opportunity to catch passes from Joe Burrow.

Fant will now join a Bengals tight end room led by Mike Gesicki and Drew Sample. The former first-round pick will likely be an upgrade over 31-year-old Tanner Hudson, who has been a reliable, inexpensive third tight end in Cincinnati with 58 catches for 506 yards over the last two years. Fant nearly hit those numbers last year alone with a total of 1,400 yards over his last three years in Seattle and a career average of 550 yards per season.

The six-year veteran also brings some versatility to the tight end position that the Bengals currently lack. Sample is largely an inline blocker while Gesicki played almost all of his snaps last year in the slot or out wide. Fant can do all three, which will give head coach Zac Taylor plenty of ways to get him on the field.

The Bengals will be Fant’s third team after he was drafted by the Broncos in 2019 and sent to the Seahawks as part of the Russell Wilson trade in 2022. Fant then became the first Seahawk to see his fifth-year option picked up, which the team did upon acquiring him in 2022. The Seahawks still leaned mostly on D.K. Metcalf and Tyler Lockett during Fant’s first two years with the team, but they still re-signed him to a two-year, $21MM deal in 2024. Seattle then drafted Elijah Arroyo in this year’s second round; the team will lean on the Miami product after releasing Fant just before training camp.

The former No. 20 pick may not be an elite receiving threat, having never eclipsed 700 yards in a season, but he has been consistent; Fant’s 3,305 career receiving yards are the 10th-most among tight ends since he entered the NFL. After featuring mostly low-octane tight end contributors following Tyler Eifert‘s slew of injuries, Cincinnati has added two receiving threats over the past two offseasons. The team re-signed Gesicki (three years, $25.5MM) in March and will pair him with an intriguing late-summer addition.

Trey Hendrickson Not Seeing Bengals Talks Shift; Guarantees Remain Issue

Following Terry McLaurin, Trey Hendrickson reported to training camp after a brief holdout. The Bengals can no longer levy nonwaivable $50K fines daily, but they will not see the disgruntled defensive end suit up for practice.

Hendrickson will also follow the Commanders wideout in staging a hold-in; unlike McLaurin, no injury designation is covering this tactic. Hendrickson (via the Cincinnati Enquirer’s Kelsey Conway) is healthy and not working out due to dissatisfaction with his Bengals negotiations.

[RELATED: Bengals Reach Compromise To Sign Shemar Stewart]

Although Hendrickson reporting to camp can be interpreted as a positive sign, the 2024 sack leader squashed a notion of improvement by saying (via The Athletic’s Paul Dehner Jr.) “nothing has changed” with regard to his Bengals impasse. Though, Fox Sports’ Jordan Schultz indicates Hendrickson does plan to attend Bengals meetings to stay engaged while embroiled in this dispute.

Hendrickson wants future salary guarantees, a contract dealbreaker — for non-Joe Burrow and Ja’Marr Chase performers — in Cincinnati. A report indicated Hendrickson rejected multiple Bengals offers following the franchise’s traditional structure, which features no post-Year 1 salary guarantees, and ESPN’s Adam Schefter confirmed (during a Pat McAfee Show appearance) locked-in money represents the final hurdle here. The parties are believed to be in agreement on total value.

The Bengals are not willing to budge much on guarantees, per Schefter, who indicates the parties are far apart here. Schefter pointed to a roughly $10MM guarantee gap existing while adding, in a notable inclusion, the Bengals have discussed a partial guarantee for Year 2 of the extension. We broached this as a possible middle ground in the latest Trade Rumors Front Office post, though Hendrickson is displeased with the amount of guaranteed money the team is willing to provide post-Year 1. For 2025, however, NFL.com’s Ian Rapoport and Tom Pelissero note Hendrickson would receive a “huge” raise.

Cincy broke with its guarantee M.O. for Chase while tying Tee Higgins to a traditional deal. Higgins being paid almost definitely is affecting Hendrickson, as all signs were pointing to Higgins departing — in free agency or via a tag-and-trade move — in 2025. Burrow’s persistent lobbying undoubtedly swayed the Bengals on Higgins, and the QB is still pushing for a Hendrickson extension. Considering the weight Burrow holds, his latest endorsement is notable.

This is the guy that has the most sacks over the last two years,” Burrow said, via SI.com’s Russ Heltman. “Production is value in this league. I know you can think you’re such a good player, but to not have any production doesn’t really matter. So when you have a guy like that, you want to reward him.

Burrow made a public plea to the Bengals on Hendrickson in May as well. Hendrickson and the Bengals being in agreement regarding value is an important takeaway here, but with the perennial Pro Bowler set to turn 31 later this year, ensuring protections beyond the first year of an extension represents an important negotiating component. An AAV number has not surfaced, but it would stand to reason it would be close to the $35.6MM figure Danielle Hunter agreed to with the Texans ahead of his age-31 season.

Early this summer, however, no $35MM-AAV proposal had come from the team. The Bengals had preferred to resolve this with a one-year add-on; Hendrickson already did that (in 2023), being tied to that one-year, $21MM bump. Significant updates to his position’s market have emerged since, many coming this year.

T.J. Watt raising the EDGE ceiling (to $41MM) before his age-31 campaign could also have inflated Hendrickson’s asking price; Watt’s full guarantees on a three-year deal ($108MM) likely emboldened the Cincinnati rusher as well.

While Hendrickson is unlikely to surpass that, the Bengals have seen this saga play out during an offseason in which the position’s market has seen four updates to its previous highwater mark (Nick Bosa‘s $34MM-per-year deal). Micah Parsons is at odds with the Cowboys, but that deal could affect a Hendrickson rate as well. Parsons going first and raising the market past $41MM per annum could introduce another element in the Hendrickson talks. For now, the sides remain dug in on the guarantee matter.

Minor NFL Transactions: 7/30/25

Here are today’s midweek minor moves:

Cincinnati Bengals

Cleveland Browns

Green Bay Packers

Kansas City Chiefs

Miami Dolphins

Minnesota Vikings

New England Patriots

New Orleans Saints

New York Jets

Philadelphia Eagles

Pittsburgh Steelers

Seattle Seahawks

Tampa Bay Buccaneers

Washington Commanders

The Chiefs have signed Lassiter, fresh off a spring season with the UFL’s Memphis Showboats, to help cover for the lack of camp bodies at the position. Xavier Worthy, Skyy Moore, and Marquise Brown are all currently sidelined with injuries.

In other Chiefs-related news, Niang will get a new opportunity in Washington for training camp. A former third-round pick in Kansas City, Niang was tried at starter for a bit before ultimately getting demoted to the practice squad last year. The Chiefs released him from the p-squad in November, and he’s been a free agent ever since.

Bengals Release RB Zack Moss

A severe injury ended Zack Moss‘ 2024 season, and the Bengals are moving on ahead of a 2025 comeback bid. They released the veteran running back Wednesday.

Cincinnati made multiple additions to its running backs room this offseason, reacquiring Samaje Perine and drafting Tahj Brooks in the sixth round. Moss is also facing a potential career-ending injury, with The Athletic’s Paul Dehner Jr. indicating the sixth-year veteran broke his neck in three places last season. Moss began Bengals camp on the active/NFI list.

The Bengals signed Moss to a two-year, $8MM deal in 2024, bringing in the Jonathan Taylor Colts backup/frequent fill-in to complement Chase Brown. Moss began last season as Cincinnati’s starter, but the November neck injury changed the equation. The Bengals reached an agreement on a reworking with Moss this offseason, tying the former Bills third-rounder to a one-year, $1.7MM deal ($375K guaranteed). This pointed to Moss making a return, but his injury has impeded that.

The severity of Moss’ neck injury did not surface until days before the Bengals’ Week 9 game last year. A two-month stay in a neck brace commenced, per Dehner, and Moss indicated he discussed retirement with HC Zac Taylor. Moss, though, did not need surgery and was cleared for offseason work. Conditioning spurred the Bengals’ reasoning for the active/NFI placement, rather than the neck issue.

Before the injury, Moss had not closely resembled his Colts version. He averaged just 3.3 yards per carry, as Brown became a more explosive option, last season. Moss, 27, was much better in 2023. He averaged 4.3 yards per tote in his lone full Colts season, replacing Taylor during a contract squabble and then due to injury. Moss produced 794 rushing yards and five touchdowns, helping Gardner Minshew guide the team to the playoff precipice that year.

It will be interesting to see if another team takes a chance on Moss before the season. Being cleared from the neck issue will help, but the injury was serious enough it has undoubtedly affected his NFL stock. The Bengals will take on $1.88MM in dead money from this cut.

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