Tag: pay cut

Report: Saints reworking their contract with safety Tyrann Mathieu

Report: Saints reworking their contract with safety Tyrann Mathieu

This is interesting: NewOrleans.Football’s Nick Underhill reports that the New Orleans Saints are negotiating what he calls a “reworked contract” with starting safety Tyrann Mathieu. This comes after the Saints informed Mathieu’s co-starter Marcus Maye that he would be released at the start of the new league year on March 13, joining a large crowd of soon-to-be free agent safeties.

It’s no surprise that the Saints are taking a hard look at Mathieu’s contract. His $12 million salary cap hit is among the highest on the team and they still need to reach cap compliance before free agency kicks off next week. Restructuring his contract would save up to $5.8 million against the cap. An extension, if structured well, could free up to $6.2 million. A pay cut is also an option but it carries a wide range of outcomes.

What’s intriguing is Underhill’s wording — this doesn’t sound like a typical restructure where the Saints would convert most of Mathieu’s $7 million base salary into a signing bonus and pay it out in installments. Oftentimes a reworked deal means either a pay cut, conversion of salary into incentives, or an extension.

And keep in mind that we’re speculating here, but that last point might be the  key. Mathieu is entering the final year of his contract. Most of the money the Saints would save now by restructuring him would hit the books next season if he isn’t re-signed. If the plan is to retain him anyway, simply signing him to an extension now and moving money around — effectively reworking the deal — would make the most sense for both sides.

Mathieu played well in 2023. His 4 interceptions were tied with cornerback Paulson Adebo for the team lead. He tied slot corner Alontae Taylor with 75 combined tackles (fifth-most), 50 of them solo (also fifth). He’ll turn 32 in May and working out a new deal to insure he’ll finish his career playing for his hometown team would be a fantastic story.

But this could just as easily be a pay cut. Hopefully that’s not the case, though Underhill adds that Mathieu is working with the Saints to push negotiations across the finish line. He’s been a good pickup and it would be great to see him close out the final chapter of his playing career in front of a friendly crowd. Stay tuned.

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Adam Thielen’s new contract with Panthers puts Vikings request for pay cut to shame

Adam Thielen’s refusal to take a pay cut with the #Vikings paid off with his new three-year $25 million deal with the #Panthers

When the Minnesota Vikings asked wide receiver Adam Thielen to take a pay cut earlier in the offseason, he made the best possible decision for himself by politely declining to lower his $11.8 million base salary. After less than a week on the free agency market, Thielen signed a massive three-year $25 million contract with the Carolina Panthers on Sunday evening, securing a lucrative payday for himself through the end of the 2025 season.

Though the Vikings surely would’ve preferred to keep their home-grown receiver, the raw numbers of Thielen’s new deal would have proven to be more than they are currently equipped to offer him. Minnesota is still fighting salary cap constraints even after parting ways with him last week and will need to get creative to find money to pay prospective free agent targets as well as their draft class.

These considerations certainly aren’t the most exciting for Vikings fans who wish they could’ve retained the long-tenured receiver, though the writing seemed to be on the wall for Thielen’s future since the offseason began in February. Minnesota simply couldn’t afford the luxury of Thielen’s presence on their roster in 2023, and the Panther pounced on the opportunity to secure his services at the first chance they got.

Embattled Saints kicker Wil Lutz returns on a pay cut for 2023

Embattled Saints kicker Wil Lutz is returning for 2023 after agreeing to a pay cut, though he can win it back through new contract incentives:

The New Orleans Saints have chosen to bring back their embattled kicker Wil Lutz for 2023, but on an important condition: that he agree to a pay cut. ESPN’s Field Yates first reported that the Saints reworked their deal with Lutz to save $1.5 million in salary cap space, which was confirmed by NewOrleans.Football’s Nick Underhill — who adds that this was not a restructure. Instead of carrying a $3.4 million base salary for the upcoming season, Lutz is seeing just $1.9 million.

But he can earn much of it back through incentives added to his contract, per NOF’s Mike Triplett. If Lutz returns to form and does his job well in the fall, he won’t have lost any money. That’s a big “if,” though. He missed the entire 2021 season recovering from core muscle surgery and he looked rusty in 2022. Lutz did improve on extra point attempts, making all 33 of them, but his shakiness on field goals from varying distances was a problem throughout the season. He missed his first 44-yard field goal try in the Saints’ season-ending loss to the Carolina Panthers and had his second attempt (at a distance of 55 yards) blocked.

Of the 20 kickers to attempt 31 or more field goals last season, Lutz is one of four to have connected on fewer than 80% of their tries:

  • Wil Lutz (Saints): 23 of 31 (74.2%)
  • Cade York (Browns): 24 of 32 (75.0%)
  • Brandon McManus (Broncos): 28 of 36 (77.8%)
  • Greg Joseph (Vikings): 26 of 33 (78.8%)

Now Lutz carries the 12th-highest salary cap hit among NFL kickers at $4.12 million, having previously ranked 5th at $5.62 million. He’s in the final year of his contract and the Saints have already brought in some competition by signing Alex Quevedo to a reserve/future deal (he tried out for them last summer), and the lack of guarantees mean the Saints could save more money by releasing Lutz this summer if another kicker outplays him in training camp. He has a lot on the line in 2023.

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Report: Nick Vannett renegotiates contract to stay with the Saints

Report: Nick Vannett renegotiates contract to stay with the Saints

ESPN’s Field Yates reports that veteran tight end agreed to renegotiate his contract with the New Orleans Saints on Wednesday, with the most significant change being a pay cut. Vannett’s base salary will fall from $2.6 million to just $1.035 million (the veteran’s minimum for someone with his experience), altogether yielding $1.55 million in salary cap space. Reports previously suggested Vannett could be moved in a trade at the NFL roster cuts deadline.

It was likely this or being released for Vannett. Other tight ends on the depth chart are locked into defined roles — Adam Trautman should again see the majority of snaps, with Taysom Hill and Juwan Johnson also getting into games for pass-catching roles. Vannett is the team’s lone blocking specialist, and that’s a role the Saints still value, so they chose to keep him around rather than trade or cut him altogether.

Still, it’s not like the Saints were hurting for cap space. They were under the cap by more than $11 million before filing a couple dozen roster cuts, and by the time various adjustments are made and the practice squad assembled they should be in the clear by north of $20 million. They knew Vannett didn’t have much leverage here so they squeezed some more resources out of him while protecting his roster spot.

Teams going back on previously-agreed contracts like this is an ugly side of the business, but the game is the game. At least Vannett knows he’ll continue to suit up and earn more money than he’d see on another team’s practice squad. He’ll have opportunities to help the team win games in the fall.

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DeMarcus Lawrence reportedly refuses pay cut offer from Cowboys

Lawrence is the Cowboys’ highest-paid defender, but reportedly refused to take a pay cut to help the team get under the 2022 salary cap. | From @ToddBrock24f7

The Cowboys front office entered this offseason needing to do a very delicate dance as far as the salary cap is concerned. One certain high-priced veteran is already rumored to be on the chopping block as a cost-cutting measure. There’s talk of a possible franchise tag and contract restucturing in the coming days for others to help keep the team’s most important playmakers in the building.

Now it appears another fan favorite may be ready to play hardball with the Joneses.

Defensive end DeMarcus Lawrence has reportedly turned down a pay cut proposed by Cowboys management, according to Calvin Watkins of the Dallas Morning News.

Lawrence, with a scheduled 2022 base salary of $19 million, is currently the team’s third-highest-paid player, behind quarterback Dak Prescott and wide receiver Amari Cooper, both of whom are listed at $20 million for the upcoming season.

Cooper is thought to be headed for release by the Cowboys within the next  two weeks if a trade partner cannot be found. Now Lawrence, the 2014 second-round draft pick out of Boise State, may also be on his way out of Dallas. (Cowboys Wire explored this very possibility recently.)

As Watkins somberly notes regarding the Lawrence development: “Normally when a player rejects a pay cut he’s soon to be released.”

The two-time Pro Bowler has 48.5 sacks in his eight seasons with the Cowboys. He missed significant time in 2021 due to a foot fracture but was a difference-maker when he was on the field; he recorded 21 tackles, five tackles for loss, seven quarterback hits, and five passes defensed. He also forced two fumbles and logged an interception that he returned for a touchdown, the first of his career.

Fellow edge rushers Randy Gregory and Dorance Armstrong are both set to enter free agency, meaning the Cowboys brass has multiple serious decisions to make- and quickly- regarding the key position. While Armstrong was more of a rotation man last year and Tarell Basham, Carlos Watkins, and rookie Chauncey Golston all contributed as well, Lawrence and Gregory made for a rather formidable set of starting bookends on the defensive line.

Now all of a sudden, there’s a very real chance that both could be wearing a different uniform in 2022.

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June 1 is here, but what does it mean for Drew Brees’ leftover salary cap hit?

The NFL’s salary cap deadline on June 1 brings good news for the New Orleans Saints, who reworked their contract with retired QB Drew Brees.

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It wasn’t easy, but the New Orleans Saints cleared about $100 million to get beneath the depressed 2021 salary cap, and now more help is on the way. One avenue they took to get here was a reworked contract with Drew Brees early this spring, before he made his retirement official. Now that an important date on the NFL calendar is here, June 1 forecasts more cap savings for New Orleans.

Back in February, Brees and the Saints agreed to reduce his 2021 base salary to the NFL minimum, which introduced immediate savings of just under $24 million (lowering his 2021 cap hit from $36.15 million down to $12.225 million). On June 2, Brees’ reduced salary of $1.075 million will revert to the Saints in free cap space, though they’re still stuck with $11.15 million in dead money hits in both 2021 and 2022.

That’s not much, but every single dollar has been carefully counted and valued in New Orleans as the Saints continue to navigate the cap. The latest NFLPA public salary cap report has New Orleans under the cap by less than $350,000, so these additional resources from Brees’ retirement will go a long way. If nothing else, it should help them clear enough room to begin signing their draft picks.

With a handful of open roster spots still available (the NFLPA has the Saints with 86 of 90 positions filled), this could be what New Orleans needs to bring in more low-cost talent and round out the depth chart ahead of training camp. But bigger moves are still to come, like contract extensions that could lower the cap hits for Ryan Ramczyk ($11.064 million) and Marcus Williams ($10.612 million), among other veteran players. But as always, we should expect more surprises ahead for the Saints as the offseason marches on.

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Chiefs WR Sammy Watkins sheds new light on pay cut: ‘How much money do I need?’

When it came down to money or staying on a winning team, Kansas City Chiefs WR Sammy Watkins chose to win.

Kansas City Chiefs WR Sammy Watkins was as good as gone after the 2019 NFL season. His salary-cap hit was very prohibitive to the Chiefs’ ability to go out and re-sign players. Few believed it’d be possible to renegotiate a new deal with Watkins and thought he’d surely be a salary cap casualty.

Then, in early April, Watkins surprised by agreeing to a restructured contract for the 2020 season. The restructured contract lowered Watkins’ cap hit from $21 million to $16 million, creating $5 million in salary-cap space for Kansas City. In a recent interview with SiriusXM NFL Radio, Watkins provided some additional insight into his decision to take a pay cut and stick with the Chiefs.

“I’m at the stage of my life now where at first I was like ‘Man, I want to get paid big money again,'” Watkins said. “But then I realized, ‘How much money do I need?’ My family’s taken care of well. Do I want I go to a team and lose, and get 1,000 yards or go to a team that’s sorry, whatever the case may be. Or do I want to come back with one of the best coaches, the best quarterbacks, the best organizations, the best team, the best wideout group — arguably — and come try to fight for another championship?

“I sat my agent down, and we were trying to shoot for these big (contract) numbers. And I’m like, ‘Man, let’s just take heed of winning. I’ve been on a winning team within three years. I know how it felt to win. Shoot, I’d rather win another championship than go get another whatever type of crazy extension or crazy contract.”

The fourth overall pick in the 2014 NFL Draft, Watkins only saw one winning season with the Buffalo Bills in his three years with the team. Then, with the Los Angeles Rams in 2017, Watkins got his first taste of a winning culture. He’s been an integral part of the Chiefs since joining the team in 2018, showing up in some of the biggest moments for the team, such as a crucial catch in the comeback victory in Super Bowl LIV.
At this point in his career, Watkins has shown that he’s willing to sacrifice earnings for a culture, teammates and coaching staff that he feels comfortable with. It’s a common theme going around, as quarterback Patrick Mahomes signed a record-breaking yet team-friendly contract extension on Monday. Players like what the Chiefs are building and they want to be a part of it even if they’re forced to sacrifice a larger payday.

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Saints renegotiate contracts with Kiko Alonso and Patrick Robinson

The New Orleans Saints saved crucial salary cap space by renegotiating contracts with linebacker Kiko Alonso and cornerback Patrick Robinson

The New Orleans Saints are always creative in structuring contracts so that they can easily find salary cap space later on down the road, but sometimes they have to ask veteran players to restructure their deals or simply take a pay cut. That was the case on Tuesday when the team approached two projected starters, linebacker Kiko Alsono and cornerback Patrick Robinson, to adjust their contracts.

The first restructuring came for Alonso, who NFL Network’s Ian Rapoport reported agreed to lower his $8.7 million salary cap hit by earning it back through bonuses for playing time — much preferable to being released and trying to land with a new team. The exact details are unknown at this point, but it’s a safe bet that Alonso’s $6.375 million in base salary will be greatly reduced. While it’ll be a challenge for him to play often after tearing his ACL in last season’s playoff game against the Minnesota Vikings, he is projected to start next to Demario Davis and Alex Anzalone.

ESPN’s Field Yates also reported that the Saints renegotiated their deal with Robinson, who was set to count $6.15 million against the salary cap. With just $2.5 million in dead money tied to the 2020 fiscal year, the Saints could have saved $3.65 million by cutting Robinson outright. Instead he’ll stick around as valuable depth and, for now, projected to start in the slot as the nickel corner behind Marshon Lattimore and Janoris Jenkins.

And more moves could be on the way as the Saints look to create additional salary cap space. They have agreed to terms on contract extensions with veterans like Drew Brees, David Onyemata, and Zach Wood, but will need more resources to re-sign other free agents. Keep an eye out for additional transactions.

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