The New Orleans Saints are continuing on their journey to find more cap space, as they have restructured the deal of G Andrus Peat. According to Nick Underhill, this restructuring should free up approximately $9.5 million against Peat’s salary cap impact.
Andrus Peat agreed to a reworked contract that takes his salary-cap number down to about $8.8 million from his previous number of $18.3 million— Nick Underhill (@nick_underhill) March 16, 2023
After another season where Peat was dealing with injuries, the Saints are trying to find any way to convert his base salary into usable cap room. Peat carried the largest cap hit left, after the Saints many restructures so far this offseason, including:
- Taysom Hill
- Demario Davis
- Ryan Ramczyk
- Erik McCoy
- Marcus Maye
- Wil Lutz
- Marshon Lattimore
- Alvin Kamara
- Tyrann Mathieu
- Cameron Jordan
This move should free up some more money for the Saints to work with, after the signings of Nathan Shepherd, Khalen Saunders, and Jamaal Williams yesterday throughout the day. Underhill reports that, not including these three signings or the Michael Thomas restructure, the Saints’ available cap is about $20 million, however this number will be lower once those are accounted for.
Not counting the signings, and without the Mike Thomas deal, they have around $20 million in space. But the real number counting everything is much lower. https://t.co/HD5nlTGZhI— Nick Underhill (@nick_underhill) March 16, 2023
New Orleans will continue to find ways to clear up cap space, per usual, and potentially bring in some more pieces to add to the roster holes they currently have.