The Pittsburgh Steelers have roughly $11 million in available cap space after releasing cornerback William Jackson III. Now, they look to create more, and have plenty of ways they can do so before free agency begins on March 15.
Here's how they can go about it.
T.J. Watt Contract Restructure
The Steelers' biggest chunk of change can come with restructuring T.J. Watt's massive contract. Watt will be paid $29.3 million this season, with a $7.1 million signing bonus in 2023. The Steelers can reduce their hit by moving his salary into a signing bonus, bumping up his immediate pay by $12.6 million and clearing that up in cap space.
The move would give Watt his money for the season upfront while improving the team's available funds to $23.6 million.
Lower Mitch Trubisky's Cap Hit With Extension/Void Years
Trubisky is here to stay for at least the next year. That being said, he can get paid further down the road and lower his cap hit this season for the Steelers.
It doesn't make much sense for Trubisky to want an extension in Pittsburgh unless he's giving up on being a starting quarterback in the NFL. Assuming that's not the case, the Steelers will need to add void years to his deal, lowering his $10 million hit for the upcoming season.
The Steelers can adjust his contract to try and get as close to the $8 million in the available cap they have with Trubisky. Even if they adjust a little bit, though, they'll save some money.
Release Gunner Olszewski
After losing the team's return specialist job to Steven Sims during the season, Olszewski become a bigger offensive threat than he's ever been in his NFL career. In 2022, the wideout caught more than half his career total in receptions, bringing in five passes for 53 yards.
Now, Olszewski might not have had a 500-yard season, but if you go back and watch the tape, he was one unbelievable blocker for their run game. The Steelers are going to value that, but if they need to create space and run out of ways to do so, his $2 million is an easy way to add some funds.
It's not their biggest cap causality, and might not even be their first, but he's an option for the Steelers.
Release Ahkello Witherspoon
Witherspoon was supposed to be the Steelers' top cornerback last season but a lingering hamstring injury shut him down much earlier than anticipated. Now, with $4 million they can save if they move on, you have to question his future in Pittsburgh.
With the team looking at cornerbacks in the NFL Draft, and expecting to re-sign Cam Sutton, they might not have a place for Witherspoon this season. Sutton and Levi Wallace would be the assumed starters, with Arthur Maulet playing the slot and the rookie as the backup.
If they want Witherspoon to stay and provide depth, he's certainly a valuable piece to have with some real upside. If they feel the room is crowded, he's $4 million they can add to the cap space.
Release Myles Jack
Myles Jack could clear $8 million for the Steelers this season if they chose to move on before free agency. It would leave them without a starting inside linebacker, but with a crowded free agent class and the Steelers spending time looking into off-ball backers in the NFL Draft, maybe they will consider it.
Releasing Jack bumps their cap space up to $19 million and would leave them with the option to re-sign players who will likely go for less than his $11 million hit in free agency.
Pittsburgh is expected to bring back Robert Spillane, which could ease the tension of Jack's future. If they don't deem him a piece of the puzzle in 2023, though, they could decide to move on.
An extension is also an option, but it would lower the cap hit much less than releasing him would.
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