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In restructuring Janoris Jenkins' contract, the Saints lowered his cap number to $4.05M by converting $9M of his pay into a signing bonus, creating $7.2M in space. Jenkins remains a free agent after this season, with the Saints adding two void years.
— Field Yates (@FieldYates) March 24, 2020
Just how much salary cap space did the New Orleans Saints create in their restructured contract with veteran cornerback Janoris Jenkins? ESPN’s Field Yates followed up his initial report on the agreement with details, finding that the Saints opened up about $7.2 million in this maneuver. But it’s important to remember that it’s not the same thing as Jenkins taking a pay cut, and the Saints haven’t really saved any money here. They’ve just kicked another can down the road.
Yates reported that the Saints converted $9 million of Jenkins’ existing $10.25 million base salary into a signing bonus, which was prorated into further payments in 2021 and 2022. However, the Saints weren’t able to agree on a real contract extension — each of those years automatically void after the 2020 season, which will allow Jenkins to test unrestricted free agency next year. That’s probably due as much to his age (from the team’s perspective; few cornerbacks play at a high level deep into their 30’s) as Jenkins’ desire to cash in once new television contracts have juiced up the always-rising salary cap.
The end result is that the Saints are on the hook for $4.05 million against the 2020 salary cap, but they will be charged a combined $7.2 million next year when Jenkins isn’t on the roster anymore. The good news is that if he does leave, they should qualify for a high compensatory draft pick in the following year, and conservative estimates place the 2021 salary cap at roughly $220 million, so it’s a hit the Saints can absorb. It would just be nice if a player on payroll was actually seeing the field.
But the priority in New Orleans is to win now, and slotting Jenkins in opposite Marshon Lattimore as the number-two cornerback gives them their best chance at accomplishing that. The Saints always try to maximize their resources during the offseason and this is just another example of that. But don’t be shocked if they target a cornerback prospect high in next month’s NFL draft, anticipating Jenkins’ departure after the season.
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