Tag: Dead Money

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).

Seahawks have the least dead money in the NFL for 2024 (for now)

Here’s how all 32 teams rank, from most dead money to least.

The Seahawks are heading into the 2024 offseason with less dead money than any other team in the league. That can change in a hurry and likely will in the coming weeks. For example, if Seattle were to cut strong safety Jamal Adams before June 1 they would incur a dead money hit just short of $20 million. (Around $10 million after June 1). For now, they’re still in great shape in this department, with the least dead money in the league.

Here’s how all 32 NFL teams rank going into 2024, from most dead money to least. All salary figures are according to Over the Cap.

Seahawks trade down, target QB of the future in this 2-round mock draft

3 voided contracts add almost $10M in dead money to Packers 2024 salary cap

The voided contracts of Darnell Savage, Keisean Nixon and Yosh Nijman will add almost $10 million in dead money on the Packers cap in 2024.

The Green Bay Packers will add almost $10 million in dead money on their 2024 salary cap after the contracts of safety Darnell Savage, offensive tackle Yosh Nijman and cornerback Keisean Nixon voided on Monday.

The bill eventually comes due on restructures using void years, a common salary cap mechanic used by the Packers and many other NFL teams. While void years allow teams to spread out cap hits, all the prorated money accelerates onto the cap when the deal eventually voids.

Extensions are possible to avoid the dead money acceleration but increasingly rare across the league.

For Savage, the dead money bill is $5,456,800. He had void years added to his fifth-year option in 2023.

For Nijman, the dead money bill is $2,543,200. He had void years added to his one-year restricted tender in 2023.

For Nixon, the dead money bill is $1,480,000. He had void years added to his one-year deal in 2023.

The total charge? $9,480,000 in dead money.

While not a debilitating amount, the $9.48 million in dead cap from the three voided contracts would represent the 10th biggest hit on the Packers’ 2024 salary cap.

Savage, Nijman and Nixon will be unrestricted free agents. The Packers can sign any of the three, but the new contract will only add to the dead money salary cap charge in 2024. If they sign elsewhere, the Packers will still count all three on the cap.

In previous years, the Packers re-signed linebacker De’Vondre Campbell and tight end Robert Tonyan after they had a voided contract.

The Packers lack experience and depth at safety, but it’s unclear if Savage fits what new defensive coordinator Jeff Hafley is looking for at the position. Nixon is an All-Pro returner and was the full-time starter in the slot in 2023, but he may have opportunities elsewhere. Nijman got passed up by Zach Tom and Rasheed Walker at offensive tackle and will almost certainly move on.

The Packers now have over $15 million in dead money on the 2024 cap. Trading Rasul Douglas at the trade deadline last year added over $5 million in dead money.

Dead money has become an increasingly big part of the Packers’ salary cap puzzle in recent years. The team carried over $65 million in dead money on last year’s cap, mostly due to trading away Aaron Rodgers. Voided contracts for Tonyan, Adrian Amos, Randall Cobb, Mason Crosby and Marcedes Lewis also factored in.

Lions have almost no dead salary cap hits for 2024 to start the offseason

The Detroit Lions have almost no dead salary cap hits for 2024 to start the offseason

One of the clearest signs the Detroit Lions are in much better hands now than in any other time of the Internet Era is in how well the team is managing the financial aspect of football. For years, the Lions routinely ranked near the top of the NFL in dead salary cap spending — paying for players no longer on the team.

Just three years ago, the Lions paid out over $67 million in cap room for players not in Detroit anymore. It was a lasting handcuff around the ankle attached to the bottom of the pool ladder for the start of the rebuild around GM Brad Holmes and head coach Dan Campbell.

That figure fell down to a more manageable but still egregious $20.3 million in dead cap room lost in 2022. In 2023, with COO Mike Disner finally freed of the shackles that prevented true progress, the figure fell again to $18.7 million in dead cap room.

Detroit ranked 15th in the NFL in dead cap spending in both 2022 and 2023, with higher numbers being more desirable. The Lions are working their way to 32nd, too.

As of the start of the offseason, the Lions rank 23rd in dead cap obligations for the upcoming season. Detroit has just $1.43 million in dead money for 2024. Nearly all of it comes from two players: Marvin Jones ($800,000) and Isaiah Buggs ($500,000). Chase Lucas adds on just under $50,000, with the rest coming from signing bonuses for undrafted rookies who didn’t make the team.

There is the potential for the Lions to add some more with some pending roster decisions. Guys like Tracy Walker, Halapoulivaati Vaitai and Romeo Okwara would add a lot of dead cap to the tally if they’re removed from the roster. But for now, the Lions are sitting a lot prettier than they have in eons in terms of salary cap health and avoiding dead weight.