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Three … Two … One … Happy NFL Spending Spree!

Julius Peppers will be very happy with all the zeroes in his approaching contract.

It’s now 12:01 a.m. Eastern Time on the fifth of March, 2010.

Nothing much going on this just-hatched day. And by nothing much I mean financial anarchy in this country’s most successful sport.

Today, with no new collective bargaining agreement in place, the NFL lacks a salary cap. If you don’t understand how all this is possible or why it’s happening, this catches you up.

At this moment, I’m sure Daniel Snyder is having a crazy adrenaline rush, like how it would feel to bungee jump out of a fighter jet and onto the back of a grizzly bear. Paul Allen can’t be reached for comment because his hands are too busy making it rain.

Big contracts are certainly no guarantee for franchise success, but any owner — with exceptions among the final eight teams — now has their shot at the jackpot. It just depends on how far into their silk-lined pockets they want to reach.

This is going to be a fun time for fans and certainly players in the NFL. Teams have said they will follow a self-imposed budget, but there is no limit on free-agent contracts. With no cap constrictions, the trades will become more frequent. It’s just one big money party from here until the preseason.

But during all of this, let’s just beware of one thing: The reason behind all of this. The NFL is running without a collective bargaining agreement. This time next year, we could be watching the league’s owners locking out their players. There are some who believe that the union will try to force a lockout. Maybe there will be a strike after next season. No one knows right now and that uncertainty is scary.

While tonight’s development can make you giddy with all of the possibilities, I compare this to holding a full-country orgy while an asteroid the size of Canada heads for Earth and is due to make impact shortly.

It’s a lot of good times in the present, but the realistic possibility of doom looms. Enjoy the next 12 months of football heartily.

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