Jaguars free up $5.1 million in cap space by restructuring safety Rayshawn Jenkins' deal
According to OverTheCap.com's Jason Fitzgerald, the Jaguars have restructured safety Rayshawn Jenkins' contract, freeing up $5.1 million in cap space.
Per Fitzgerald, the Jaguars converted $6.42 million of Jenkins' base salary in 2023 into a signing bonus. The team also added three void years to his contract. It will drop Jenkins' 2023 cap figure from $10.5 million to $5.364, ultimately saving the team $5.136 million in space this year.
This move will also raise Jenkins' cap number in 2024 from $11 million to $12.284 million. Jenkins' dead cap figure will also be increased by $5.136 million in 2024, making it unlikely for Jacksonville to move on next year. The team would save $5,140,000 if they were to move on, but incur a dead cap hit of $7,136,000 in 2024 if they cut Jenkins after the 2023 season.
Jenkins becomes the latest player to restructure their deal with Jacksonville. That list includes linebacker Foye Oluokun, guard Brandon Scherff and receivers Christian Kirk and Zay Jones.
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The Jaguars now have $15,144,522 in cap space heading toward the draft, the 10th most in the league, according to OverTheCap.com.
Jenkins, one of the team's starters at safety over the past two years, originally signed a four-year, $35 million deal with the Jaguars prior to the 2021 season. He has since started 31 games for the team, including all 17 games in 2022. Jenkins missed three games in 2021 due to a broken ankle but started 14 prior to getting hurt.
Over two years, Jenkins has accounted for 189 total tackles, four tackles for loss, 15 pass breakups, three forced fumbles and three interceptions. All three interceptions came in 2022, his best season in the NFL thus far.
Jenkins was one of the best players on the Jaguars' defense last year, adding a pick-six to his resume in walk-off fashion against the Dallas Cowboys in overtime.
Prior to joining the Jaguars, Jenkins played for the Los Angeles Chargers, starting 32 games over four years with the club.
Jenkins is expected to return as one of the team's starting safeties this year, with third-year safety Andre Cisco alongside in the back five.
Demetrius Harvey is the Jacksonville Jaguars reporter for the Florida Times-Union. You can follow him on Twitter at @Demetrius82.
This article originally appeared on Florida Times-Union: Jaguars restructure Rayshawn Jenkins contract, save $5.1M in cap space
