Creating more salary cap space

Right now, the Saints are projected to sit about $9.3 million beneath the 2020 salary cap (per Over The Cap, which estimates an even $200 million salary cap). Creating more spending-room is always an offseason priority for them, and we’ve already identified four possible cap casualties (as well as four draft prospects who could help replace them). While releasing those players outright is the simpler path, it’s more likely the Saints try and negotiate pay cuts first.

A name we overlooked but whose future in New Orleans should very much be in doubt is Kiko Alonso, who is rehabbing a last-minute ACL tear. The Saints could try to get him to agree to a pay cut, but it’s also possible they release him outright now before bringing him back later in the offseason at a lower salary. Alex Anzalone is “good to go” from a season-ending injury, and rookie backup Kaden Elliss also recently updated his progress in his own ACL recovery.

Expect a few restructures before the Saints begin re-upping their soon-to-be free agents. Logical candidates for restructured deals (lowering 2020 base salaries by converting them to prorated signing bonuses) include Terron Armstead and Michael Thomas, each of whom are under contract at least through 2021 and carry salary cap hits in excess of $15 million. The Saints can create $13 million in new cap space by restructuring just two contracts.

But who could the Saints re-sign ahead of schedule, effectively restructuring other salary cap hits? We highlighted players like Larry Warford (due $12.8 million against the cap) and Demario Davis ($9.9 million) as candidates for ahead-of-the-curve contract extensions. Rapidly-developing markets at running back and free safety might prompt the Saints to try and re-up Alvin Kamara and Marcus Williams while they’re still playing on rookie contracts, too. Getting the jump on those deals would save millions down the road.

However, the biggest domino to fall is clearly Drew Brees. His 2020 cap number is going to be at least $15.9 million, and the Saints must finalize his new contract extension before they can work out any other big moves. Expect this situation to resolve quickly should the CBA be ratified. The good news is that Brees is likely to settle for another contract extension beneath his market value.

We’ll make a conservative estimate that the Saints go into free agency with about $16 million in salary cap space, which is much more than they’ve dealt with in the past. Expect the always-crafty salary cap wizards in the front office to find even more cash to spend, though.

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