How the Dolphins could use $13.6 million in cap space from Byron Jones’ release

The Dolphins’ expected influx in cap space arrives Thursday.

Miami will officially receive $13.6 million in cap space by releasing cornerback Byron Jones with a post-June 1 designation. The Dolphins in March announced they were cutting Jones with a failed physical.

Jones, 30, did not play in the 2022 season after undergoing leg surgery last offseason. But by giving the release a post-June 1 designation, it allowed the team to avoid a dead cap charge of about $14.8 million in 2023.

The Dolphins entered the week with about $3.4 million in cap space, according to NFL Players Association’s salary cap report.

The extra funds will allow Miami to sign its four-player draft class; the team will need about $3.8 million, according to Spotrac. And while the team has had negotiations with defensive lineman Christian Wilkins on an extension, the team can easily extend him under its current financial situation. A new deal would actually free cap space by lowering his cap hit with a prorated signing bonus.

But the extra room could allow the Dolphins to continue to add to their roster after an active free agency period followed by some lost-cost additions in recent weeks.

Here is how the Dolphins could use the additional cap space.

Pursue Dalvin Cook

The Dolphins have been frequently linked to running back Dalvin Cook in recent months as his future with the Minnesota Vikings has come into question. Earlier this offseason, the Dolphins and Vikings discussed a trade for Cook, a Miami native and Miami Central alum.

Cook, who turns 28 in August, has three years remaining on a five-year extension he signed in 2020. However, only $2 million is guaranteed — all in 2023 — and Vikings general manager Kwesi Adofo-Mensah has been noncommittal about keeping Cook for the upcoming season.

After selecting running back De’Von Achane in the third round of the 2023 NFL Draft, joining a position group that also includes Raheem Mostert and Jeff Wilson Jr., head coach Mike McDaniel was asked generally about the possibility of adding a “veteran running back.”

“Generally, nothing is off the table,” McDaniel said. “But we’re really happy with the offseason we’ve had, the players that we were able to keep on this roster, the new ones that we’ve added, that we added in the draft and that we’re going to in free agency. There will always be stuff that we’ll investigate because that’s our job.”

The Vikings haven’t informed Cook whether they plan to cut him, and Cook does not have permission to speak with other teams. Minnesota is believed to want him to take a pay cut; he’s due to make $10.4 million this season, which is high for a running back. His cap hit of $14.1 million also is high.

Though adding the All-Pro back would create a bit of a logjam in the backfield, it would still bolster an offense that was one of the NFL’s most explosive units last season. The Dolphins remain among a handful of potential destinations if he’s released.

Add depth at other positions

The Dolphins have put together one of the more talented rosters in the NFL but could look to add depth at certain positions. This month, Miami signed veteran offensive linemen Isaiah Wynn and Cedric Ogbuehi and tight end Tyler Kroft, all of whom are expected to compete for roster spots this summer.

Though the Dolphins addressed most holes on the roster this offseason, they have yet to add a veteran defensive lineman to back up Raekwon Davis after John Jenkins left in free agency.

Akiem Hicks played under defensive coordinator Vic Fangio with the Chicago Bears and is one of multiple veteran linemen available who could fit into a reserve role. The Dolphins have great depth along their defensive front but with no clear backup to Davis, they could use an addition there.

Carry it over into the season

The Dolphins will keep a few million dollars in cap space as a cushion if it needs to add players during the season. Injuries are inevitable and the team will go through shuffling at the bottom of the roster, so Miami will need a little bit of wiggle room to add players. However, the Dolphins could keep even more cap space with an eye on 2024.

NFL rules allow teams to carry over unused cap space into the next season. For example, Miami carried over about $2 million this season from 2022; the Browns carried over a league-high $27 million.

The NFL’s salary cap is projected to be about $256 million for the 2024 season, an increase from the $225 million cap this year, giving every team more room to work with. But the Dolphins are projected to be about $30 million over the cap with 51 players under contract for 2024, according to Spotrac.

This is partly the byproduct of restructuring deals of players such as wide receiver Tyreek Hill and outside linebacker Bradley Chubb, freeing up immediate cap space but creating large cap hit situations in future years.

The Dolphins have a few notable players who will be free agents after 2023, headlined by Wilkins if they don’t reach an agreement on a long-term deal. But Miami will have mechanisms to get under the cap and make moves next offseason. Sitting on some of the money gained from releasing Jones could assist with those efforts.