AP

Chad Ochocinco will only make $75,000 less in Miami than he would have made in New England — and he could make a lot more.

Due to earn a base salary of $1 million from the Patriots after renegotiating his contract earlier this year, Ochocinco is due to receive a non-guaranteed base salary of $925,000, the one-year minimum for a 10-plus-year veteran.

Per a league source, Ochocinco also can earn up to $2 million in incentives based on receptions in 2012. The formula for earning any, some, or all of it isn’t currently known.

Another source tells PFT that Ochocinco wasn’t eligible for the “minimum salary benefit,” which would have capped his compensation from Miami at $990,000 at a salary-cap charge of only $540,000, because he already earned a $75,000 workout bonus in 2012 from the Patriots.

UPDATE 8:30 a.m. ET, 6/14/12: Peter King of SI.com first reported the specifics of the Ochocinco deal. And, as King explained it, the total package is worth up to $2 million, including the $925,000 salary.