The Saints restructured two contracts yesterday in an effort towards salary cap compliance, according to ESPN’s Field Yates. Both linebacker Demario Davis and tight end Taysom Hill have agreed to the new arrangements to lower their cap hits.
The team converted $7.09MM of base salary for the 34-year-old Davis' 2023-24 season into a signing bonus, clearing $5.67MM in cap space off his contract. He now holds a cap hit for next year of $7.61MM with a base salary of $1.17MM.
For his part, Hill saw $8.82MM of his 2023 base salary converted into a signing bonus, clearing $7.06MM in cap space off his contract. He now holds a cap hit next year of $6.87MM with a base salary of $1.08MM.
The team still has several avenues it can explore to create cap space. Defensive end Cameron Jordan ($25.7MM), cornerback Marshon Lattimore ($22.4MM), guard Andrus Peat ($18.3MM), running back Alvin Kamara ($16MM), and quarterback Jameis Winston ($15.6MM) all hold cap hits over $15MM which could likely be restructured.
A few other recent cap restructurings. After signing a three-year, $26.25MM contract a year ago, guard Austin Corbett has agreed to a restructured deal with the Panthers, according to team staff writer Darin Gantt. Corbett contributed to a much-improved offensive line this season, starting all 17 games before suffering a torn ACL in the team’s last game of the year. The 28-year-old is working towards a return to daily facility workouts. Yates of ESPN reports that the team converted $7.72MM, consisting of his base salary and a $1MM roster bonus, into a signing bonus, freeing up $5.79MM in cap space. Corbert now holds a 2023 salary of $1.08MM and a cap hit of $5.16MM.
Yates’s above report on Corbett also mentioned the Browns' recent restructuring on the contract of wide receiver and return-specialist Jakeem Grant. Grant missed the 2022 season with a torn Achilles tendon after signing a three-year, $10MM contract in the offseason. The renegotiated deal for Grant reportedly reduces his cap hit by $1.77MM.
Finally, looking to the defending NFC champs, Eagles center Jason Kelce is currently headed towards free agency or, potentially, retirement. Since Philadelphia has a habit of building voidable years into contracts in an effort to lessen the salary cap burden of a given contract, the team found it necessary to decrease that financial burden which Kelce’s expiring contract has on their future. According to Yates, the Eagles paid Kelce a $3MM bonus, consisting of his $2.75MM 2023 roster bonus and $250,000 2023 offseason bonus, reducing his 2023 cap hit in the process. The move reportedly cleared up around $2.4MM of cap space for Philadelphia next season.
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