How trading Marshon Lattimore impacts the Saints salary cap

How does trading Marshon Lattimore impact the Saints salary cap? There’s little change this year, but they have to take their medicine in 2025:

The New Orleans Saints shifted gears and finally traded star cornerback Marshon Lattimore this week, just before the NFL trade deadline, sending thee playmaker to the Washington Commanders in exchange for multiple draft picks. But that isn’t the only cost of trading him. How did this move impact the Saints’ tense salary cap situation?

In brief, this will be felt for years. There isn’t much of a difference on 2024’s accounting since we’re in the middle of the season. Washington is paying the rest of Lattimore’s salary, saving the Saints about $605,000, but since he restructured his contract already they’re stuck with most of the dead money from those guarantees.

Let’s start with the bad news. The Saints are taking their medicine in 2025 with Lattimore counting against the cap by a whopping $31.6 million. Next year’s salary cap is projected to rise to about $273.3 million, but we won’t know the final number until the offseason. If it doesn’t move at all (it won’t), Lattimore’s dead money figure would take up 12.4% of this year’s cap, which was set at $255.4 million. If models are accurate, it’ll be almost 11.6% of the cap next year in 2025.

But the Saints shaved off more than $28 million from their 2026 salary cap spending. The cap is projected to reach as high as $292.4 million by then, which means their current cap commitments (about $237.9 million) are well beneath the spending limit. Inevitable restructures, free agent signings, and the next draft class will change that figure but so will any retirements and roster cuts this spring. We’re talking two years out so of course there’s going to be a lot of uncertainty.

This is a step in the right direction. The Saints didn’t get better by trading their best defender (if not their best player regardless of position), but their finances are going to improve. So is their ability to retain talent and sign upgrades in free agency. This is what a rebuild looks like. It isn’t pretty, and it won’t wrap up overnight. But the Saints tried the alternative — which blew up in their faces by hiring the wrong head coach and drafting the wrong players. So now they have to take the long, hard road back to success.

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10 ex-Broncos players with the biggest dead money cap hits in 2024

Russell Wilson ($53 million) isn’t the only ex-Bronco with a dead money cap hit this season. Here are the top ten.

When the Denver Broncos decided to move on from quarterback Russell Wilson this spring, they knew it would be a costly decision.

Wilson still had $85 million guaranteed over the next two years, money that would be paid to him regardless of whether or not he’s on the roster. When they released him, the Broncos took on the largest dead money cap hit in NFL history: $53 million this season and $32 million next season.

Wilson is not Denver’s only ex-player still counting against the team’s books this season. Here’s a look at the Broncos’ ten biggest dead money cap hits in 2024, courtesy of OverTheCap.com.

Broncos’ biggest dead money cap hits

  1. QB Russell Wilson: $53,000,000
  2. OLB Randy Gregory: $7,124,445
  3. WR Tim Patrick: $6,071,668
  4. DB Justin Simmons: $3,750,000
  5. RB Samaje Perine: $1,500,000
  6. K Brandon McManus: $1,231,250
  7. OLB Frank Clark: $1,125,000
  8. TE Chris Manhertz: $1,125,000
  9. DB Omar Brown: $231,666
  10. DL Angelo Blackson: $167,500

After setting the 53-man roster and 17-player practice squad, Denver is right up against the cap going into the 2024 season. There will be more breathing room next year, and the team will be completely free of Wilson’s contract in 2026. In the meantime, cap space is tight.

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Bleacher Report says Saints have given out two of the worst contracts in the NFL

Bleacher Report says the Saints have given out two of the worst contracts in the NFL. We won’t argue about Derek Carr, but they need to lay off of Taysom Hill:

It’s June, which means it’s time for NFL writers to sit back and browse Over The Cap so they can grade teams’ homework. And as always, they’re quick to criticize how the New Orleans Saints spend their money. Bleacher Report’s David Kenyon says the Saints have given out two of the worst contracts in the NFL.

We won’t argue about Derek Carr, but they need to lay off of Taysom Hill. Here’s why Kenyon ranks Hill’s contract sixth-worst in the league:

I’m sure I’ve said it before: The idea of Taysom Hill has consistently been more exciting than his actual performance.

Sure, he had a career-best season with 692 scrimmage yards last season. His versatility is both fascinating and useful for the New Orleans Saints, who utilize Hill at four offensive positions and on special teams.

He is simply not worth the price, however.

This season, after restructuring his contract for a third straight year, the Saints are staring at a $9.2 million cap number. That figure ascends to nearly $18 million in 2025, although New Orleans could—and probably should—make him a post-June 1 cut to save $10 million.

Hill can catch on elsewhere next offseason, but he’s too expensive for someone who might play 50 percent of snaps.

Let’s check those numbers. Of the 184 players with a cap hit over $9 million, including Hill, 99 of them play offense, and 19 of them are starting quarterbacks. Remove the quarterbacks and offensive linemen and you’re left with 42 skills position players who make up Hill’s peers. And out of that group, he’s one of 21 who scored at least six touchdowns last season. Whittle it down further and you’ll find he tied with Courtland Sutton in converting 37 first downs as a runner and receiver, ahead of guys like David Njoku (35) and Mark Andrews (27, though he missed seven games with an injury). That’s right behind Cole Kmet (38) and Brandin Cooks (39). Hill may not draw a hundred targets or a dozen carries per game, but he consistently makes plays when given an opportunity.

The Saints aren’t paying Hill to be an every-down player; they value his utility and work on special teams on top of what he can do with the ball in his hands. And if early returns at spring training is anything to go off of, he’ll have a heavier workload with Klint Kubiak calling plays instead of Pete Carmichael. NFL writers like to point to 49ers fullback Kyle Jusczyk, an eight-time Pro Bowler, as an example of how Hill ought to be used (and, that implies, paid). Jusczyk has earned $40.57 million in his NFL career. Hill has brought in $42.67 million while scoring more touchdowns and gaining more yards than Jusczyk in 83 fewer games, including the playoffs. Still, Kubiak is installing some plays that Jusczyk ran well and that could put Hill in a better position to make more plays.

But enough about Hill. Kenyon ranked Derek Carr’s contract third-worst in the NFL, and he isn’t wrong to do so:

You’d think the perpetual state of living in salary-cap hell would be exhausting for New Orleans, right?

As usual, nonetheless, the Saints used restructures to open space for the next season. This year, it was an expected adjustment with Derek Carr to clear $23 million in 2024.

However, the change also increased his upcoming cap hits to north of $50 and 60 million in 2025 and 2026, respectively. There’s no realistic “out” until 2027, and that assumes no updates to his deal next offseason—which, again, is usually not how New Orleans operates.

Even if the Saints were to make him a post-June 1 cut, their best-case scenario is more than $21 million in dead cap in 2025.

The Saints gave Carr a big bag last season, telling their fans and all the world that they believed Carr was good enough to be the face of their franchise; someone who was talented enough to fix an underperforming offense and guide them back to the playoffs. That didn’t happen. Carr’s shortcomings got the entire offensive coaching staff fired at the end of the year and the Saints are stuck with him for at least another season. Meanwhile, the Tampa Bay Buccaneers got back to the postseason with Baker Mayfield playing on a $4 million deal after being cast out by his old team just like Carr.

At least the early word out of spring practices is encouraging. Carr hasn’t seemed to experience as many of the early struggles he’s known for when learning a new system, and Kubiak’s emphasis on motion and play action passing — something Carr has executed well throughout his career — could be good for him. It needs to be. Because, as Kenyon said, the Saints are going to be starting Carr in 2024 and likely 2025, too. Maybe Jake Haener or Spencer Rattler develops into someone who could viably take Carr’s job in a year or two, but that’s a long time to sit around and wait. It’s best for everyone if Carr picks up Kubiak’s offense quickly and dispels the narratives surrounding him. Until that happens his contract is going to keep weighing the team down.

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Saints guaranteed every dollar of Chase Young’s $13 million contract

The New Orleans Saints guaranteed every dollar of Chase Young’s $13 million contract. But his real salary cap hit might be much lower:

Whew. This is a big deal. The New Orleans Saints guaranteed every dollar of their $13 million contract with free agent defensive end Chase Young, as reported by ESPN’s Adam Schefter and confirmed by CBS Sports’ Josina Anderson.

But as is always the case with this team, don’t expect that to mean a simple $13 million salary cap charge on their accounting books. Depending on how this deal is structured, Young’s cap hit for 2024 could be as low as $3.5 million. Here’s how the accounting would look with four “ghost years” set to void at the end of the 2024 league year:

  • 2024 salary: $1,125,000; signing bonus proration: $2,375,000
  • 2025 signing bonus proration: $2,375,000
  • 2026 signing bonus proration: $2,375,000
  • 2027 signing bonus proration: $2,375,000
  • 2028 signing bonus proration: $2,375,000

The risk in doing this is that the Saints would be left with a dead money cap charge of $9.5 million next offseason should Young not re-sign on a new deal.

But the Saints have shown us before they’re comfortable paying that if need be. Andrus Peat is counting against the cap by more than $13.6 million and Marcus Maye has a dead money hit of $8.1 million for 2024 — and they both visited the Tennessee Titans on Monday as free agents who the Saints chose to let go. They paid comparable dead money hits in 2023 for David Onyemata ($10.1 million) and Marcus Davenport ($7.6 million).

If this is the route the Saints go, choosing to create short-term flexibility while jeopardizing future cap resources, it’s only a problem if Young fails to perform as expected in 2024. If he turns out to be a free agent bust and both sides move on, well: the Saints will have bigger problems to worry about  than where 3.4% of their salary cap is going. It’ll mean the pass rush failed to show up, again, and that the team lost a lot of games. And that Dennis Allen probably isn’t their head coach anymore. So when you take a big-picture view, this isn’t as big a gamble for the Saints at it might look at first glance.

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Saints free agent OL Andrus Peat visiting Titans on Monday

New Orleans Saints free agent Andrus Peat is visiting the Tennessee Titans on Monday. The veteran offensive lineman could be in high demand:

New Orleans Saints free agent Andrus Peat is visiting the Tennessee Titans on Monday, per NFL Network’s Ian Rapoport. The veteran offensive lineman could be in high demand after playing well at left tackle in 2023, having spent most of his NFL career at left guard.

If Peat is signed away by another team, the Saints will not receive a compensatory pick in the 2025 NFL draft. That’s because he agreed to a reworked contract last summer which cost him a pay cut, with the Saints agreeing to tear up the last year of his deal, allowing him to reach free agency ahead of schedule.

That’s a tough break seeing as the Saints are forfeiting $13,638,000 in dead money after past restructures with Peat. That’s how much salary cap space they’ll be without if he’s playing elsewhere, without the promise of a comp pick coming back in next year’s draft.

But it might be necessary. Peat has struggled with injuries throughout his career, being limited to 111 of 147 possible games in the regular season. The Saints overpaid him relative to performance and have had to work around his contract for a while, so this dead money cap hit isn’t anything new. If this is it for Peat in New Orleans, he’ll be off the books altogether in 2025. And if he’s leaving the Saints need to invest in a quality insurance policy should Trevor Penning continue to struggle at left tackle.

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Andrus Peat didn’t re-sign with Saints before deadline, costing $13M in dead money

Andrus Peat didn’t re-sign with the Saints before Wednesday’s deadline, costing the team more than $13M in dead money. He’s now a free agent:

Andrus Peat might be playing for a team besides the New Orleans Saints in 2024, ending his nine-year run with the team that drafted him. The Saints were unable to come to an agreement on a contract extension with Peat prior to Wednesday’s deadline, which means they’re paying $13,638,000 in dead money for him to at least explore the market before making a decision.

One silver lining: this won’t impact the team’s salary cap situation or their projected cap space figure (more than $15 million). Peat’s cap hit was already factored into those calculations. It could have been reduced with an extension, but it won’t climb higher in his absence now that his contract has  voided. He also won’t count into the compensatory picks formula in the 2025 NFL draft.

Peat was on the outs with the Saints this time last year. He was forced to accept a pay cut in the spring and demoted to the third-string offensive line over the summer. When the team was shorthanded and frustrated with Trevor Penning’s too-slow improvement at left tackle, they moved Peat back to his college position for the first time in years.

And he thrived there, only allowing two sacks on more than 400 snaps inn pass protection. Now he’s 30 and facing his last great opportunity to cash in on a lucrative NFL contract. The Saints could have extended Peat sooner to avoid paying out that $13.6 million left over from past restructures, but he likely wanted to test the market before agreeing to a new deal.

It’s still possible Peat may return to close out his career with New Orleans. A new contract with the Saints wouldn’t impact that dead money charge against the salary cap but it would insure the team is getting something for paying him anyway. 30-and-over starters with Peat’s versatility as an inside-out lineman who can play both guard and tackle aren’t being paid as much as their younger peers, but there are enough offensive lines in poor shape around the league to where he should receive some offers as a free agent.

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Panthers cutting former Saints safety Vonn Bell

The new Panthers GM is cutting many of his predecessor’s free agent signings, including former Saints safety Vonn Bell. Would a reunion make sense?

The Carolina Panthers are releasing veteran safety Vonn Bell, per NFL Network’s Tom Pelissero, who they just signed a year ago. Depending on whether or not the Panthers are designating Bell a post-June 1 cut, they’ll be paying $7.9 million to $9.8 million in dead money while Bell is playing elsewhere.

Could he return to the New Orleans Saints? Bell, who turned 29 in December, has developed into a well-rounded safety with better ball skills than he showed in his four years with the Saints. After intercepting just one pass (and breaking up 14 others) in his first 61 games, all in New Orleans, Bell has picked off opposing quarterbacks 6 times with 23 pass deflections in his last 61 games, all starts for the Panthers and Cincinnati Bengals.

Bell clearly knows the system Dennis Allen is running very well. He just had the misfortune of being stuck in Carolina during the middle of a regime change with new general manager Dan Morgan torching many of the contracts his predecessor handed out, including Bell’s. The Saints have to be looking for a replacement at free safety after deciding to release Marcus Maye, or at least competition for second-year pro Jordan Howden. Bell would fit the bill.

So this is something to watch in the days ahead. Bell is several years younger than Malcolm Jenkins was when he reunited with the Saints after a successful run on the Philadelphia Eagles, and he may still have something left in the tank. We’ll see if any interest materializes.

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New Orleans Saints intend to release wide receiver Michael Thomas

The New Orleans Saints plan to release Michael Thomas, per the Times-Picayune | Advocate’s Jeff Duncan. This split has been a long time coming:

Here’s what we’ve been expecting: The New Orleans Saints intend to release wide receiver Michael Thomas, as first reported by the Times-Picayune | Advocate’s Jeff Duncan. Duncan says that Thomas has already caught his last pass in a Saints uniform, and that it’s a matter of when, not if, the team will let him go.

Expect the move to be processed as a post-June 1 cut. For accounting purposes, Thomas will remain on the books with a $12.4 million salary cap hit despite being a free agent with the opportunity to sign with other teams. On June 2, the Saints will receive $3.4 million in savings while counting $8.9 million against the cap in dead money this season, deferring $9.1 million onto the 2025 salary cap. If the Saints don’t use that designation, Thomas would count for $18.1 million against this year’s cap total.

A split makes the most sense for everyone. Thomas did his part to help the team in recruiting Derek Carr last offseason, but the quarterback proved to be a poor fit with him by hesitating too often on the in-breaking routes that Thomas runs best. Frustration behind the scenes spilled over onto social media, and now the clock is ticking on everyone going their separate ways.

It’s such a shame. Thomas joined the Saints at the perfect time to help extend Drew Brees’ career, and he was on a trajectory that would have sent him to the Hall of Fame before injuries derailed his career. Even after being limited to just 20 games in the last four years, Thomas will leave the Saints with the second-most receptions (565) and fourth-most yards (6,569) in team history. His 36 career touchdown catches are seventh-most.

Five players have caught 500 or more passes in a Saints uniform, and Thomas is one of two with fewer than 10 fumbles (5), along with Joe Horn (7). There aren’t many receivers who, when at their best, have been as reliable and exciting to watch as Thomas. Injuries and off-the-field drama don’t change that.

Where will he go next? Hopefully a team in the AFC. Playoff contenders like the Baltimore Ravens and Kansas City Chiefs could use another experienced wideout. Wherever Thomas lands, we’ll be wishing him well — except when he’s playing against the Saints.

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12 biggest ‘dead money’ salary cap hits in NFL history

Russell Wilson’s dead money hit is far and away the biggest in NFL history.

The Denver Broncos’ upcoming release of quarterback Russell Wilson will represent the biggest “dead money” salary cap hit in NFL history.

If the Broncos designate the release as expected, Wilson’s 2024 cap hit will be $35.4 million, and his 2025 cap hit will be a whopping $49.6 million.

Just the 2025 cap hit alone would mark the largest dead money hit in NFL history; the $85 million total spread over two years is more than the next two largest dead money cap hits in NFL history combined.

The list of top dead money hits is, unsurprisingly, filled with star quarterbacks and big-name receivers, whose deals command some of the highest cap hits around the NFL.

Dead money could come to a team because of releasing a player, trading a player, or because of retirement. It’s considered “dead money” because it counts against a team’s salary cap even though the player is no longer on the team. Here’s a quick list of the 12 biggest dead money cap hits of all-time.

Russell Wilson’s release leaves Broncos with biggest ‘dead money’ cap hit in NFL history

The Broncos will make NFL history by eating $85 million worth of “dead money” after releasing quarterback Russell Wilson.

When the Denver Broncos acquired quarterback Russell Wilson in a trade with the Seattle Seahawks in 2022, it cost the team three players and five draft picks in a blockbuster deal.

As bad as that trade compensation looks in hindsight, the team’s next move was an even bigger blunder.

Before he even played a down in Denver, the Broncos gave Wilson a five-year, $245 million contract extension. He still had two years left on his existing contract, but with a no-trade clause, Wilson was able to demand a new contract from his next club during trade talks in 2022.

Denver likely had an unofficial agreement with Wilson’s agent that the QB would get an extension from the team after the trade went through. After the trade, Wilson ended up playing two seasons with the Broncos before getting released.

Denver is now set to part with Wilson before his five-year extension kicks in, and it will be a costly decision. Over the next two years, the Broncos will eat $85 million in “dead money” — money that has been or will be paid to Wilson even though he’s no longer on the team.

That marks the biggest dead money cap hit for a single player in NFL history, more than double the previous records held by Matt Ryan ($40.53 million) and Aaron Rodgers ($40.31 million).