There’s been too much chatter about the Saints cutting half their team to get under the cap. When you look at their books, you’ll find little savings from outright releases:
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Look around online and you’ll see so, so much hand-wringing about how the New Orleans Saints are going to keep their team together. There are so many terrible takes on social media suggesting the Saints are going to have to cut half their team just to get under the salary cap. And it’s all malarkey. Maybe even baloney. It’s nonsense.
The Saints structure the vast majority of their contracts with players so that they can restructure salaries and bonuses at will, converting those payouts into signing bonuses which can be paid off in subsequent seasons. Sure, they could cut a bunch of starters to reach cap compliance — but it’s worth more to the Saints to restructure those contracts, saving cap space and keeping their core players. The financial benefits don’t justify cutting their best players, especially if the team won’t see those benefits until it’s too late to matter.
We’ve discussed this topic to exhaustion, but it’s worth considering whether the Saints actually do have any cap cut candidates to discuss. It’s possible that they decide to just let some guys go rather than restructure new deals with them.
To that end, here is the list of players the Saints can release before June 1 and save more than $2 million (we’re using that figure as our standard because it’s what the Saints saved in releasing Emmanuel Sanders last year, and also because anything less is negligible). Remember, the team must reach salary cap compliance by March 16, meaning these options present the highest possible savings available right now:
- CB Bradley Roby: $9,491,575
- DT David Onyemata: $3,830,000
- S Malcolm Jenkins: $3,800,000
- C Erik McCoy: $2,790,000
- DB C.J. Gardner-Johnson: $2,540,000
- DL Tanoh Kpassagnon: $2,350,000
- RB Mark Ingram: $2,300,000
- S J.T. Gray: $2,100,000
- WR Michael Thomas, $2,000,000
Of this group, all but four played 400 or more combined snaps on offense, defense, and special teams last year: Roby (399), Kpassagnon (252), Ingram (236), and Thomas (0). Roby nearly got over the bar but he was in and out of the lineup with rookie draft pick Paulson Adebo playing at a high level. Kpassagnon was limited by injuries, as was Ingram, who joined the team in a midseason trade. Thomas of course missed the entire season recovering from surgery. So that leaves Roby, Kpassagnon, and Ingram as what we can call part-time players.
Something is going to happen with Roby’s contract, whether it’s an outright release, restructure, or maybe a trade to another team. The Saints can save that $9.4 million with an immediate release or trade, or get back a full $10 million by designating him a post-June 1 cut, but they won’t get that money until late this summer — when it won’t do much good after free agency has quieted down. If they want to hold onto Roby instead, a restructure saves up to $6.6 million while a true contract extension recoups $7.1 million.
As for Kpassagnon and Ingram: there are arguments in favor of moving on from them. The Saints are looking short on snaps to go around at defensive end between Cameron Jordan, Marcus Davenport, 2021 first round pick Payton Turner, and restricted free agent Carl Granderson. If they re-sign Granderson and retain Kpassagnon, someone is likely inactive on gamedays.
And in Ingram’s case, a $2.3 million salary cap hit may be too much for a 32-year-old backup running back. Well, on its surface, anyway. If Alvin Kamara is going to miss time to a suspension stemming from his arrest in Las Vegas, maybe the Saints should hold onto Ingram. Either way, they need to take a hard look at that part of the depth chart and consider upgrading from backups Tony Jones Jr., Josh Adams, and Dwayne Washington, an unrestricted free agent.
What about other post-June 1 cuts? Teams are allowed to designate two contracts as early releases while still getting the benefits of a later cut, but they still must defer the cap relief until June 2. If you’re curious, here are the players the Saints could tab as a post-June 1 release and (eventually) save more than $2 million. And remember, they won’t see any of this money until after the cap compliance deadline and free agency’s biggest moves:
- WR Michael Thomas: $15,800,000
- DE Cameron Jordan: $15,000,000
- CB Bradley Roby: $10,000,000
- DT David Onyemata: $8,500,000
- S Malcolm Jenkins: $7,750,000
- LB Demario Davis: $7,500,000
- K Wil Lutz: $3,650,000
- OL James Hurst: $2,925,000
- C Erik McCoy: $2,790,000
- DE Tanoh Kpassagnon: $2,650,000
- DB C.J. Gardner-Johnson: $2,540,000
- RB Mark Ingram: $2,300,000
- S J.T. Gray: $2,100,000
In applying the same standard for identifying part-time players (those with fewer than 400 total snaps played last season), our list is now: Thomas (0 snaps), Roby (399), Lutz (0), Kpassagnon (252), and Ingram (236). So if the Saints are looking to part ways with Thomas — which really doesn’t appear to be the case, given the latest reports — the best way for them to accomplish that is designating him a post-June 1 cut. Unless you’d rather explore a trade after that date, anyway. But it sure seems Thomas is staying in New Orleans this year.
And Lutz is our only new addition, having also missed the season while recovering from an injury. Maybe the Saints need that $3.65 million after free agency and after the draft and decide it’s time to reset the kicker situation. I don’t buy that, though, given how terrible their experience on the kicker carousel was last year. Moving on from a Pro Bowl player now doesn’t do anything to help them.
That’s the problem with that post-June 1 designation. It doesn’t help teams who need to get under the salary cap before the March 16 deadline. All of the benefits in using it are deferred until later in the summer, after all of the top free agents have been signed and after the draft in April. It’s useful in creating room to work out extensions with players already on the roster, but if you’re the Saints you’re more worried about new additions you can make in March than who you can sign long-term in June.
And, again: why take that approach if you’re the Saints? Sure you can cut the two biggest contracts and get back $30.8 million in June, but you’ll be without maybe your best players on both defense and offense. If you can redo contracts with Thomas and Jordan to save cap space right now, before free agency kicks off in March, and ensure they’ll be around as cornerstones of the team moving forwards, you take that path seven days a week.
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