Tag: restructure

Saints’ salary cap outlook improving, slowly but surely

The New Orleans Saints’ salary cap outlook is improving, slowly but surely. 2024 isn’t nearly as daunting as it seems | @DillySanders

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The New Orleans Saints salary cap situation is one that gets talked about ad nauseam every single offseason. They’re certainly an unconventional team that on paper looks bad, but they make it work. Things could be making even more of a turn for the better, according to this graph by Jason Fitzgerald of Over the Cap.

New Orleans’ cap outlook is as strong as it has been in years. As of now, they have very little dead money on their books for next season. They’re still over the projected 2024 cap by $61.7 million, but the Saints can save that money and more by doing their usual restructures. There is $74.8 million in savings on the table if they restructure their contracts with Marshon Lattimore, Ryan Ramcyzk, Alvin Kamara, Demario Davis, Derek Carr, Taysom Hill and Erik McCoy. That would put them in the clear by $13.1 million next season without making a single cut.

There will be some dead money to deal with, for sure, but not much. Contracts are set to expire next season for some bigger names in Andrus Peat, Jameis Winston, Carl Granderson and Tre’Quan Smith, which will account for some of that dead money though it won’t have much of an effect on their overall cap health. If all of those players leave in 2024 and the salary cap hit reaches the projected figure of $260 million, their combined dead money cap hit will be about $25.3 million, counting for 9.7% of the Saints’ overall spending. That’s very manageable.

Through restructures and extensions with these players and others like Cameron Jordan and Michael Thomas, the Saints can do a lot to help out their money situation again without losing out on any major players. It’s not a simple procedure, so plenty of people will still complain, but the Saints are in a much better spot with the salary cap than they have seen in years.

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Details of Jordan Hicks’ restructure have been revealed

Hicks’ new deal will save the #Vikings $1.5 million against their salary cap ahead of the 2023 season.

The Minnesota Vikings have made several moves to improve their salary cap situation since the offseason started, and have been hard at work restructuring the deals of players on their roster to free up space. The Vikings managed to save $1.5 million when they reworked linebacker Jordan Hicks’ contract this week, and the details of the move were announced on Friday.

Hicks is set to make just over $3.2 million in 2023 and can earn an additional $200,000 in roster bonuses per game. His $50,000 workout bonus will also factor into his pay and will incentivize him to participate in all team activities in the offseason. He can also see an additional escalator of $1.0 million if he is named to the Pro Bowl next season. The entirety of Hicks’ base salary is guaranteed.

Though the savings of this restructuring are relatively modest, Minnesota needs all the help it can get as they look to re-tool its roster for the coming season. Hicks seems poised to play a key role in the Vikings’ defense in 2023, and with his team-friendly deal, is providing the team with valuable utility beyond his contributions on the field.

 

This shrewd cap maneuver enabled Vikings to keep Harrison Smith in 2023

The #Vikings will have safety Harrison Smith on their roster for one more season, but it won’t be without significant drawbacks in 2024

The Minnesota Vikings had to get creative to keep safety Harrison Smith on their roster next season, but the arrangement the team came to could cost them dearly in 2024. What the Vikings elected to do was a shrewd business decision wherein they made 2023 the last functional year of Smith’s contract by offsetting some of the money they were set to pay him into the next year of his deal, which is now set to void at the end of the season.

The team-friendly agreement helped take some of the strain off of the Vikings’ salary cap but comes with some concerning strings attached. It inflated Smith’s salary cap hit for 2024, and guarantees that they will part ways with him, even if only temporarily, after this season to keep their finances in order.

Smith’s loss will come at a steep price, too. The team will eat nearly $8 million in dead money cap space that they won’t be able to spend next year because of the structure of this new deal. This situation is similar to the one they found themselves in with linebacker Anthony Barr in 2021 which ultimately led to his departure.

While some may see this as folly, essentially using next year’s money to pay for this year’s luxury, the move was the only option that Minnesota had to keep their beloved safety on the roster without committing a disproportional amount of money to him this season. Fans would surely prefer that Smith stick around through the end of his career, but in the business of the modern NFL, teams can only do so much to out-maneuver the market to keep their star players.

Lions restructure Charles Harris’ contract to free up salary cap room

The Lions restructure the contract of EDGE Charles Harris to free up cap room

Charles Harris was often listed as a potential salary cap casualty for the Detroit Lions. However, Harris isn’t going anywhere now that he’s agreed to a restructured contract with the Lions.

Field Yates of ESPN reports that the team and Harris worked out a restructuring of the final year of Harris’ two-year, $13 million contract he signed prior to the 2022 season. Per Yates, the move frees up an oddly specific amount of cap room in 2023: $2,823,529.

While details are not yet public, such a figure could be created by converting some of Harris’ $6 million base salary into a bonus. There is already a void year on the contract, and the restructure will add more dead money to that 2024 void season.

Update–it turns out it was not a contract restructure for Harris. Instead, Harris took a $3 million pay cut from the Lions. His salary for 2023 is now $3 million instead of the old $6 million figure. The Lions did add incentives into the deal to help Harris potentially recoup some of the lost salary.

 

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Saints, Michael Thomas reach agreement on an ‘incentive-laden one-year deal’

Multiple outlets report that the Saints and Michael Thomas are closing in on an ‘incentive-laden one-year deal’ to keep him in NOLA for 2023:

Bang. NFL Network’s Ian Rapoport reports that the New Orleans Saints are closing in on an “incentive-laden one-year deal” to keep the 2019 Offensive Player of the Year in town for the 2023 season. Thomas played a big part in recruiting Derek Carr to New Orleans, so it makes sense that he’d want to stick around and help the quarterback as best he can.

ESPN’s Adam Schefter adds that Thomas will return on a $10 million contract flush with incentives that can reach a maximum value of $15 million. It’s a big win for both sides. Thomas gets one more shot with a quarterback he trusts, and the Saints get one of their best players back in the fold — if he can stay healthy.

More to come…

Marshon Lattimore agrees to restructured contract, Saints reach salary cap compliance

NOF’s Nick Underhill reports that Marshon Lattimore agreed to a restructured contract. The Saints should now finally be beneath the salary cap:

Ring the bell: the New Orleans Saints should now be compliant with the 2023 salary cap. NewOrleans.Football’s Nick Underhill reports that cornerback Marshon Lattimore agreed on a contract restructure which should free up as much as $10,065,000 by converting most of his $14.5 million base salary into a new signing bonus and spreading it out over future years.

Take that with the other two restructures the team completed on Monday — with defensive end Cameron Jordan and running back Alvin Kamara — and the Saints should be in the clear. Now they don’t have to worry about just being cap-compliant. The work instead is focused on opening up resources to add new players. But the most difficult challenges are still ahead.

What to do with quarterback Jameis Winston? Will he accept a pay cut or be released? What about oft-injured left guard Andrus Peat, who could be let go or agree to another restructure? Wide receiver Michael Thomas is actively negotiating a new deal with the team, but the clock is ticking on him. Left tackle James Hurst could also restructure and free up a modest $3.2 million. The Saints might be under the salary cap now, but their work is far from over.

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Report: Alvin Kamara restructures Saints contract, saving up to $7M against salary cap

NFL Network’s Tom Pelissero reports Alvin Kamara restructured his Saints contract, saving another $7M against the salary cap:

There’s another one: NFL Network’s Tom Pelissero reports that the New Orleans Saints have restructured their contract with running back Alvin Kamara, saving another $7 million against the salary cap. That would put them at about $9 million over the spending limit, with which they must be compliant by Wednesday at 3 p.m. CT (the start of the new league year).

Because Kamara is expected to be suspended for six or more games, the Saints could have chosen not to restructure him and instead taken any savings from the game checks forfeited during a suspension. But restructuring him now protects that money by packaging it into a signing bonus instead of salary, which helps out Kamara while still saving the team some salary cap resources. Both sides come out ahead.

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Saints redo their contract with Cameron Jordan to save $10 million against salary cap

The Saints redid their contract with Cameron Jordan to save $10 million against the salary cap, which he joked: ‘I feel like this sort of happens every year’

There’s one big item off the to-do list: the New Orleans Saints restructured their contract with defensive end Cameron Jordan to save $10 million in salary cap space ahead of the start of free agency, as first reported by ESPN’s Adam Schefter. The Saints are still over the cap by roughly $16 million so more work needs to be done before the cap-compliance deadline on Wednesday.

Jordan will carry a cap hit of about $15.7 million after redoing his deal, but he could leave behind as much as $15.3 million in dead money if he isn’t re-signed after the 2023 season. He’ll celebrate his 34th birthday this summer before entering the final year of his contract.

But Jordan isn’t sweating it. This will work itself out one way or another. These annual restructures have just become part of his routine.

“I feel like this sort of happens every year at (this) point,” Jordan told CBS Sports’ Josina Anderson while vacationing with his family in Spain.” It’s a standard if you look at my contract. if you think about it, this could all be negated if players had fully guaranteed contracts. Either way, I’m not sure of the specifics on how it helps them with the cap. All I know is that it helps the team, and I get a guaranteed year going into the final year of my dead. We’ll take that every time.”

Jordan became the Saints’ all-time sacks leader in 2022, surpassing Pro Football Hall of Famer and “Dome Patrol” legend Rickey Jackson with a three-sack performance against the Philadelphia Eagles. He’ll be playing for the Saints again in 2023, but what happens after that is anyone’s guess.

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How the Saints can make a last push to get under the salary cap

It won’t take much more for the #Saints to get under the NFL’s salary cap before free agency kicks off, via @RossJacksonNOLA:

As the clock ticks closer and closer to the NFL’s free agency negotiating period, the New Orleans Saints aren’t expected to make a big splash. Instead they are looking to follow their usual rhythm in working on in-house free agents that they could keep and trimming spending to get under the salary cap.

In-house free agents like defensive lineman David Onyemata, defensive end Marcus Davenport and linebacker Kaden Elliss would have some impact on the salary cap. In fact, retaining Onyemata and Davenport can be done in such a way to actually save funds against the overall spending of the team in 2023.

The Saints also have some outstanding negotiations with quarterback Jameis Winston and wideout Michael Thomas. With new quarterback Derek Carr in the building, the Saints reportedly offered Winston a re-worked deal that he has until Wednesday to decide upon. Thomas’ contract has a $30 million guarantee in 2024 that conveys on March 17, 2023 (Friday). Both of these are shoes that could drop soon and further effect their financial situation.

But, even in the NFL, some things can be simple. Per overthecap.com, the Saints are carrying about $26.9 million in overages, not including safety J.T. Gray’s new 3-year deal. It’s safe to estimate New Orleans is ten just about $30 million over and still has several quick options to reduce their salary cap ahead of Wednesday’s deadline. Here are four easy restructure options that would save the Saints over $30 million:

Ravens restructure contract of DL Michael Pierce

The Ravens restructured the contract of defensive lineman Michael Pierce

The Baltimore Ravens have been making moves to get below the NFL’s salary cap threshold after the team put the non-exclusive franchise tag on quarterback Lamar Jackson. The team needs to be cap compliant by the time free agency rolls around, and Jackson’s $32 million cap hit means they need to free up money elsewhere.

In an effort to get below the NFL’s salary cap threshold ahead of free agency, the Ravens restructured the contract of defensive lineman Michael Pierce, saving close to $3 million. Pierce was lost for the year early in the 2022 season with an arm injury after playing well for the Baltimore defense.

The move comes just a day after playmaking safety Chuck Clark was traded to the New York Jets, and is a clear indication that Baltimore is squarely focused on getting their finances in order. They’ll need to free up a significant amount of cap space to hopefully sign other contributors outside of Jackson during free agency.

Pierce’s contract adjustment also entails three void years that were added to the back end of his deal to enable the team to free up space. How this might affect the Ravens’ financials moving forward is unknown, as the full details of the restructure haven’t been released. Still, this move is yet another indication that Baltimore is dead-serious in their pursuit of building a roster that can contend for a Super Bowl championship in the near future.

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