Source: the Saints’ cap moves are underway, as they’ve converted $14.565M of Michael Thomas’ compensation for 2022 and $18,206,608 of OT Ryan Ramczyk’s compensation for 2022 into signing bonuses, creating $26.217M in cap space.
— Field Yates (@FieldYates) February 26, 2022
The New Orleans Saints have begun to make make cap space through two shrewd moves on Saturday morning. With the Saints over the cap by an estimated $76 million, the franchise needed to make some moves to free up space.
Wide receiver Michael Thomas’ contract was re-structured to convert $14.565 million into a signing bonus while adding two void years to maximize the cap savings, per ESPN’s Field Yates and Mike Triplett. The fact that the team did in fact restructure Thomas’ contract is a strong indication that the All-Pro receiver will return for the 2022 NFL season, and maybe beyond with these costs being deferred to future years.
In a second move, $18,206,608 of offensive tackle Ryan Ramczyk’s 2022 salary was converted into a signing bonus as well. In total, New Orleans freed up $26.217 million in cap space through just two moves leaving them over the cap by a little over $50 million.
As it goes every offseason for the Saints, more contract restructures should continue to be expected as it is a common and effective tool for this team. Look for moves in the days ahead.
This is correct — two extra automatically-voiding years added to Michael Thomas' contract to make the math work that @FieldYates laid out. https://t.co/bajXfeB1KD
— Mike Triplett (@MikeTriplett) February 26, 2022