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Erik McCoy is helping out the New Orleans Saints.
According to Field Yates, the fourth-year center out of Texas A&M had $10 million of his salary restructured into a bonus with a void year, freeing up $8 million in cap space for the Saints.
The Saints have converted $10M of C Erik McCoy’s 2023 compensation into a signing bonus (while adding a void year), creating $8M in cap space, per source.
— Field Yates (@FieldYates) February 20, 2023
New Orleans began the 2023 off-season $60 million over the cap, which was raised this off-season to $224.8 million, which is a record for teams. The cap sat at $208.2 million in 2022.
McCoy played in 13 games for the Saints in 2022 and has been an anchor for the offensive line, which will likely see more restructuring with the contracts of Andrus Peat and Ryan Ramcyzk.
The Saints are still currently in the hunt for the services of free agent QB Derek Carr, but Baker Mayfield has also been linked to the Big Easy.
Whichever way the Saints go at signal caller, they need to free up money to make it happen, which is why you’ll see so many of these deals taking place in the coming days.
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