If Player T has a fully guaranteed contract, what is meant by an offset?

When a player has a fully guaranteed contract, the term "offset" typically refers to a provision that allows the team to reduce the guaranteed salary by the amount the player might earn from another team if they are released or cut. This means that if Player T is subsequently signed by another team after being released, the amount the new team pays Player T could be deducted from the amount that the original team owes him under his fully guaranteed contract.

For example, if Player T is owed $10 million under his current contract and gets a new job with another team for $3 million, the original team would only need to pay him $7 million, effectively "offsetting" the payment. This means the existing contract is still adhered to, but the financial liability of the original team is reduced by the earnings from the new contract.

The other options do not accurately describe the concept of an offset in relation to a guaranteed contract. The correct interpretation ensures clarity regarding how guaranteed salaries interact with subsequent earnings in professional football contracts.