restructure – Syndication Server

Saints’ offseason assets ranked among the NFL’s worst war chests

PFF has the Saints in the worst position to be in: a bad team without many offseason assets. They need more draft picks and more salary cap space to compete:

Pro Football Focus has New Orleans Saints in the worst position to be in as we get closer to the talent acquisition portion of the offseason. The Saints are a bad team without a lot of assets to change this reality. That means they’re short on draft picks and salary cap resources.

PFF ranked New Orleans as having the third-worst assets this offseason. Most teams at the bottom of the asset rankings are playoff teams. The Seahawks, who rank at the bottom, were a tiebreaker away from winning the NFC West. Then you have the Saints and Atlanta Falcons at 30 and 31st.

These rankings were determined by three categories: effective cap space, restructure potential and draft capital. The problem for the Saints is they’re the only team without any effective cap space after pushing so much money from past deals into this fiscal year.

New Orleans does have a good amount of restructure potential, as always, but most of the restructuring will be to get under the salary cap. It doesn’t mean they won’t sign anyone in free agency. New Orleans signed Chase Young last year after starting in a similar situation. However, the restructuring won’t give the Saints much to play with this offseason.

Building the roster will come through the draft for New Orleans in 2025. PFF’s rankings is a great depiction of that. Having one of the lowest sets of assets shouldn’t be too startling for New Orleans. This was expected to be a job that required a multi-year renovation.

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Derek Carr says he wouldn’t take a pay cut, ‘Especially with what I put on tape’

Derek Carr wants to do what he can to help the Saints in 2025, but he says he won’t take a pay cut: ‘Especially with what I put on tape’

Few teams have created as big a mess of the salary cap for themselves as the New Orleans Saints. General manager Mickey Loomis spearheaded a push to build around veteran quarterback Derek Carr and former head coach Dennis Allen a couple of offseasons ago that resulted in Carr signing a four-year, $150 million deal — big money for a quarterback who had never won a playoff game.

And now the Saints are really paying for it. Carr has gone 14-13 as a starter through two years while missing a lot of time with injuries. He’s been seen barking at his coaches and younger teammates during games while averaging just 223.1 passing yards per game since he arrived in New Orleans, 3rd-lowest among 19 different quarterbacks with at least 800 pass attempts in that span (Carr has 827).

Now his salary cap hit is cruising past $51.4 million in 2025. $30 million of that is tied up in Carr’s salary, but he’s made it clear he won’t give it up.

“I wouldn’t take a pay cut,” Carr told ESPN’s Katherine Terrell. “Yeah, I wouldn’t do that. Especially with what I put on tape. Would I restructure? Absolutely. I’ll always help the team that way. But there’s some things that you put out there that you earned. Even in some cases it could be even worse, but I felt confident when I signed it that this would give the team the best flexibility at the time.”

Carr’s agent Timothy Younger took Loomis to the cleaners on that contract — he made sure to negotiate a no-trade clause just like Carr got from the Las Vegas Raiders, which makes it more difficult for New Orleans to get out of it. While the Saints have only paid $19.8 million against the salary cap over the last two years due to some crafty accounting, the team is on the hook for cap hits of $51.4 million in 2025 and $61.4 million in 2026, before his deal expires in 2027, leaving behind at least $17.2 million of dead money.

And another restructure like Carr alluded to wouldn’t help the team in a meaningful sense. That’s just kicking the can down the road even further. Carr’s cap hit would drop to as low as $20.4 million for 2025, but the $30.9 million difference would be paid out over 2026 and 2027. He gets his money now rather than later, and while it would help the Saints reach cap compliance in 2025 they’d still have to work around it in the next year or two. It’s disingenuous for him or any other player in his position to suggest otherwise.

So the Saints are stuck between a rock and a hard place. Carr will very likely be their quarterback again in 2025, but if he doesn’t pick up his play and lead them to success in the fall, it’ll be even more urgent to search for an exit ramp. Unfortunately, the way Loomis structured this contract and the decision to restructure it once already really limits their options, and doing so again this offseason would almost insure Carr sees it through all four years with a heavy lump of dead money left behind once he’s off the team in 2027.

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Saints restructure Juwan Johnson’s contract to open up some cap space

The Saints restructured Juwan Johnson’s contract to open up some cap space before the regular season starts:

https://twitter.com/FieldYates/status/1831452392011002098

The NFL regular season is upon us, and some teams are completing last-minute moves to cut new deals and work around the salary cap — including the New Orleans Saints. ESPN’s Field Yates reports that the Saints restructured their contract with tight end Juwan Johnson to free up $3.5 million in salary cap space.

Remember, this isn’t a raise or a pay cut. Johnson is just getting money he was already owed paid out in a different way. For the Saints, the goal was to save $3.5 million against the salary cap. The consequence? If Johnson does not sign an extension next year and leave in free agency, it’ll leave behind about $6 million in dead money. That’s nothing compared to the hefty cap hits left behind for departed free agents like Andrus Peat ($13.6 million), Michael Thomas ($11.1 million), David Onyemata ($10.1 million) and Marcus Davenport ($7.6 million), but it’s still something you’d like to avoid.

Hopefully Johnson performs well in Klint Kubiak’s offense and earns a new deal. Getting him under contract for the foreseeable future as a playmaking tight end and reliable weapon for Derek Carr (or whoever is under center in New Orleans by 2025) would be nice. But those are questions to be answered tomorrow. For today, the Saints are happy to have a little more financial flexibility, while Johnson is happy to have a little more financial security.

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Patrick Mahomes on recent QB mega-contracts: ‘I’m doing pretty well myself’

#Chiefs QB Patrick Mahomes made it clear that he doesn’t feel underpaid after seeing Jordan Love and Tua Tagovailoa sign mega-deals in July.

In an NFL where player salaries are constantly on the rise, it seems that Kansas City Chiefs quarterback Patrick Mahomes may be underpaid.

Mahomes, who signed a 10-year $503 million contract with the Chiefs in 2020, shared his thoughts on the evolving quarterback market, telling USA Today’s Jarrett Bell that he doesn’t feel like he is missing out on his current deal.

“I know every time a contract comes up, everybody looks at my [average salary per year] and everything like that. I’m doing pretty well myself,” Mahomes told Bell this week. “For me, it’s just about going out there trying to win football games, trying to make money for my family at the end of the day. I feel like I’m doing a great job of that.”

After Green Bay Packers quarterback Jordan Love and Miami Dolphins passer Tua Tagovailoa signed extensions on Friday, Mahomes is tied for 11th place in average salary per year at his position.

However, the length of Mahomes’ current contract provides flexibility to restructure his salary to stay competitive with changing market conditions.

In his comments to Bell, Mahomes hinted that another restructure of his deal is likely in the coming years.

“We do a great job,” Mahomes said of his representatives and the Chiefs brass. “When I restructured, kind of moving money around the last time, we talked about a certain year when we were going to go back and do it again.”

Perhaps no amount of money could adequately compensate Mahomes for his role in making Kansas City the center of the football world. His accomplishments in six years as the Chiefs’ starter transcend what was thought to be possible for a young signal-caller.

But to hear Mahomes tell it at training camp, dollars and cents are the last thing on his mind as Kansas City prepares to defend its Super Bowl LVIII title.

Saints restructure Taysom Hill’s contract, opening up a lot of salary cap space

The New Orleans Saints restructured Taysom Hill’s contract, opening up a lot of salary cap space. What could be their next move?

This is interesting. ESPN’s Katherine Terrell reports that the New Orleans Saints restructured Taysom Hill’s contract, opening up a lot of salary cap space; after drifting near $5 million in cap clearance by signing their rookie draft class and a couple of veteran free agents, they’re now in the clear by $12 million.

The Saints did this, per Terrell, by converting $8.79 million of Hill’s base salary into a signing bonus that will be paid out over subsequent years for accounting purposes. Hill went from owning the second-highest salary cap hit on the team ($15.7 million) to sixth-highest ($9.1 million). The team went from ranking 32nd in cap space to 22nd, so this may have just been about creating more breathing-room.

But what if there’s another shoe about to drop? Recommitting to Hill and making it tougher to trade or release him in the future wasn’t done for nothing. Maybe the Saints are working on a trade or big (relative to June) free agent signing. More likely is that they’re working on extensions with some players in the building. Chris Olave and Rashid Shaheed are ineligible to sign new deals until March 2025, but guys like Paulson Adebo, Pete Werner, and Alvin Kamara might make sense if they’re part of the long-term vision for the team. Stay tuned.

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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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Twitter reacts to the Saints restructuring Derek Carr’s contract

Fans and analysts on Twitter had mixed reactions to the Saints restructuring Derek Carr’s contract, locking him in as their starter for the foreseeable future:

We all saw this coming: the New Orleans Saints restructured their contract with Derek Carr on Friday, locking him in as their starter for the foreseeable future. And that led to a range of mixed reactions from fans and analysts on social media. Here’s what was being said on Twitter about the Saints’ latest salary cap gymnastics:

Saints work towards salary cap compliance by restructuring Nathan Shepherd

The New Orleans Saints are continuing to work towards salary cap compliance by restructuring their contract with Nathan Shepherd:

Here’s your next New Orleans Saints salary cap maneuver: ESPN’s Field Yates reports that the team restructured their contract with defensive tackle Nathan Shepherd to save “just north of $3 (million)” following similar moves with quarterback Derek Carr and center Erik McCoy. Another restructure with right guard Cesar Ruiz is also in the works, per ESPN.

There’s just one thing: the math doesn’t check out for this to yield more than $3 million in savings. Shepherd was due $4.1 million in base salary with a $1 million signing bonus payout in 2024 prior to this restructure, which made for a $5.1 million cap hit. Lowering his salary to the minimum ($1.125 million) and converting the difference into a new signing bonus ($2.975 million paid out over five years for accounting purposes) would yield $2.23 million in savings, dropping his cap hit from $5.1 million to just $2.72 million.

So maybe that’s a typo or mistake from Yates. $2.23 million could be credibly described as “just north of” $2 million. We’ll see if Yates shares a clarification or if there’s something else going on here. Either way, whether it’s $2 million or $3 million, every dollar counts for the Saints. Few teams spend more than they do.

Shepherd’s base salary for 2024 was already guaranteed when he signed with the Saints last year, so he was going to get this money regardless. It’s just being paid out differently to better work around the salary cap. After restructuring their deals with Shepherd, Carr, and McCoy with Ruiz’s expected restructure factoring in, the Saints should be over the cap by about $33.2 million. That’s already $50 million less than where they started in offsesason projections.

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Report: Saints plan to restructure their contract with guard Cesar Ruiz

ESPN reports the New Orleans Saints plan to restructure their contract with right guard Cesar Ruiz, saving another chunk of salary cap resources:

More moves are coming for the New Orleans Saints as they continue to work to reach salary cap compliance — ESPN’s Jeremy Fowler reports that the Saints plan to restructure their contract with right guard Cesar Ruiz, having already done so with quarterback Derek Carr and center Erik McCoy.

Ruiz signed a deal last summer that was primed for restructure: his extension included a league-minimum base salary in 2024 along with an $8 million roster bonus. In order to restructure his contract, the Saints are going to have to convert that roster bonus into a signing bonus and pay it out over the four years remaining on Ruiz’s contract, which will save $6,580,000 against the cap this year. It’s a smart move since the money was already promised, it’s just being paid out in a way that makes life easier for the team’s accountants.

According to estimates from the experts at Over The Cap, the Saints were in the red by about $53.7 million after restructuring their contracts with Carr and McCoy. Adding Ruiz to the list will drop them down to approximately $47.2 million. Still a ways to go before reaching salary cap compliance (with more needed to sign veteran free agents), but already nearly half where they started the offseason, without cutting a single player. This has been the plan all along. We’ll have to see if the changes to the coaching staff can make enough improvements to justify it.

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Saints no longer lead the league in negative salary cap space

The Saints are no longer 32nd in negative salary cap space. After restructuring Derek Carr and Erik McCoy, they moved up to 31st:

Ring the bell: the New Orleans Saints are no longer ranked 32nd among the NFL’s 32 teams in negative salary cap space. After restructuring their contracts with starting quarterback Derek Carr and Pro Bowl center Erik McCoy, they moved up to 31st.

The experts at Over The Cap track every transaction and contract tweak around the NFL, and they estimate the Saints to now be in the red by just $53.7 million — a big jump after New Orleans started the offseason with about $83 million in expenditures keeping them over the salary cap. Two conversations with Carr and McCoy wiped out nearly $30 million in 48 hours.

Sure, they still have a lot to figure out with $53.7 million in negative cap space. But that isn’t the worst number in the league anymore. The Buffalo Bills are now in last-place with an estimated $55.1 million, per OTC. And the Saints are going to be busy working towards cap compliance.

There’s just one other thing: we don’t know yet what the salary cap will be in 2024. OTC works with an estimated figure of $242 million, based off the rise in past years. We do know the cap will continue rising — it’s forecast to reach $300 million in the near future — the question is how high. Some reports suggest it may approach $250 million this season. With the Saints currently putting roughly $295.7 million on the books, every dollar counts. Look for more restructures and contract adjustments in the days ahead, with the league office expected to announce this year’s salary cap during or after the NFL Scouting Combine next week.

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