According to a report by Mike Garafolo at NFL Network, the Seahawks have restructured the contract of wide receiver Tyler Lockett. Lockett keeps the remaining two years on his current deal, but it’s now a $30 million deal with $13 million guaranteed in 2024. If he hits all his incentives, Lockett can earn up to $34 million.
Before restructuring, Lockett was set to have cap hits a little under $27 million in each of the next two years, which made him a good candidate to get cut. This new contract makes that unnecessary. While we don’t have all the details yet, according to Over the Cap, the team could save a little over $7 million by restructuring Lockett’s deal this year.
Lockett is coming off a bit of an off season in 2023 – totaling just five touchdowns, his lowest since he became a starter back in 2018. His catch rate was also uncharacteristically low, coming in at 64.8%, about five points lower than his career average. Lockett still managed to post 79 catches and 894 yards, though.
Looking ahead, Lockett might see his role diminish further as Jaxon Smith-Njigba inevitably takes a larger share of targets. However, on his new deal Lockett is still a high-value receiver even if he’s not going to be producing the same numbers that Seahawks fans have grown accustomed to.
The Seahawks also restructured the contract of wide receiver Dee Eskridge, saving another few hundred thousand in cap room. Assuming Lockett’s new deal saves them around $7 million, that should give Seattle roughly $50 million in cap space going into free agency.
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