Heading into Saturday morning, the New Orleans Saints were sitting just under $60 million over the 2021 season’s salary cap. Veteran Ty Montgomery was re-signed to a one deal, but the deal actually saved around $200k in cap space. To be clear, only the top 51 players’ salaries count towards the cap, which is why Montgomery’s deal saves some cap space by bumping the previous player in the 51st spot down to 52nd. Where the Saints made much larger headway was in the restructuring of defensive end Cameron Jordan and linebacker Demario Davis’ contracts.
Ty Montgomery's one-year deal is a veteran minimum deal with a vet salary benefit. This means his $990K base salary and $137,500 bonus will only count as $850K against the cap.— Ross Jackson (@RossJacksonNOLA) March 6, 2021
Simultaneously it bumps a player out of the top 51, so the impact is only $190K right now.
Restructures like this were expected, especially of the veteran players who are leaders within the facility. To date, these two players are the highest profile restructures on the team and should set the trend for other players making above a minimum salary to follow suit.
The Saints created $13 million in cap space by restructuring the contracts of Demario Davis and Cam Jordan, I’m told— Nick Underhill (@nick_underhill) March 6, 2021
These restructures saved about $13 million in cap space, which should bring the magic number down to $46 million after everything is taken into account. This clearly marks the beginning of “oh wow, the Saints are doing it again” tweet season. New Orleans has had a plan for this offseason all along, which is why some have continued to have the Saints postured as a Super Bowl contender. In fact, moves like these could be a precursor to making a splash in the trade market. . .
Nick Underhill of NewOrleans.football has a great article that clearly outlines how the Saints could and currently are attacking this offseason. It also details how the Saints could actually have some available space to make a few key moves to help bolster the roster. In short, none of this was unexpected for those who understand how this front office works.
Don’t be surprised if a flurry of these types of moves begins in the coming hours and days.
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