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.