(V) next to player's cap cost

[JetsIn06]

Im looking at one of my players cards. Next to his cap cost, it says: $480,000 (V). what does this (V) mean?

[Ben E Lou]

There is a veteran exemption allowed for teams. If you sign a player with more than three years' experience to the minimum required for his level of experience, plus a bonus that doesn't exceed about .039% of the salary cap for each year of the contract ($40,000 per year with a salary cap of $102 million), he only counts the minimum for third-year players under the cap..