Updated Saints salary cap space outlook after recent roster moves
The day is still young but the New Orleans Saints are hard at work in reaching salary cap compliance ahead of free agency. NFL Network’s Ian Rapoport reported a contract extension with safety J.T. Gray and a restructure from defensive tackle David Onyemata on Wednesday, which followed the re-signing of defensive end Noah Spence earlier this week. So where do the Saints stand against the salary cap now?
It’s still not good, but it’s not as bad as where they started. Right now, I have the Saints with more than $66.72 million to chip away before they’ll be under the salary cap. Here’s how I arrived at that number.
Previous moves — a pay cut from Drew Brees and the release of guard Nick Easton — combined to create $29.8 million in savings. Additionally, the Saints rolled over $4.1 million in unspent cap space from 2020. The NFL and the players union agreed to set the 2021 salary cap no lower than $180 million, which combines with that rollover to create a goal of $184.1 million for New Orleans.
Gray’s contract reportedly includes $2 million in guarantees, which should be a single hit against this year’s salary cap. But the details on his contract structure are unclear just yet, so that could be slightly different; for example, if it’s a $2 million signing bonus, then he carries cap hits of just $1 million in both 2021 and 2022. Stay tuned for clarity on that.
The other numbers are more clear. Onyemata’s restructure creates $4.34 million in cap space. Spence qualifies for the veteran’s minimum salary benefit, making a cap hit of just $850,000 that pushes a less-valuable contract beneath the top-51 threshold. Tack on the $1.29 million in dead money from past deals New Orleans has on the books, per Over The Cap, and you end up with $250.82 million in cap commitments.
Subtract that $250,822,650 in commitments (to be exact) from the $184,100,000 Saints-specific salary cap and you end up with $66,722,650 in negative cap space. Not bad, not terrible. Certainly more manageable than the $101 million we started with. But it’s obvious the Saints have more work ahead of them.
That means more simple restructures like the one Onyemata agreed to. Candidates to watch out for are players whose contracts feature high base salaries that can be converted to signing bonuses, like defensive end Cameron Jordan ($11.9 million) and wide receiver Michael Thomas ($12.6 million).
Others like cornerback Janoris Jenkins ($10 million) and guard Andrus Peat ($9 million) are viable, too, but the problem with restructures is that it’s tougher to get out of those contracts later. Older corners like Jenkins could fall off, and Peat’s injury history is daunting. Linebacker Kwon Alexander has a $12.55 million base salary but can’t be released while recovering from his Achilles injury.
Another option: signing extensions that include signing bonuses anyway. This can keep core players like left tackle Terron Armstead ($10.15 million base salary) and right tackle Ryan Ramczyk ($11.06 million) as well as cornerback Marshon Lattimore ($10.24 million) around for the future while providing cap relief now. You just have to be sure those are building-blocks you can rely on playing like All-Pros for two or three years, if not longer.
And there will be cap cuts, though New Orleans probably wants to try trading players when they can to recoup a draft pick in the process. Nose tackle Malcolm Brown has already popped up in trade talks (which would save almost $4.9 million). Other middle-class players like punter Thomas Morstead ($2.5 million if released) and cornerback Patrick Robinson ($2.6 million if cut) could be moved, too.
The next few weeks will be hectic as the Saints hurry to get under the salary cap before legal tampering begins with free agents on March 15. Check this space often to keep up to date.
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