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.
NFL Announces Compensatory Picks For 2021 Draft
The NFL has awarded compensatory draft picks for teams in the 2021 draft.
These picks are awarded to the teams that suffered the most significant free agent losses during the 2020 offseason. This year, the NFL awarded 36 comp picks. The comp pick formula assigns picks who suffered the largest net losses, so teams that signed multiple free agents have a lesser chance of receiving picks. The Cowboys top the list (shared below) with a league-high four selections.
A change to this year’s formula took place, with the NFL awarding four picks to teams who saw one of their minority staffers become a head coach or GM. The 49ers, Rams, Ravens and Saints earned third-round comp picks this year. They will receive additional third-rounders in 2022. The Rams added a third-rounder after losing college scouting director Brad Holmes (Lions GM); the Ravens lost quarterbacks coach David Culley (Texans HC); the Saints lost assistant GM Terry Fontenot (Falcons GM). In losing VP of player personnel Martin Mayhew (Washington GM) and defensive coordinator Robert Saleh (Jets HC), the 49ers will have an additional third-round pick in 2023 as well.
Here’s the full breakdown, by round and by team:
By round:
Round 3: Patriots (No. 96 overall), Chargers (97), Saints (98), Cowboys (99), Titans (100), Rams (101), 49ers (102)*, Rams (103)*, Ravens (104)*, Saints (105)*
Round 4: Cowboys (No. 139 overall), Patriots (140), Steelers (141), Rams (142), Packers (143), Vikings (144), Chiefs (145)
Round 5: Packers (No. 178 overall), Cowboys (179), Falcons (180), 49ers (181), Chiefs (182), Falcons (183), Ravens (184)
Round 6: Buccaneers (No. 217 overall), Saints (218), Falcons (219), Packers (220), Bears (221), Panthers (222), Vikings (223), Eagles (224), Eagles (225), Panthers (226), Cowboys (227), Bears (228)
By team:
- Dallas Cowboys (4)
- Atlanta Falcons (3)
- Green Bay Packers (3)
- Los Angeles Rams (3)
- New Orleans Saints (3)
- Baltimore Ravens (2)
- Carolina Panthers (2)
- Chicago Bears (2)
- Kansas City Chiefs (2)
- Minnesota Vikings (2)
- New England Patriots (2)
- Philadelphia Eagles (2)
- San Francisco 49ers (2)
- Los Angeles Chargers (1)
- Pittsburgh Steelers (1)
- Tampa Bay Buccaneers (1)
- Tennessee Titans (1)
* = special compensatory selection
Contract Restructures: Panthers, Cowboys, Giants, Saints, Eagles, Steelers
It’s that time of year when teams are frantically maneuvering ahead of free agency. Due to the cap falling because of COVID-19, things are even more hectic than ever. We’ve seen a whole bunch of contract restructures come in, and there will be a whole lot more. Let’s catch you up on the latest batch and their financial implications:
- The Panthers restructured Christian McCaffrey‘s contract recently, Mike Garafolo of NFL Network tweets. They converted $7MM of his $8MM base salary into a signing bonus, which freed up about $5.6MM in cap space for 2021. Almost a year ago McCaffrey signed his record-breaking extension that has him locked up through the 2025 season.
- The Cowboys have had a busy week with Dak Prescott‘s massive extension now in the books, and they made a trio of moves to help clear some space. Dallas restructured the deals of Zack Martin, Tyron Smith, and La’el Collins, a source told Todd Archer of ESPN.com. The reworking of the three offensive linemen’s contracts cleared up about $17MM in cap space for Jerry Jones. As Archer notes, these moves have now gotten Dallas under the cap for 2021.
- The Giants just cut top offensive lineman Kevin Zeitler as they look to clear cap space to keep guys like defensive linemen Leonard Williams and Dalvin Tomlinson. The Zeitler release isn’t the only shuffling they’re doing, as they also restructured the contract of tight end Levine Toilolo, and Jordan Raanan of ESPN.com tweeted the details. Rather than a procedural restructure like you see with star players, Toilolo actually took a pay-cut to stay with the team. He had been scheduled to make $2.95MM this year but agreed to reduce that to $1.6MM, saving the Giants north of $1MM against the cap.
- We’ve got four other restructures to pass along, courtesy of this tweet from Ian Rapoport of NFL Network. The Saints restructured the deals of safety Malcolm Jenkins to save $3.4MM and offensive lineman Andrus Peat to save $6MM. New Orleans has the worst cap situation in the league, and they desperately needed moves like this to do things like franchise tag safety Marcus Williams.
- The Eagles saved $2.4MM by reworking the deal of offensive lineman Isaac Seumalo. Philly is right up there with New Orleans in terms of bad cap situations, so GM Howie Roseman is likely far from done here.
- The Steelers saved $880K by adjusting fullback Derek Watt‘s contract. Not exactly front page news here, but it should shore up Watt’s spot on the 2021 roster. T.J. and J.J.’s brother signed a three-year, $9.75MM pact last offseason.
NFL’s Fifth-Year Option Salaries For 2021
The NFL’s 2021 salary cap has been set at $182.5MM, marking the league’s first reduction in a decade. With that, the league has also ironed out the value of this year’s fifth-round option for 2018 first-round picks.
Here’s the full rundown, via NFL.com’s Tom Pelissero (on Twitter):
1. Baker Mayfield, Browns, QB — $18.858MM (playing time)
2. Saquon Barkley, Giants, RB — $7.217MM (1x Pro Bowl)
3. Sam Darnold, Jets, QB — $18.858MM (playing time)
4. Denzel Ward, Browns, CB — $13.294MM (1x Pro Bowl)
5. Bradley Chubb, Broncos, LB — $12.716MM (1x Pro Bowl)
6. Quenton Nelson, Colts, G — $13.754MM (2x Pro Bowl)
7. Josh Allen, Bills, QB — $23.106MM (1x Pro Bowl)
8. Roquan Smith, Bears, LB — $9.735MM (playing time)
9. Mike McGlinchey, 49ers, OT — $10.88MM (playing time)
10. Josh Rosen, Cardinals, QB*
11. Minkah Fitzpatrick, Steelers, S (drafted by Dolphins) — $10.612MM (2x Pro Bowl)
12. Vita Vea, Buccaneers, DT — $7.638MM
13. Daron Payne, Washington, DT — $8.529MM (playing time)
14. Marcus Davenport, Saints, DE — $9.553MM
15. Kolton Miller, Raiders, OT — $10.88MM (playing time)
16. Tremaine Edmunds, Bills, LB — $12.716MM (1x Pro Bowl)
17. Derwin James, Chargers, S — $9.052MM (1x Pro Bowl)
18. Jaire Alexander, Packers, CB — $13.294MM (1x Pro Bowl)
19. Leighton Vander Esch, Cowboys, LB — $9.145MM
20. Frank Ragnow, Lions, C — $12.657MM (1x Pro Bowl)
21. Billy Price, Bengals, C — $10.413MM
22. Rashaan Evans, Titans, LB — $9.735MM (playing time)
23. Isaiah Wynn, Patriots, OT — $10.413MM
24. D.J. Moore, Panthers, WR — $11.116MM (playing time)
25. Hayden Hurst, Falcons, TE (Drafted by Ravens) — $5.428MM
26. Calvin Ridley, Falcons, WR — $11.116MM (playing time)
27. Rashaad Penny, Seahawks, RB — $4.523MM
28., Steelers, S Terrell Edmunds — $6.753MM (playing time)
29. Taven Bryan, Jaguars, DT — $7.638MM
30. Mike Hughes, Vikings, CB — $12.643MM
31. Sony Michel, Patriots, RB — $4.523MM
32. Lamar Jackson, Ravens, QB — $23.106MM (1x Pro Bowl)
* Rosen was released from his original contract and, therefore, is not option-eligible
As a refresher, the fifth-year option year is now fully guaranteed. In the past, it was guaranteed for injury only. The values are also dependent on certain performance metrics:
- Two-time Pro Bowlers (excluding alternate Pro Bowlers) will earn the same as their position’s franchise tag.
- One-time Pro Bowlers will earn the equivalent of the transition tag.
- Players who achieve any of the following will get the average of the 3rd-20th highest salaries at their position:
- 75%+ snaps in two of their first three seasons
- 75%+ average across all three seasons
- 50%+ in each of first three seasons
- Players who do not hit any of those benchmarks will get the average of the 3rd-25th top salaries at their position.
Saints Release Emmanuel Sanders
The Saints have released Emmanuel Sanders, according to Adam Schefter of ESPN.com (on Twitter). The wide receiver has since confirmed the news via social media. 
[RELATED: Saints Release Alexander]
Sanders joined the Saints on a two-year, $16MM deal this time last year. The veteran went on to notch 61 catches for 726 yards and five touchdowns. Even though he was productive, he was less efficient on a per-catch basis than usual. His 11.9 ypc average was among the lowest of his career and well below his finest work in Denver.
The Saints are facing a tricky cap situation, one that is compounded by Drew Brees‘ still pending retirement decision. Cutting Sanders will save $4MM on the books for 2021 with $6MM left in dead money, unless the Saints disperse the dead money hit via a post-June 1 designation. The Saints also cut Kwon Alexander earlier today so, between those two moves, they’ll free up $17MM in advance of free agency.
Sanders, a two-time Pro Bowler, drew interest from the Cowboys, Jets, Bills, and Packers in his last free agency stint.
Saints To Cut Kwon Alexander
The Saints will release linebacker Kwon Alexander in the coming days (Twitter link via NFL.com’s Ian Rapoport). With no guarantees remaining, the move will save upwards of $13MM against the cap with $0 in dead money. 
Alexander suffered an Achilles tear towards the end of the regular season, ruling him out for the Saints’ playoff run. He finished the year with 27 stops, one forced fumble, and two fumble recoveries in seven games.
Alexander was shipped from San Francisco to New Orleans in November, fortifying the Saints’ front seven and lightening the Niners’ books a bit. The Saints assumed the last two seasons of his original four-year, $54MM deal, though the remainder was non-guaranteed.
The veteran, 27 in August, still has some work to do as he battles back from injury. The timing isn’t ideal as he seeks a new job, but he has a history of quick healing. In 2019, a torn pec threatened to end Alexander’s season in the fall. Somehow, he bounced back in a matter of weeks to join the 49ers for their playoff run. This time around, he expects to be ready for the start of training camp.
Saints Re-Sign RB Dwayne Washington
The Saints have re-signed running back Dwayne Washington, according to Field Yates of ESPN.com (on Twitter). Terms of the deal have not been disclosed. 
[RELATED: Saints Franchise Tag S Marcus Williams]
Washington, 27, entered the league as a seventh round pick of the Lions in 2016. When he was pushed off of the roster by the Lions’ crowded running back depth chart in 2018, he joined up with the Saints’ practice squad. For the last three years, he’s served as a backup and special teams player in New Orleans. Now, he’s back for No. 4 to support Alvin Kamara and Latavius Murray alongside the recently re-signed Ty Montgomery.
Washington finished the regular season on a strong note, notching 108 rushing yards in Week 17. All in all, he finished out with 229 yards off of 43 carries.
NFL Sets $182.5MM Salary Cap
The NFL salary cap has been set at $182.5MM, according to Tom Pelissero of NFL.com (on Twitter). This marks a sizable (though expected) drop from last year’s $198.2MM limit.
Teams will not be allowed to borrow cap room from future years, per the CBA, so teams are basically stuck with the hard cap and difficult choices ahead. However, teams do have other ways to navigate the cap, including rollover from 2020, post-June 1 cuts, and contract restructuring.
With the new salary cap, the league has also determined the values of this year’s franchise tag tenders (Twitter link):
- Quarterback $25.104MM
- Running Back $8.655MM
- Tight End $9.601MM
- Offensive Lineman $13.754MM
- Defensive End $16.069MM
- Defensive Tackle $13.888M
- Linebacker $14.791M
- Cornerback $15.06MM
- Kicker/Punter $4.482MM
Here’s the full rundown of this year’s franchise tags, including players on repeat tags who receive a 20% increase:
- Giants DL Leonard Williams $19.35MM
- Washington G Brandon Scherff $18.03MM
- Bears WR Allen Robinson $18MM
- Buccaneers WR Chris Godwin $15.98MM
- Jaguars OT Cam Robinson $13.75MM
- Panthers OT Taylor Moton $13.75MM
- Broncos S Justin Simmons $13.73MM
- Jets S Marcus Maye $10.61MM
- Saints S Marcus Williams $10.61MM
Minor NFL Transactions: 3/9/21
Here are Tuesday’s minor moves:
Houston Texans
- Waived: FB Cullen Gillaspia
New Orleans Saints
- Re-signed: RB Dwayne Washington
Philadelphia Eagles
- Released: DB Blake Countess
- Waived: DT Treyvon Hester
Pittsburgh Steelers
- Re-signed: LB Marcus Allen
Tennessee Titans
- Re-signed: WR Marcus Johnson
Saints Franchise Tag S Marcus Williams
The Saints are in a bad cap spot, but they’re finding ways to make things work. New Orleans has franchise tagged safety Marcus Williams, a source told Ian Rapoport of NFL Network (Twitter link).
As Rapsheet points out, this one is a bit of a surprise, mostly due to the Saints’ poor cap situation. As he noted in a follow-up tweet, this move will necessitate further “cap gymnastics” for GM Mickey Loomis. We heard last week that the Saints wanted to keep Williams in the fold, and clearly they weren’t playing around. As of last week, the Saints were around $70MM over the projected cap, so Loomis has his work cut out for him.
A third-round pick back in 2017, Williams became an immediate starter and has always been very highly graded by the folks at Pro Football Focus. With Williams and Justin Simmons of the Broncos both getting franchise tagged, the potential top two free agent safeties are both off the board. John Johnson of the Rams will now possibly be the most sought-after safety on the open market.
He started 14 games last year, picking off three passes and racking up seven passes defended. He has multiple interceptions in all four of his pro seasons. In order to make this tag work the Saints will need to clear about $11MM in space immediately, Nick Underhill of NewOrleans.Football tweets.