Updated 2023 Saints salary cap outlook after Michael Thomas contract restructure

The Saints still have a lot of work to do after restructuring their contract with Michael Thomas. Here’s their updated 2023 salary cap outlook and top 10 cap hits for 2023:

The New Orleans Saints shaved more than $14 million off their books in a contract restructure with Michael Thomas, setting up the former All-Pro wide receiver for a split in March. Thomas is likely going to be released with a post-June 1 designation, which would create the greatest savings against the 2023 salary cap, but that’s something to worry about on another day.

In the meantime, we have a better idea now of the Saints’ salary cap outlook for the coming offseason. Thomas lowered his 2023 cap hit from $28.2 million to just over $13.1 million, which brings their current cap commitments down from $283 million to about $267 million, give or take a couple million dollars. That’s still well over the projected salary cap for 2023; multiple reports have said it will settle at around $220 million, with an influx of new broadcasting rights deals padding the NFL’s coffers.

So at the end of the day, the Saints still have a lot of work to do after this contract restructure with Thomas. Over The Cap’s estimates have New Orleans in the red by more than $38.7 million. Here are some of the top salary cap hits they’ll need to address in the weeks and months ahead:

Saints rank second-to-last in salary cap space, but does it matter?

The New Orleans Saints have the second-fewest salary cap resources to work with around the NFL, but they can make more cash in a hurry.

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The NFL’s calendar has shifted into the first week of the regular season, with the Kansas City Chiefs set to host the Houston Texans on Thursday, Sept. 10. This transition from preseason and training camp into the next 17-week stretch brings many changes for NFL teams: including the salary cap accounting.

During the offseason, only the top 51 contracts are counted against the cap. But now all 53 players signed to teams are on the books, leaving the New Orleans Saints at an estimated $4.2 million beneath the salary cap, per Spotrac. That number is flexible and will change slightly in the days ahead as the Saints shuffle players on and off of the roster, but it’s close to the numbers they’re working with internally.

For context, only the Los Angeles Rams have less cap space right now (estimated at a hair over $4 million), while the New England Patriots lead the league ($40.3 million). Unused funds can be rolled over into the next fiscal year, but for teams focused on winning now like the Saints, excess cap space is best reserved for in-season pickups.

That can look like the usual rotation of veterans after free agent tryouts — or, more exciting, big moves at the trade deadline. The Saints rarely shy away from moving draft picks for players they think can add an edge to the roster, but fitting preexisting contracts under the salary cap is a different issue altogether.

That will be tough to pull off with just $4.2 million in cap space to pass around. But the Saints were just all in on Jadeveon Clowney, making a competitive offer against the $15 million contract he agreed to sign with the Tennessee Titans. They’ve obviously done their homework and have veteran players on standby, ready to restructure other contracts to make more space beneath the cap in a hurry.

So don’t rule the Saints out if some good players become available near the October trade deadline. Things aren’t always what they seem when it comes to salary cap accounting, and they just might surprise you.

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Saints could lose more than $440 million playing in stadiums without fans

The Covid-19 novel coronavirus pandemic has hit America hard, but it might hit the NFL and the New Orleans Saints in their pockets soon.

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Forbes’ Darren Heitner estimates that the New Orleans Saints could lose as much as $161 million in direct stadium revenue, and an even larger total of $441 million should the entire 2020 season be played without fans in attendance.

It’s tough to imagine the Mercedes-Benz Superdome sitting eerily quiet while Drew Brees takes the field for maybe the last time, but it just goes to show the lengths to which the novel coronavirus pandemic has altered American life.

Playing NFL games without fans would affect every team, but New Orleans stands to lose more than most due to its economic reliance on the tourism and hospitality sector. Games played in the Superdome are a huge draw for NFL fans around the country, and losing those visitors’ dollars would only compound a crisis the city is already dealing with.

And it might be the lesser of two evils. New Orleans Mayor LaToya Cantrell has said that she’ll defer to the league’s judgment, but she believes playing in empty stadiums would be the safest course of action to prevent the spread of infections and potentially save lives.

The long-term impacts of this lost NFL revenue is yet to be determined, but it might be the first real hurdle faced by Saints general manager Mickey Loomis and his team in working around the salary cap.

Led by cap guru Khai Hartley, the Saints front office has navigated the always-rising salary cap with ease, knowing that increases in future years gives them resources to work with in the present. But if the cap were to fall instead due to decreased revenue, they might struggle to retain as many players while adding free agents next year.

Hopefully this doesn’t come to pass. But until widespread testing and a vaccine for Covid-19 are available, it’s tough to see NFL stadiums opening their doors to tens of thousands of fans any time soon.

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Estimating the Lions 2020 salary cap room after Darius Slay trade

Official contracts are still being processed but there is enough information to estimate the Lions salary cap room after the Darius Slay trade.

There has been a lot of movement over the last four days of free agency. The Detroit Lions have signed new talent, swapped draft picks, traded away and for a player, and understanding where things like the salary cap stand can be a bit murky.

While official a few contracts are still being processed, there is enough information to estimate the Lions available salary cap room at this time.

Here’s the basic framework you need to know.

The NFL salary cap is set at $198.2 million and the Lions are rolling over an estimated $18 million, giving them $216.2 million to work with.

Dead money is the first hurdle teams need to clear. By releasing Damon Harrison and Rick Wagner, as well as trading away Quandre Diggs and Darius Slay — plus a handful of other smaller moves — the Lions dead money sits at approximately $20.4 million. This is the cost of business when you are overhauling a defense.

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After the dead money, the player’s 2020 cap hits are added in. Currently, the Lions are carrying 72 of the 90 players they are allowed to have at this time of year.

One minor complication here is, the final contract numbers for Desmond Trufant, Danny Shelton, and Jayron Kearse have not yet been released. So to accommodate that, I have made estimates — erroring on the high side — for each of their deals. When the numbers do come in, I anticipate they won’t likely be more than $1 million or so over my estimations.

At this stage, the Lions have roughly $32.2 million in salary-cap space.

While that number is the actual salary cap space, there are other factors teams take into consideration, like anticipated rookie money and keeping an in-season cushion for spending throughout the year.

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The Lions estimated rookie pool is estimated to cost just over $12.7 million, but because of the NFL’s top-51 rule, only about $11.1 million actually counts against this season’s cap at this time.

That brings the workable salary cap availability to about $22.1 million.

Different general managers allow varying levels of funds for in-season moves. Lions general manager Bob Quinn has kept between $7 and $17 million in previous seasons. For this exercise, I am allowing $10 million in cushion.

That leaves the Lions with just over $12.1 million in available salary.

$12.1 million may not seem like a lot but when you look at the numbers below and see how frontloaded contracts create more room — and keep in mind I am being conservative with a few numbers — there is room to sign more players in this free agency period.

Here’s a full breakdown of where the Lions sit as of the publishing of this article: