Jenkins, whom New Orleans picked up off waivers from the Giants in December, had been due a base salary of $10.15MM and a roster bonus of $1MM for 2020. Typically, a “restructured” contract will push cap charges from the current season into future years. Jenkins is only signed through 2020, however, meaning it’s likely he simply agreed to a pay cut.
Jenkins is currently projected to start for the Saints opposite Marshon Lattimore. But given that he’s entering his age-32 campaign, Jenkins likely figured he wouldn’t be able to earn a salary close to his $10.15MM on the open market, and decided to take less to remain in New Orleans.
However, it’s also possible that Jenkins was extended. The Saints may have handed Jenkins a typical extension, or — as general manager Mickey Loomis is wont to do — the club might have used voidable years. By deploying that financial maneuver, New Orleans could spread a Jenkins signing bonus over several “fake” contract years in place only to reduce the veteran’s 2020 cap charge. It’s a classic “kick the can down the road” move the Saints have employed many times before.
Photo courtesy of USA Today Sports Images.