The New Orleans Saints, and every other NFL team, have just found out that next year’s salary cap number will be $182.5 million. It is a significantly higher number than the $170 million figure that it was originally thought to be earlier in the offseason. Still, the Saints have quite a bit of work to do to get under that $182.5 million number, which is actually closer to $185.5 million due to cap roll over from 2020.
New Orleans has already restructured players’ contracts from the likes of defensive end Cam Jordan, to linebacker Demario Davis and a few others in an attempt to get in the black in terms of the cap number. Those restructures and cap space-saving moves have continued this morning as two more players had their contracts restructured.
Veteran safety Malcolm Jenkins has just restructured his contract to save about $3.4 million in cap space. Perhaps even bigger news is the fact that offensive lineman Andrus Peat has also restructured his contract to save the team about $6 million. All in all, it represents New Orleans chipping away at the deficit and now they are $9.4 million closer.
More restructuring to create salary cap space:— Ian Rapoport (@RapSheet) March 10, 2021
— #Saints S Malcolm Jenkins: $3.4M of extra room
— #Saints OL Andrus Peat: $6M
— #Eagles OL Isaac Seumalo: $2.408M
— #Steelers FB Derek Watt: $880K
Of note, while many see 2022 as the earliest, easiest and cheapest date to move on from Peat, this restructure likely moves that date one year to the right to 2023. It doesn’t mean that the Saints won’t shop him in the near future, but it does make the likelihood of him being tied to the Saints for the foreseeable future that much more of a reality.
After these new restructures, New Orleans is currently sitting about $48 million over the current cap number. That could be further reduced through extensions of players like Ryan Ramczyk, Marshon Lattimore, and now Marcus Williams after he was franchise tagged. Furthermore, players like Michael Thomas could restructure their contracts to further help free up space.
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