Ring the bell: the New Orleans Saints are no longer ranked 32nd among the NFL’s 32 teams in negative salary cap space. After restructuring their contracts with starting quarterback Derek Carr and Pro Bowl center Erik McCoy, they moved up to 31st.
The experts at Over The Cap track every transaction and contract tweak around the NFL, and they estimate the Saints to now be in the red by just $53.7 million — a big jump after New Orleans started the offseason with about $83 million in expenditures keeping them over the salary cap. Two conversations with Carr and McCoy wiped out nearly $30 million in 48 hours.
Sure, they still have a lot to figure out with $53.7 million in negative cap space. But that isn’t the worst number in the league anymore. The Buffalo Bills are now in last-place with an estimated $55.1 million, per OTC. And the Saints are going to be busy working towards cap compliance.
There’s just one other thing: we don’t know yet what the salary cap will be in 2024. OTC works with an estimated figure of $242 million, based off the rise in past years. We do know the cap will continue rising — it’s forecast to reach $300 million in the near future — the question is how high. Some reports suggest it may approach $250 million this season. With the Saints currently putting roughly $295.7 million on the books, every dollar counts. Look for more restructures and contract adjustments in the days ahead, with the league office expected to announce this year’s salary cap during or after the NFL Scouting Combine next week.
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