Jimmy Garoppolo continues to help the Raiders carve out cap space. After reworking his deal earlier this offseason, the quarterback has once again restructured his deal, per ESPN’s Field Yates (via Twitter).
The move will create $17MM in cap space for the organization, making them cap compliant. As Vince Bonsignore of the Las Vegas Review-Journal notes, the team previously converted an $11.25MM signing bonus into base salary, increasing Garoppolo‘s salary from $11.25MM to $22.5MM in the process. Bonsignore assumes the front office did some work today to reduce that newfound 2023 number.
Shortly after Garoppolo signed a three-year, $72.75MM deal, he underwent surgery to repair the fractured foot he sustained in early December. The Raiders’ first restructuring helped protect the organization in case the QB’s foot injury lingers into the regular season.
More financial notes from around the NFL…
- The Bills opened a chunk of cap space today. The team opened $4.5MM in cap space by restructuring the contracts of guard Ryan Bates and cornerback Taron Johnson, per Yates. Bates turned into a full-time starter for the Bills in 2022, while Johnson has started 41 games for Buffalo over the past three seasons.
- Cedrick Wilson Jr. reworked his contract with the Dolphins prior to cutdown day, per Jonathan Jones of NFL on CBS. The veteran wideout lowered his base salary to $2MM while receiving a $3MM signing bonus, equaling his $5MM in guarantees from last season. With incentives, Wilson can earn up to $7.25MM on his reworked contract.
- The Vikings recently reworked the contract of guard Chris Reed, according to ESPN’s Ben Goessling. The offensive lineman’s base salary is now fully guaranteed at $1.165MM, an increase from the $1.4MM ($600K guaranteed) pact he was previously attached to. This was the second time this offseason that Reed agreed to a reworked contract.
- Browns left tackle Jedrick Wills restructured his deal recently, converting $2.28MM of his base salary into a signing bonus, per Yates. The new deal also has three new void years, opening around $1.8MM in cap space.
- The Cowboys restructured Neville Gallimore‘s contract, according to ESPN’s Todd Archer. The defensive tackle’s salary was reduced from $2.7MM to $1.5MM, and he can now earn $750K via incentives.