David Onyemata agrees to restructured contract, creating cap space
There goes another domino: NFL Network’s Ian Rapoport reports that the New Orleans Saints have agreed to a contract restructure with defensive tackle David Onyemata, which creates $4.34 million in salary cap space for 2021. It’s not a lot, but it’s another important step towards cap compliance ahead of free agency later in March.
It’s important to note that this is not a pay cut — Onyemata is getting his money now while raising his future cap hits, giving him some more job security. The Athletic’s Katherine Terrell did a great job explaining the mechanics of this move. Onyemata converted $4.34 million of his $7 million salary into a signing bonus, taking it off of the books for 2021 and pushing it into the future.
That raises his cap hits by $2.17 million in 2022 (now up to $12.17 million) and 2023 (which automatically voids, but will leave $4.67 million in dead money). The Saints can get ahead of that dead money hit in 2023 with another contract extension, which feels likely to happen next offseason to lower his 2022 cap hit if Onyemata continues to play at a high level. He can earn another nice payday by stepping up should the Saints lose free agent Sheldon Rankins and cut or trade Malcom Brown over the next few weeks.
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