NFL Restructures: Clark, Packers, Meinerz, Falcons, Saints, Eagles
As the Cowboys made another trade to acquire a higher-end Packers defender salary (Rashan Gary‘s four-year, $96MM deal), they are restructuring the one they added last summer. Dallas is reducing Kenny Clark‘s 2026 cap number with a restructure, per ESPN.com’s Todd Archer. As Connor Byrne’s Cowboys Offseason Outlook detailed, Clark was due an $11MM roster bonus Friday; Dallas is moving that into a signing bonus to open up $8.8MM in cap space. This will drop Clark’s cap number well south of its $21.5MM place, though it would create more dead money if he is not extended by the 2027 league year. An extension is on the Cowboys’ radar, even as the former first-round pick goes into an age-31 season. With Clark signed through 2027, however, it is possible this restructure will table any extension talks.
With the cap-compliance deadline less than 24 hours away, here are more restructure decisions:
- Trading Gary to the Cowboys and cutting Elgton Jenkins, the Packers are busy at work with cost-shedding moves. They also completed an Xavier McKinney restructure, per KPRC2’s Aaron Wilson. The move will save more than $9MM in space for Green Bay. McKinney will also secure an additional $11.54MM guaranteed — on top of his $23MM guarantee from March 2024 — according to Wilson, who adds the Pack included three void years to defray the bonus money. McKinney’s cap hit is down to $9.86MM.
- The Broncos have mostly used free agency to retain their own talent thus far, but the team is adding eight figures of cap space as of Tuesday. Denver is restructuring Quinn Meinerz‘s deal, according to the Denver Gazette’s Chris Tomasson, who notes this is a simple restructure of the All-Pro guard’s 2026 base salary. Moving it to a signing bonus, the Broncos will free up around $11MM. The Broncos sit mid-pack in cap space, holding more than $23MM.
- Troy Andersen will be part of the 2026 Falcons. At least, he will have an opportunity to contribute, with SI.com’s Garrett Chapman reporting the linebacker agreed to a restructure to avoid his contract tolling from 2025. Andersen missed all of last season, spending it on the reserve/PUP list. A player who spends the season on the PUP can see his contract toll in the final year of a deal; a knee injury sidelined the former second-round pick last season. This amounts to a de facto re-signing, since Andersen’s four-year rookie deal was set to expire Wednesday. The team confirmed the restructure, per Falcons.com’s Tori McElhaney and Will McFadden.
- One of the NFL’s long-running restructure hubs, the Saints are adding another before the league year begins. New Orleans is saving $7.36MM in cap space by restructuring Erik McCoy‘s deal, ESPN.com’s Katherine Terrell tweets. One void year is being added to the center’s contract. McCoy’s deal runs through 2027; three void years are now included.
- The Jaguars completed a simple restructure of center Robert Hainsey‘s deal, according to Spotrac, with the move saving the team $4MM in cap space. Three void years are now on Hainsey’s deal, Wilson adds.
- Michael Carter II will stay with the Eagles in 2026, but it sounds like he has agreed to a pay cut. Carter’s deal is being restructured in order for the 2025 trade acquisition to remain on the roster, The Athletic’s Zach Berman tweets.
Packers Restructure S Xavier McKinney’s Contract
The Packers are among the teams which entered Thursday with work to do to become cap compliant. Green Bay has opted for a restructure as an easy way to free up 2026 space. 
The team has restructured safety Xavier McKinney‘s contract, ESPN’s Jeremy Fowler reports. McKinney was due to count $19.09MM against the cap next season, but that will no longer be the case. As Fowler notes, both his base salary ($4.25MM) and pending roster bonus ($8.5MM) are set to be converted into a signing bonus.
A simple conversion only affecting McKinney’s salary would have generated nearly $6MM in savings; that figure would have been sufficient to get the Packers out of the red in terms of cap space. Converting his roster bonus will create even more in the way of additional funds, though, and Fowler notes McKinney’s cap hit for 2026 should drop to below $10MM as a result of today’s move. More cost-cutting will no doubt be coming from Green Bay.
The Packers could free up more cap space by releasing the likes of offensive lineman Elgton Jenkins and edge rusher Rashan Gary. Over the coming days, the status of those two veterans will be worth watching closely as general manager Brian Gutekunst and Co. prepare for the new league year. In any event, McKinney will of course be in Green Bay’s plans for the foreseeable future.
The former Giant took a big-ticket deal in free agency during the 2024 offseason. McKinney thrived during his debut Green Bay campaign, notching eight interceptions en route to first-team All-Pro honors. The 27-year-old remained a full-time starter for the Packers this past season, posting double-digit pass deflections for the third year in a row. McKinney’s contract runs through 2027, a season in which an inflated cap figure will be in store unless void years are added or an extension is eventually agreed to.
Packers S Xavier McKinney Injures Calf, Aiming For Week 1 Return
Packers safety Xavier McKinney is dealing with a lingering calf injury and may miss the rest of training camp as a result, per ESPN’s Rob Demovsky.
McKinney indicated on Thursday that he could miss a few weeks of practice and said (via WFVR’s Cameron Ezeir) that he “probably” would not play in the preseason, though that may have already been the plan. Last year, McKinney played all of nine snaps in the Packers’ first preseason game before sitting out the other two, according to Pro Football Focus (subscription required).
The veteran safety insisted that he would be ready for Week 1 and referred to the team’s “plan” for his injury multiple times. The Packers are just over five weeks away from their regular season opener against the Lions, giving McKinney a long runway to ramp up.
Second-year safety Javon Bullard is listed as McKinney’s backup on the Packers’ unofficial depth chart and will likely replace him in practice. Bullard started 11 games last year and played 361 snaps in the slot, 259 as a free safety, and 169 in the box, per PFF. If McKinney’s absence is extended into the regular season, Bullard could step into a full-time role at safety with Keisean Nixon starting at nickel.
Though Bullard and Evan Williams, the Packers’ other starting safety, got plenty of experience as rookies last year, McKinney was one of the best in the league last year. Getting the All-Pro back on the field will be crucial to the Packers’ early matchups against the Lions and the Commanders.
Giants Declined Opportunity To Match Xavier McKinney Contract
The Giants took a risk by letting Xavier McKinney hit free agency, and the safety ended up bolting for a lucrative deal from the Packers. Before he committed to joining Green Bay, the Giants had “strong interest” in retaining the defensive back, according to Paul Schwartz of the New York Post.
However, the front office was leery of handing McKinney the $17MM average annual value he ultimately earned from the Packers. That $17MM AAV puts McKinney in the top five of the highest-paid safeties in the NFL.
The Giants decided to not place the transition tag on McKinney, a decision that would have cost the team $13.8MM. As Schwartz writes, the Giants decided to not tag the safety in a “show of good faith,” although it ended up biting them when the Packers backed in with the Brink’s truck.
However, McKinney was still willing to honor the Giants’ handshake deal. As Schwartz passes along, the safety “did circle back” with the Giants and provided them an opportunity to match Green Bay’s offer. The Giants ultimately “deemed the price was too high for a safety.” We heard previously that the Giants were not prepared to go higher than the transition tag value, meaning there was like a $3MM AAV gap between the two sides.
While McKinney does not have a Pro Bowl on his resume, he is going into his age-25 season. That separated the Alabama alum from the lot of recently released safeties. Ranking 14th on PFR’s free agents list, McKinney played every snap for the Giants last season. McKinney intercepted three passes, forced a fumble and recorded a career-high 116 tackles in his contract year. He has run into some injury trouble, suffering a foot injury that delayed the start of his career in 2020 and then sustaining injuries in an ATV accident in 2022. These chunks of missed games did not deter the Packers, who made one of the biggest free agency commitments in team history.
Packers, S Xavier McKinney Agree To Deal
A number of teams released veteran safeties in recent days, creating a sense the position was in for a value dip. Xavier McKinney‘s market would run counter to that notion, as it took a top-five safety contract to win this sweepstakes.
The Packers will come through with the victory here, with ESPN.com’s Adam Schefter reporting the team is signing McKinney to a four-year, $68MM contract. This surpasses what the Falcons gave Jessie Bates last year and checks in behind only Derwin James and Minkah Fitzpatrick at the position in terms of AAV.
[RELATED: Packers To Sign Josh Jacobs]
Helping to bring the former second-round pick to Wisconsin: McKinney will receive $25MM in the first year of this deal, NFL.com’s Ian Rapoport tweets. The Giants were not prepared to go higher than the transition tag value, NFL.com’s Mike Garafolo adds. The Packers, conversely, reached the AAV level near the franchise tag number for safeties.
The Giants considered transition-tagging McKinney; that would have cost the team $13.8MM. The Patriots went there to keep Kyle Dugger off the market, but the Giants were leery of losing McKinney in a scenario in which they did not receive a compensatory pick back. Instead, the Giants are saying goodbye to both McKinney and Saquon Barkley, who has committed to the Eagles.
While McKinney does not have a Pro Bowl on his resume, he is going into his age-25 season. That separated the Alabama alum from the lot of recently released safeties. Ranking 14th on PFR’s free agents list, McKinney played every snap for the Giants last season. McKinney intercepted three passes, forced a fumble and recorded a career-high 116 tackles in his contract year. He has run into some injury trouble, suffering a foot injury that delayed the start of his career in 2020 and then sustaining injuries in an ATV accident in 2022. These chunks of missed games did not deter the Packers, who are making one of the biggest free agency commitments in team history.
Green Bay let Darnell Savage walk in free agency; the ex-first-rounder joined the Jaguars. This left safety as the only place on the Packers’ defense without a former first-round pick in place. McKinney is close, being drafted 36th overall in 2020. The Giants will have some work to do here, having lost McKinney and Julian Love in consecutive offseasons. The Packers will add a potential impact player on their defensive back line.
Free Agency Notes: Queen, Seahawks, Packers, Panthers, Pats, Jackson, Bengals
The Ravens’ Roquan Smith payment always made it likely Patrick Queen would need to collect his money elsewhere. Now that Queen’s most recent defensive coordinator landed a coaching job, a logical fit has emerged. Indeed, many executives predicted (via the Washington Post’s Jason La Canfora) Queen would wind up reunited with Mike Macdonald in Seattle. With the Seahawks likely to again part ways with Bobby Wagner, spots are open. Jordyn Brooks, who joined Queen as a 2020 first-round LB pick, is also on the cusp of free agency. Queen is coming off his best season — a Pro Bowl showing alongside Smith — and turned a corner once the Bears trade commenced last year.
Checking in eighth on PFR’s top 50 free agents list (before the Chris Jones and Baker Mayfield deals), Queen could be in line to rival what Tremaine Edmunds received ($18MM per year, $41.8MM fully guaranteed) last year and land a top-five ILB contract. Barely 12 hours from the legal tampering period, here is the latest from the free agent scene:
- Not known for splashy signings, the Packers do look like they are ready to upgrade at one position on the market. Green Bay appears likely to look at the top safeties available, ESPN’s Jeremy Fowler notes. Although several veteran safeties became street free agents due to recent cuts (Justin Simmons, Jamal Adams, Quandre Diggs and Jordan Poyer among them), this saturated market does include two young guns that should be paid well soon. It would not shock to see the Pack pursue Xavier McKinney and Kamren Curl, Fowler adds. Both safeties are going into their age-25 seasons, which could separate them on a crowded market.
- The Panthers released Bradley Bozeman today, and while they will look for a center, expect a guard pursuit as well. This year’s market is big on guards, and The Athletic’s Joe Person writes the Panthers want to upgrade at a guard spot this offseason. Carolina lost both its starting guards — Brady Christensen, Austin Corbett — to major injuries last season, representing one of the many issues on offense in Bryce Young‘s rookie year. The team does not consider Ikem Ekwonu an option. Despite the 2022 first-rounder playing guard at points in college, ESPN.com’s David Newton indicates the new coaching staff is keeping him at left tackle.
- The Patriots are open to bringing back J.C. Jackson, according to Sportskeeda.com’s Tony Pauline. Jackson’s season ended early after the team placed the veteran cornerback on the reserve/NFI list. Should Jackson move past the mental health struggles that wrapped his first season back in New England, Pauline adds the team is open to another reunion despite last week’s release.
- Seeing a revolving door form at right tackle (Bobby Hart, Riley Reiff, La’el Collins, Jonah Williams) over the past four years, the Bengals want that to stop. They may be ready to take a two-pronged approach by adding a veteran and a potential rookie heir apparent. “We would like to have somebody man the right tackle spot for a number of years, yes,” player personnel director Duke Tobin said (via The Athletic’s Paul Dehner Jr.). “We’d like it to be a young guy that can come in and do that or a veteran that might have the opportunity to rebuild his career, something. But yes, we would like that to be manned on multiple fronts. But we’re focused with having it manned well enough to provide us a chance to win next year. That’s the No. 1 thing.” Williams is a free agent, and given the market he might have — as a chance to move to left tackle may await — it is unlikely the 2019 first-round pick is back in Cincinnati.
FA Notes: Chiefs, Jones, Evans, Titans, Pats, Giants, Panthers, Falcons, Jags, Bucs, Rams
Buzz about the Chiefs re-signing Chris Jones surfaced last week, and while that trail has gone a bit cold, some optimism still exists the defending champions can keep their top defender off the market. Many around the league do not expect Jones to leave Kansas City, per ESPN.com’s Jeremy Fowler, but they do not anticipate a discount coming to pass. Jones stuck to his guns last year during a holdout that cost him more than $3MM between fines and a missed game check; that would make it rather shocking if he agreed to a team-friendly deal now.
The Chiefs reaching the $27-$28MM-per-year range should help move this close to the finish line, Fowler adds. That said, Jones could probably — given the cap spike — make a run at Aaron Donald‘s $31.7MM AAV standard and the position’s guarantee record (Quinnen Williams‘ $66MM) if he reaches free agency. The Chiefs were not willing to go near the Donald AAV neighborhood during talks last year, and it will surely take a monster offer to keep Jones from testing free agency now.
With the legal tampering period less than a week away, here is the latest free agency news:
- The Chiefs were also among the teams interested in Mike Evans, according to The Athletic’s Dianna Russini, who details what would have been a big market for the veteran wide receiver. Evans opted to re-sign with the Bucs on a frontloaded deal that included $29MM fully guaranteed. The Falcons, Giants, Jaguars, Panthers, Patriots, Rams and Titans were preparing to see what it could take to lure Evans out of Tampa. High-profile FAs regularly use the Combine to gauge markets before the legal tampering period, and Evans evidently determined this Bucs deal compared favorably to what he could have collected on the market. But with Tee Higgins and Michael Pittman Jr. franchise-tagged, Evans would have been the top WR available. That distinction may now fall to Calvin Ridley.
- Speaking of the Bucs, they are not ruling out a reunion with Shaquil Barrett at a reduced rate, Jenna Laine of ESPN.com notes. Tampa Bay cut Barrett last week, removing an $18MM-per-year contract from their payroll. Barrett stands to generate interest as a street free agent, but the former Super Bowl standout and NFL single-season sack leader is going into an age-32 season and coming off a 4.5-sack showing in 2023.
- Darnell Mooney may be one of the players who could benefit from Evans, Pittman and Higgins being off the market. Despite the Bears target failing to eclipse 500 receiving yards in each of the past two years, he posted a 1,000-yard season in 2021 and has been in a low-volume passing offense. Teams figure to check in on the deep threat, and ESPN.com’s Jeremy Fowler suggests the Chiefs and Titans as potential players. The Chiefs’ receiver woes were well documented last season, and they recently cut Marquez Valdes-Scantling. The Titans beat out the Chiefs for DeAndre Hopkins last year, but he is going into an age-32 season and signed for just one more year. Treylon Burks has also not shown much consistency yet.
- Barring 11th-hour deals, this year’s safety market will feature Xavier McKinney and Kamren Curl. These two could do quite well without Antoine Winfield Jr. and Kyle Dugger in the mix, with ProFootballNetwork.com’s Adam Caplan noting Curl’s market could come in around $14MM per year. A line of demarcation may emerge after these NFC East starters, with Sportskeeda’s Tony Pauline adding a lucrative second wave should not be expected to transpire at this position. This is how the 2023 market played out, with a gulf forming between Jessie Bates and the field. Though, multiple others (Juan Thornhill, Vonn Bell, Donovan Wilson) collected eight-figure guarantees.
- The Rams have talked terms with Kevin Dotson‘s camp, per GM Les Snead. They expect both he and center Coleman Shelton to hit the market. Dotson delivered a big contract year and should be expected to become one of the top earners on a crowded guard market. The Rams want Shelton back as well.
Giants Will Not Use Transition Tag On S Xavier McKinney
The safety market lost two key pieces today, with the Buccaneers franchise-tagging Antoine Winfield Jr. and the Patriots transition-tagging Kyle Dugger. The Giants will pass on cuffing their high-priority DB.
Rumored to be a transition tag candidate, Xavier McKinney is now close to reaching free agency. The Giants will not place the lesser-used tag on McKinney, per NFL.com’s Ian Rapoport and Mike Garafolo. This points to the Giants needing to compete with other teams on the open market next week.
It would have cost the Giants $13.8MM to use the transition tag on McKinney. As of now, the team holds just more than $38MM in cap space. The Giants are not giving up hope of reaching an agreement with the safety starter, per the New York Post’s Paul Schwartz. But time is running out.
[RELATED: Giants Will Not Tag Saquon Barkley]
This decision opens the door to the Giants losing both McKinney and Barkley in free agency. Barkley is viewed as the top running back available, and although that status does not mean nearly as much as it once did, several teams will undoubtedly be in on the two-time Pro Bowler. McKinney will be in line to sign for more money, especially with Winfield off the market and the Patriots having the chance to match any Dugger offer sheet.
As of late last week, McKinney talks were not believed to have started. The sides had tabled negotiations to 2024, but we are now less than a week from the legal tampering period. Beginning 11am CT on March 11, unsigned players can begin talking to other teams and reaching agreements. Since the tampering period’s debut, most top free agents agree to terms in that 48-hour window. Planning to pass on using tags this year, the Giants are in crunch time with their top free agents.
McKinney talks may be a bit complicated. The former second-round pick, despite missing chunks of two seasons due to injury, said in January he views himself as the NFL’s most complete safety. He does not have a Pro Bowl on his resume. It would seem unlikely, then, the Alabama product agrees to terms with the Giants before seeing what the market looks like.
McKinney set a new career high in tackles last season with 116, also reaching a personal best in pass deflections (11) and recording his second-best completion percentage allowed when in coverage (63.1%). McKinney, 25, missed 10 games as a rookie and then eight in 2022. But he will certainly be one of the top defensive free agents available.
The Giants have seen a few safeties leave in recent years. After the Landon Collins, Jabrill Peppers and Logan Ryan exits (the latter being cut), the team lost Julian Love despite making multiple offers. The Giants factored in an eventual McKinney payment into their Love calculus, but it is entirely possible both will be gone soon.
Giants Will Not Tag Saquon Barkley
Giants general manager Joe Schoen has left the door open to a second Saquon Barkley franchise tag being used this offseason. That will not be the case, however; New York will elect not to tag Barkley, Ian Rapoport of NFL Network reports. 
This represents the expected outcome, as a free agent spell has long been on the horizon for Barkley. The former No. 2 pick has played out his rookie contract (including the fifth-year option) as well as a 2023 franchise tag during his six years in New York. For the first time, though, he will be able to test the market. A deal keeping him with the Giants after doing so remains in the cards, CBS Sports’ Josina Anderson confirms.
A second Barkley tag would have checked in at a cost of $12.1MM. Using it would have prevented the franchise (or, perhaps more likely, transition) tag being applied to safety Xavier McKinney. Teams are free to use one tag in any given offseason, but not both. McKinney receiving the transition tag remains a “very strong possibility,” according to Ryan Dunleavy of the New York Post.
That route has been floated as a potential path for New York to keep the latter, who profiles as a higher priority given his age and the lack of high-end safeties set to reach free agency. Paying greater attention to McKinney will allow New York to avoid seeing a safety starter depart in free agency as Julian Love did in 2023. Talks on a long-term McKinney agreement are ongoing.
Barkley is on track to headline the list of available running backs, one which is notably long. Fellow 2023 tag recipients Josh Jacobs and Tony Pollard are also likely to reach the market, as are Derrick Henry, Austin Ekeler, D’Andre Swift and J.K. Dobbins. Of those, ESPN’s Dan Graziano writes Barkley is the likeliest to reach the $10MM-per-year mark on a new contract. Doing so will be difficult, though, given the state of the RB market in general and the bulk of available options this offseason in particular. Barkley, like Jacobs and Pollard, did not help his case for a lucrative pact during the 2023 season.
The Giants came close to an agreement with Barkley last offseason, with guaranteed money coming up as the main sticking point. That will likely be the case again as he enters his age-27 season. New York’s offense will (at least temporarily) include a major hole at the RB spot if Barkley departs, but that is a risk the team is formally prepared to run.
Giants GM: Saquon Barkley Tag Still In Play
Before the $255.4MM salary cap became a reality, a report indicated the Giants were highly unlikely to use their franchise tag on Saquon Barkley a second time. A subsequent rumor about an Xavier McKinney transition tag surfaced, injecting more intrigue into this situation.
But the cap came in about $10MM north of the Giants’ expectations. Considering the cost of tagging Barkley a second time ($12.1MM), the cap spike could play a key role in extending this long-running relationship. Though, Barkley still has a good chance of hitting the market for the first time.
[RELATED: Examining Statuses Of 2023 Franchise-Tagged RBs]
Schoen said (via the New York Post’s Paul Schwartz) the Giants would like to have Barkley back in 2024 and added a tag is “not off the table,” though the third-year GM noted the goal would be to reach a deal with the Pro Bowl running back without using the tag. Teams regularly aim for this resolution, as it avoids a cap hold hitting a payroll before free agency.
Barkley may well be the top back available this offseason, should no tag commence, as neither the Raiders (Josh Jacobs) nor Cowboys (Tony Pollard) are planning second tag efforts at RB. Of course, the presences of Jacobs, Pollard, Austin Ekeler, Derrick Henry, D’Andre Swift and the Ravens’ Gus Edwards–J.K. Dobbins pair stand to dilute the market and work against Barkley, who played on a $10.1MM tag last season. The Bengals may also send Joe Mixon to the market, further crowding a pool that features higher-profile talent compared to last year’s deep RB free agent crop.
As of now, it appears the influx of cap space will “not greatly affect” how the Giants proceed with Barkley, Schwartz notes. The Giants and Barkley have engaged in on-and-off negotiations since November 2022. The sides came close on a deal last July, but as the team increased its guarantee to approximately $22MM, it reduced the offer’s base salary south of $12MM. That prompted Barkley to pass and play on the tag. He can begin speaking to other teams for the first time when the legal tampering period begins March 11.
“I wouldn’t say his value has changed, especially to the organization,’’ Schoen said. “He’s a captain; he’s a leader; he’s a hard worker. I think the world of Saquon, and I still think he can play. Unfortunately throughout the process starting back in November of 2022, we weren’t able to come to an agreement in terms of where we were for where a deal made sense. We’ll circle back again.”
The Giants are expected to make the two-time Pro Bowler an offer soon, and it will be interesting to see if it rivals what they proposed in July. Additionally, Schwartz notes Roc Nation’s Kim Miale, Barkley’s former agent, is not part of these negotiations. Barkley had brought CAA’s Edward Berry into the picture just before the 2023 tag extension deadline; Berry is now the RB’s lead representative.
As for McKinney, Schoen indicated (via Schwartz) talks have not begun. The sides will begin talking Friday in Indianapolis, when the safety’s agent arrives. McKinney will be one of the top DBs available, and the cap spike will certainly help him. It would cost the Giants $13.82MM to use the transition tag on McKinney, who will not turn 25 until August. Only four players have been transition-tagged over the past 10 years; teams are not entitled to any compensation if they fail to match an offer sheet for a transition-tagged player.