Watford's promotion means they will have to pay Walsall £75,000 this summer and they would have to give the Saddlers the same again if the Hornets survive next season.
Walsall demanded a promotion clause as part of the agreement when Deeney arrived at Vicarage Road in 2010.
It has always been reported as a £150,000 fee payable upon promotion but we have been told half of the figure is dependent on the Golden Boys remaining in the top flight next season.
Walsall claimed the switch involved a £650,000 deal, which included the £150,000 promotion clause, but we understand a chunk of the remaining £500,000 were also additional clauses - and it is unclear if they were all activated.
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