Ravens Restructure Marcus Peters’ Contract
The Ravens have restructured Marcus Peters‘ contract (Twitter link via NFL.com’s Ian Rapoport). The Ravens will now have $3.5MM in additional cash this offseason. The cornerback was initially set to collect $11.5MM in base pay with a $13.5MM cap hit. Now, he’ll get $10MM in base salary and count for $10MM on the books. 
[RELATED: Ravens Talking Orlando Brown Trade With 6 Teams]
Peters re-upped with the Ravens towards the end of 2019 on a three-year, $42MM deal with $32MM guaranteed. Twice traded, the deal gave Peters both financial and football security. Given his talent, the $14MM/year deal was a clear win for the Ravens. Together with Marlon Humphrey, he’s given Baltimore one of the best CB duos in the NFL.
This past year, Peters notched 52 tackles, four interceptions (plus one in the playoffs), four forced fumbles, and two fumble recoveries. Since entering the league in 2015, Peters has notched 31 interceptions, more than any other player in the league over the last six years.
Saints Restructure Michael Thomas’ Contract
Michael Thomas, in all likelihood, is staying put. The star wide receiver has agreed to a restructure that will save the Saints $8.7MM in cap space (Twitter link via NFL.com’s Ian Rapoport). 
The Saints have been restructuring players left and right as they work to get under the ~$182MM salary cap. In recent days, safety Malcolm Jenkins, defensive end Cam Jordan, linebacker Demario Davis, and guard Andrus Peat have done their part by agreeing to similar arrangements. Others, like cornerback Janoris Jenkins and wide receiver Emmanuel Sanders, were released outright. It’s not clear if those vets were approached about potential pay cuts first.
Entering 2020, Thomas had missed just two contests in his pro career. Then, Thomas suffered a high ankle sprain in Week 1. He was limited to just seven games in 2020. He repeatedly clashed Saints brass, leading to trade speculation before the fall deadline.
To recap: The Saints handed Thomas a one-game suspension for striking a teammate. Then, he missed time with a hamstring injury. All in all, Thomas finished out the regular season with just 40 catches for 438 yards. He did manage to catch five passes for 73 yards and one score in the Saints’ playoff win over the Bears, however.
The Saints would have to be especially miserable with Thomas in order to cut ties. His massive five-year, $100MM extension from 2019 means that a divorce would be mighty expensive. Instead, they’ll try to mend fences, because Thomas is one of the game’s most dangerous threats when he’s healthy.
Texans To Sign Christian Kirksey
The Texans have added Christian Kirksey to their front seven. The former Browns and Packers linebacker will join on a one-year deal with maximum value of $4.5MM (Twitter link via Adam Schefter of ESPN.com). 
The Packers released Kirksey and Rick Wagner earlier this month to free up $10MM+ in cap room. Kirksey was cut with a failed-physical designation, but the Texans saw this as a value opportunity. It’s not clear what Kirksey is dealing with, but the Texans are aware of it and willing to take a small gamble given the reasonable cost of his contract.
Kirksey, a third-round pick of the Browns in 2014, began his career as a high-end cog on bad Cleveland teams. His early work prompted the Browns to give him a deal worth north of $10MM. However, Kirksey struggled with injuries in 2018 and ’19. Ditto for 2020, though his 11-game campaign saw 77 tackles and two sacks It was his most extensive work sample in years, a dual showcase of his ability and fragility. Now, in advance of his 29th birthday, he’ll have a chance to shine on a largely remodeled Texans defense.
Buccaneers, Tom Brady Agree To Extension
The Buccaneers will sign Tom Brady to a one-year extension (Twitter link via NFL.com’s Ian Rapoport). The new deal will keep Brady in place through 2022. 
Technically speaking, the new add-on is actually a four-year contract extension, as ESPN.com’s Adam Schefter tweets. However, those final years are voidable, making this a one-year extension that ties him to Tampa for just one additional year.
Exact terms of the contract are not yet known. But, the revised deal will provide the Bucs with approximately $19MM in cap room this year (Twitter link via Schefter). As of last week, the Bucs were said to have only $11MM available. Meanwhile, Brady’s presence should help the Super Bowl champs keep the band together. In the coming days, the Buccaneers will work to keep top free agents such as tight end Rob Gronkowski, edge rusher Shaquil Barrett, and wide receiver Antonio Brown.
The future Hall of Famer was initially on the books for $28.4MM in 2021. Coming off a rather successful age-43 season, Brady says he’s open to playing past age 45. Brady will turn 44 in August, so the two sides could be talking extension again in March of 2022.
The Bucs’ bid to keep the band together is already off to a solid start. In recent days, they’ve assigned the franchise tag to Chris Godwin and re-upped linebacker Lavonte David ahead of free agency.
Saints To Release Malcom Brown
The Saints plan to release defensive tackle Malcom Brown, according t0 Josina Anderson of ESPN.com (on Twitter). The former Patriots first-round pick was set to enter the third season of his three-year deal.
[RELATED: Saints Release Janoris Jenkins]
By cutting Brown, the Saints will save nearly $5MM in cap space with about $1.5MM in dead money. It’s just the latest move to get under the limit, following this week’s cuts of cornerback Janoris Jenkins, wide receiver Emmanuel Sanders, linebacker Kwon Alexander, and other veterans.
Brown, 27, served as a starter in each of his two Saints seasons, often ahead of ex-first-rounder Sheldon Rankins. Last year, he notched 27 tackles and a sack.
John Brown Eyeing Colts, Steelers
John Brown has a couple of teams in mind. This week, the free agent wide receiver told SiriusXM (Twitter link) that he sees the Steelers and Colts as solid fits. 
“It depends who needs receivers,” Brown said. “You know, the Pittsburgh Steelers, Big Ben is definitely good with the deep ball, and the Indianapolis Colts, [I’ve noticed] the way they use T.Y. Hilton. When we played those guys in the playoffs last year I walked off and I’m like, this team, they’re up and coming, they’re going to be a problem in the next few years.”
“So, you know, I got options, I feel like I would fit in anywhere, but those are just the main two off the top [of my head]. Anywhere I can come in and help and be a small piece to the puzzle, or if they need me to be a big piece to come in and help younger guys out and move around and do what I have to do. Those are the main two teams, though.”
The Colts would make plenty of sense for Brown. As the former Bills standout eluded to, Hilton is out of contract, and Brown could take his place on the depth chart. The Steelers, meanwhile, will probably have bigger needs to address, even if JuJu Smith-Schuster goes elsewhere.
In 2019, Brown’s first season with the Bills, he managed new career highs of 72 catches for 1,060 receiving yards. Last year, he was limited just nine games and finished with a 33/458/3 stat line. It wasn’t the ideal platform year for Brown, though he didn’t know that it would be his walk year at the time. The Bills released Brown on Wednesday; the veteran says the move came without warning.
Saints Release Janoris Jenkins
The Saints are releasing cornerback Janoris Jenkins, as NFL.com’s Ian Rapoport tweets. Jackrabbit was due to earn $11.2MM with a cap hit of $14.2MM. Instead, the Saints will cut him to save about $7MM on the books for 2021. 
The Saints extended Jenkins last year, smoothing out his cap hit with a two-year, $16.75MM add-on. The new deal pushed most of Jenkins’ guaranteed cash into 2020 while effectively turning 2021 and 2022 into option years. The 32-year-old (33 in October) was claimed off waivers by the Saints in December 2019. The former Giants standout was still productive in New Orleans, but the Saints are being forced to shed veterans as the cap drops.
Starting opposite of Marshon Lattimore, Pro Football Focus graded Jenkins as the 42nd best cornerback in the NFL out of 121 qualified players last year. Lattimore — younger and cheaper than Jenkins — could be kept for the long haul if the Saints can hammer out an extension. Lattimore is currently attached to a $10.2MM fifth-year option salary. After that, the 2017 first-rounder will be extension eligible.
Chiefs Release Eric Fisher, Mitchell Schwartz
The Chiefs have released left tackle Eric Fisher and right tackle Mitchell Schwartz, per a club announcement. Together, the moves will save the Chiefs upwards of $18MM. 
Both players finished the year on injured reserve and missed the team’s most recent Super Bowl. Schwartz was lost to back injury in October that ended his streak of 134 consecutive regular-season starts. He underwent back surgery just a couple of weeks ago, but should be back on the field no later than Week 1 of the 2021 season. He has never made a Pro Bowl and has just one First Team All-Pro nod to his credit, but Pro Bowl nods often elude elite right tackles. Schwartz has been one of the best right tackles in the league since he entered the NFL as a second-round pick of the Browns in 2012.
Fisher tore his Achilles in the AFC Championship Game, leaving them extra thin in the front five. Even before Schwartz’s injury, they lost interior standout Laurent Duvernay-Tardif and rookie tackle Lucas Niang to COVID opt-outs. They also lost left guard Kelechi Osemele in October — none of that has stopped the Chiefs’ world-class offense from reaching the championship game. Fisher started 113 games for the Chiefs across eight years for the Chiefs.
Even while the Chiefs were $20MM over the salary cap, GM Brett Veach was still looking for ways to keep the offensive line together.
“From the offset here, the draft looks to be really talented on the offensive line,” Veach said earlier this year. “So I think it’ll be a combination of what we have in-house and blending that in with some new talent. Potentially in free agency and potentially in the draft.”
Ultimately, the numbers crunch was too much, forcing the Chiefs to move on from their top outside protectors.
Dolphins Cut Kyle Van Noy
3/10/21, 3:07pm: After failing to find a trade partner, the Dolphins have now officially cut Van Noy, they announced on Wednesday.
3/2/21, 1:25pm: Not so fast. This transaction is not expected to commence immediately. Miami is now expected to first attempt to trade Van Noy, Ian Rapoport of NFL.com notes (video link). While Van Noy has been an effective pass rusher under Flores and Bill Belichick, moving a $12.75MM-per-year contract will be difficult in this cap climate.
12:59pm: The Dolphins are set to release linebacker Kyle Van Noy, according to Mike Garafolo of NFL.com (on Twitter). The linebacker joined the Dolphins on a four-year, $51MM deal just last year. 
“I am surprised and disappointed in their decision,” Van Noy said in a statement confirming the news. “As a captain, I gave my all to the team. I fought through a painful hip injury during the season, including spending a night in the hospital after a game. I was brought there to be a leader and I know my teammates looked up to and respected me. I am looking forward to making an impact o my next team, on and off the field.”
Van Noy barely played his first couple of years in the league. Then, he broke out after the Lions traded him to the Patriots. In 2019, he notched 6.5 sacks and served as a key part of the Patriots’ defense. Even though the Dolphins weren’t positioned as contenders in 2020, they saw Van Noy as a long-term cornerstone.
The veteran logged 69 tackles, six sacks, two forced fumbles, and two fumble recoveries in 14 games for the Dolphins. However, he was the victim of the team’s cap crunch. Rather than carrying his $13.9MM hit, they’ll save approximately $9.78MM on the books. Van Noy’s 2021 salary would have become fully guaranteed on Day 3 of the 2021 league year.
Miami revamped its pass rush by signing Van Noy, Shaq Lawson and Emmanuel Ogbah last year. The signings helped Brian Flores‘ team contend for the playoffs in one of the more competitive years in AFC history. But with the salary cap expected to be reduced for the 2021 league year, teams are being forced to shed veterans at a higher-than-usual rate. While the Dolphins did not necessarily need to make this move, having $22MM-plus in cap space coming into Tuesday, they will create considerable funds in a buyer’s market by doing so.
Titans To Release Kenny Vaccaro
The Titans are moving on from Kenny Vaccaro. Vaccaro will be cut to save $3.9MM in cap space with $3MM in dead money remaining (Twitter link via NFL.com’s Ian Rapoport).
[RELATED: Titans Cut Malcolm Butler]
The former first-round pick joined the Titans as a free agent late in the 2018 cycle. After impressing in 13 starts, he re-upped on a four-year, $26MM deal, but he won’t see the second half of that contract in Tennessee.
Vaccaro started in all 42 of his games for the Titans across three years. Last season, he finished out with 62 stops, one sack, and five passes defensed. The advanced metrics at Pro Football Focus — which have never been especially fond of his work — gave him a 58.8 overall grade, slotting him just 68th out of 84 qualified safeties.
The Titans are trimming dollars and remaking their secondary all at once. Just yesterday, they released veteran cornerbackMalcolm Butler to free up $10.2MM for the coming year.