Tag: contract restructure

Broncos restructure Mike McGlinchey’s contract to save $11 million

The Broncos restructured right tackle Mike McGlinchey’s contract, a move that will save the team $11 million in salary cap space.

The Denver Broncos have restructured right tackle Mike McGlinchey’s contract to create an additional $11 million in salary cap space, ESPN’s Field Yates first reported on Friday evening.

The Broncos took $13.875 million of McGlinchey’s base salary and converted it into a signing bonus, according to Spotrac.com. That signing bonus will be prorated over the next five years. To save cap space in 2024, Denver will have $2.775 million cap hits on McGlinchey’s contract each year from now through 2028 (the restructure added one void year).

McGlinchey’s base salary has dropped down to $1.125 million, but he’s not taking a pay cut because the signing bonus is paid up front. So the right tackle gets paid immediately and the Broncos get more cap flexibility.

Denver also restructured the contract of wide receiver Tim Patrick, a move that saved $8.375 million in cap space. Additionally, the Broncos cut safety Justin Simmons (saving $14.5 million) as well as tight end Chris Manhertz (saving $2.12 million). Denver also agreed to trade receiver Jerry Jeudy to the Cleveland Browns (saving $12.987 million).

After a flurry of restructures and roster moves, the Broncos are estimated to be about $30.57 million under the salary cap ahead of NFL free agency.

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Broncos restructure Tim Patrick’s contract to create more salary cap space

The Broncos restructured Tim Patrick’s contract and created $3 million in salary cap space for the 2023 season.

The Denver Broncos restructured wide receiver Tim Patrick’s contract this week to create additional salary cap space, according to ESPN’s Field Yates. After restructuring Patrick’s deal, the Broncos created $3 million in cap space.

Patrick was set to have a base salary of $8 million this year and Denver converted $6 million into a signing bonus, according to The Denver Post‘s Parker Gabriel. That signing bonus will now be prorated into $3 million cap hits in 2023 and 2024, instead of a full $6 million this year.

After getting that bonus, Patrick’s base salary drops to $2 million in 2023. He is now set to have a cap hit north of $16 million in 2024, the final year of his contract.

If the Broncos cut the veteran receiver next spring, the team would eat $6 million worth of “dead money” with a net savings of $10 million. Patrick, who will turn 30 in November, will miss the entire 2023 season with a torn Achilles, so it’s possible that he’s played his last game in Denver.

NFL teams were required to be under the salary cap ahead of Thursday’s season opener. Going forward, players on the active roster, practice squad and injured reserve all count against a team’s cap number. During the offseason, only the top 51 cap hits are counted.

Any cap space the Broncos do not use this year will roll over to be added to the team’s 2024 cap total. They have a little breathing room now after adjusting Patrick’s contract.

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Report: Cowboys, Neville Gallimore agree to restructured contract

From @ToddBrock24f7: Gallimore will see his 2023 base salary cut by $1.2M, with the opportunity to earn much of it back in incentives.

It’s business as usual at The Star in Frisco, as the Cowboys are well into their first week of real football prep, with the regular-season opener set to kick off this Sunday night.

But the business side of the game never stops in the front office, and the Cowboys brass has done a little bookkeeping to tidy up the financial ledger.

Defensive tackle Neville Gallimore has agreed to a restructuring of his contract to free up valuable cap space, according to ESPN’s Todd Archer.

The 26-year-old Oklahoma product will see his 2023 base salary drop from $2.7 million to $1.5 million, but he’ll be able to earn back $750,000 through various incentives.

Gallimore was a third-round pick in 2020’s draft and has appeared in 35 games for the Cowboys, compiling 74 tackles, three sacks, nine tackles for loss, seven quarterback hits, and two passes defended.

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The restructuring is the latest accounting move by Dallas as they prepare for several big-money contracts the club has said are on their upcoming radar, including those of wide receiver CeeDee Lamb, quarterback Dak Prescott, and linebacker Micah Parsons.

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Raiders free up cap space with Chandler Jones contract restructure

Raiders restructure Chandler Jones contract to free up over $5 million in cap room

Just hours after the Raiders added pass rusher Tyree Wilson to the defense with their pick at seven overall, they made a move to clear cap space by restructuring the contract of the guy with whom Wilson could split time this season.

Chandler Jones has restructured his deal to free up over $5 million in cap space for the Raiders, according to ESPN’s Field Yates.

This is money they could need to sign their draft class as well as any free agents they still wish to add this offseason.

As it stood, they were just shy of having enough money to sign their draft class with their available cap space coming into it. It was about a million dollars they needed to find, which is pretty easy in terms of restructures. Now they have that and more.

Wilson will be competing for playing time this season and it would be the 33-year-old Jones who sees less snaps if the rookie is ahead of schedule.

Colts restructure DeForest Buckner’s contract

DeForest Buckner’s contract restructure saves the Colts $2.5 million in cap space.

The Indianapolis Colts slightly restructured the contract of defensive tackle DeForest Buckner in an attempt to save some money against the salary cap.

A move that was highly anticipated throughout the offseason, the Colts reportedly converted $5 million of Buckner’s base salary in 2023, which saves them $2.5 million against the cap, per Tom Pelissero of NFL Network.

Because the Colts converted $5 million of his $18.75 million base salary, that will be spread out over the remainder of Buckner’s current contract, which is two more seasons. So the Colts save $2.5 million against the cap this season, but it will add $2.5 million to Buckner’s cap hit in 2024.

The Colts could have converted the entire base salary, which would have saved them nearly $10 million against the cap this year. It also would have added that same amount to the cap next year, but that’s workable with a rookie quarterback contract.

There are several reasons why the Colts might have done this. Maybe they’re closing in on a free-agent signing at cornerback or offensive line.

Or the more fun hypothetical situation is that the Colts are clearing cap space for an incoming rookie quarterback. That’s pure speculation, but it’s educated speculation considering the buzz we’ve heard throughout the offseason.

Regardless, the Colts added a bit more space in their standing with the salary cap, and Buckner got $5 million more in guaranteed money.

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Cowboys convert Gallup’s salary, create roughly $7M in cap space

Gallup’s original base salary of $11M has been reworked, a move that was expected. The Cowboys believe Gallup will be more effective in ’23. | From @ToddBrock24f7

With a few strokes of a pen, the Cowboys front office has found another $7 million and change in cap space.

Dallas has converted the 2023 base salary of wide receiver Michael Gallup, according to ESPN’s Todd Archer. The former third-round draft pick had a base of $11 million for the upcoming 2023 season thanks to the five-year extension he signed last March, fresh off the ACL surgery he had suffered in Week 17 of the 2021 season.

As noted by Cowboys Wire’s own K.D. Drummond in predicting this move, that five-year deal was really a two-year commitment, and this salary-to-bonus conversion makes it a little harder for the Cowboys to cut ties with the just-turned 27-year-old if his 2023 is no better than his 2022.

But the club believes that Gallup will be much improved over last season, when he never seemed to be fully back to himself after his Week 4 return. He ended the 2022 campaign with just 39 catches and 424 yards on 74 targets, scoring four touchdowns.

The numbers put up by the Colorado State product in 2019 and 2020, however, make it a gamble worth taking for the WR-needy club; if Gallup can come even close to matching those triple-digit reception seasons, he’ll be a far more effective threat opposite CeeDee Lamb in the Cowboys’ new Mike McCarthy-led offense.

Calvin Watkins of the Dallas Morning News, citing a person with knowledge of the restructured contract, says the Cowboys will create roughly $7.4 million in cap space, just as the official start to free agency is set to begin.

The team reduced their cap hit by $30 million on Friday by doing similar conversions with the contracts of quarterback Dak Prescott and guard Zack Martin. Those two deals brought the team under the cap by about $14.5 million.

The new Gallup numbers should now give the Cowboys nearly $22 million in usable cap space, with more conversions likely to come.

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Broncos restructure Courtland Sutton’s contract, creating more cap space

The Broncos have created more salary cap space by restructuring the contracts of Tim Patrick and Courtland Sutton.

The Denver Broncos have converted $10.5 million of wide receiver Courtland Sutton’s contract into a signing bonus, ESPN’s Field Yates reported Sunday morning.

Sutton will ultimately be paid the same amount, but Denver will get some salary cap relief this season. The Broncos created an additional $7.875 million in 2020 cap space by restructuring Sutton’s contract.

This marks the second cap-related restructure Denver has done this weekend. On Friday, the Broncos converted part of receiver Tim Patrick’s contract into a signing bonus, creating $4.6 million in extra cap space.

More moves might be on the way for Denver — general manager George Paton indicated during a press conference Friday that the Broncos would like to add at least one more cornerback to the roster.

Paton also confirmed that Denver is trying to re-sign cornerback Bryce Callahan and safety Kareem Jackson (the Broncos are also bringing in safety J.R. Reed for a visit, according to KUSA-TV’s Mike Klis).

It remains to be seen if Denver will use any of the extra cap space to make a splash move. Many Broncos fans would undoubtedly like to see the team sign right tackle La’el Collins, who was released by the Dallas Cowboys last week.

Even if Denver doesn’t make any more splash moves, though, fans should at least expect a few more budget transactions in the coming days.

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Report: Cowboys DE DeMarcus Lawrence ‘isn’t going anywhere’

The veteran edge rusher refused a pay cut last week, but a team source tells Ed Werder that Lawrence will be staying in Dallas in 2022. | From @ToddBrock24f7

There is hope on the DeMarcus Lawrence front, the most there’s been in Dallas all week. While the soon-to-be 30-year-old is one of the team’s defensive leaders, he also represents one of the club’s fattest contracts. In an effort to get under the salary cap for 2022, the Cowboys reportedly went to Lawrence and asked him to take a pay cut in order to help the front office in the bookkeeping department.

When Lawrence refused, a release of the former second-round draft pick seemed imminent. For Cowboys fans, the week that followed has felt like waiting for the other shoe to drop.

But one longtime Cowboys reporter suggests that the shoe is going to be put back on and re-laced nice and tight. Ed Werder of ESPN revealed in a tweet that, as per a team source, the two-time Pro Bowler “isn’t going anywhere.”

Werder also confirmed the consensus opinions on wideouts Cooper and Gallup: that the former could be dealt via trade with a willing partner, and inking the latter to a new pact is on the team’s to-do list.

But it’s that rather definitive statement on Lawrence’s status that feels like the real news.

Fellow defensive ends Randy Gregory and Dorance Armstrong are currently set to hit the open market in a matter of days. While their respective returns to the Cowboys are also up in the air, it’s almost unfathomable to think that the team would allow all three edge rushers to leave Dallas and force defensive coordinator Dan Quinn to do a from-scratch rebuild of half his front line immediately after convincing him to not take a head coaching job elsewhere.

Werder’s report could indicate that the Cowboys, thanks to restructured deals on Dak Prescott and Zack Martin, feel more comfortable about hitting their cap number and will honor Lawrence’s contract as is. Or the front office might simply restructure his deal, too, and worry about the future cap hit in a few years, when cap finances will have changed for all 32 NFL clubs.

Lawrence is just one moving part that the Cowboys front office is attending to these days. But for now, at least, Cowboys fans can have a little more faith that that part will continue to do its job as part of the larger machine.

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Alvin Kamara restructures his contract, gets the Saints closer to salary cap compliance

The Saints restructured their contract with Alvin Kamara, helping them get closer to salary cap compliance ahead of free agency, via @RossJacksonNOLA:

Starting the offseason $76 million over the NFL’s salary cap would be stressful for any team but the New Orleans Saints. Throughout the last two weeks, the Saints have restructured several contracts in order to work their way to salary cap compliance, and the work continued this morning. According to reports, the Saints have opened up another $8.372 million by restructuring running back Alvin Kamara’s contract.

In doing so, New Orleans converted his $6 million roster bonus and $4.465 million of his base salary (which is now at the veteran minimum: $1.035 million) into a signing bonus and adding a void year in 2026. This move drops Kamara’s $14.5 million cap hit to just $6.128 million.

Doing this will also ensure that Kamara sees the majority of his year’s pay up front even in the case of a potential suspension. In that way, this could be seen as both a player and team-friendly move. Kamara was arrested in Las Vegas last month following an alleged altercation. The court hearing for his Las Vegas battery case has been pushed back to April 25.

The Saints should now be hovering between $20 to $25 million over the cap now with some hefty restructures left in their pockets. The Saints could save over $18 million by restructuring Marshon Lattimore’s contract and up to $7 million with a restructure to Taysom Hill’s deal. After that, any additional moves such as a potential extension or release of cornerback Bradley Roby, would begin to open up spending money beyond cap compliance.

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Bears restructure Robert Quinn’s contract to free up $3.5M in cap space

The Bears have restructured OLB Robert Quinn’s contract to give themselves some breathing room with the salary cap.

The Chicago Bears have restructured outside linebacker Robert Quinn’s contract to free up salary cap space, according to NFL Network’s Ian Rapoport.

Before restructuring Quinn’s contract, the Bears had just $800,000 in cap space. Now, Chicago has freed up $3.5 million in cap room.

Quinn signed a five-year, $70 million deal back in 2020. And while the contract looked like a complete waste last season, as Quinn struggled and finished with a career-low 2.0 sacks.

It looks better this season as Quinn has gotten off to an impressive start through five games, where he has 15 total tackles, 4.5 sacks, a forced fumble and anchors a dynamic pass rush duo with Khalil Mack.

Chicago restructured Quinn’s deal to give themselves some breathing room with the salary cap should they need to make a move due to injury or otherwise.

The Bears have now moved $30.93 million into future cap.