Here are a few details on recent contract restructures agreed to around the league:
- The 49ers were able to reach an agreement on a restructured contract with star running back Christian McCaffrey last week, according to ESPN’s Field Yates, opening up $8.58MM in cap space. The team converted $10.72MM of McCaffrey’s 2023 base salary into a signing bonus and added two void years in order to reach the desired cap savings.
- The Raiders were likewise able to restructure the contract of outside linebacker Chandler Jones to free up $5.07MM in cap space, according to Yates. Jones agreed to convert $6.33MM of his 2023 base salary into a signing bonus and add an additional void year to help Las Vegas reach those figures.
- Yates also reports that the Jets reached an agreement last week to restructure defensive end John Franklin-Myers‘s contract. New York converted $4.32MM of Franklin-Myers’s 2023 base salary into a signing bonus to clear up $3.46MM in cap space.
- In one of the least impactful updates we’ve reported, the Giants‘ cap space decreased by $750K last week because of a corresponding increase to quarterback Daniel Jones‘s cap hit. According to Dan Duggan of The Athletic, the adjustment stems from an incentive Jones can earn this season if he plays over 65 percent of the team’s offensive snaps and wins the division. According to the league’s CBA, “any incentive bonus based on the team’s ranking in its Division automatically will be deemed ‘likely to be earned,'” which adds the incentive automatically to Jones’s 2023 cap hit.