Freeing Up $100M of Saints' Cap Space

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertFebruary 18, 2022
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As the sky is blue, the New Orleans Saints enter the offseason will in the red in terms of projected cap space. At the time of this piece, Spotrac estimates a $76.1M overage with 57 players under contract, and less than a month until the official start of the 2022 league year. As we did with the Super Bowl Champion Rams, we'll take a crack at freeing up ample cap space for the Saints, by way of (many) restructures, a few contract extensions, & a release or two.

 

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Quarterbacks

Predicted Savings: $7.1M

Taysom Hill
Has a $9M roster bonus due March 20th that’s already fully guaranteed. With his $9.9M 2023 base salary soon to fully guarantee as well, it makes sense for New Orleans to convert the roster bonus, add a void year to the back end of the contract, and free up space.
Predicted Savings: $7.1M

 

Running Backs

Predicted Savings: $8.3M

Alvin Kamara
Dropping Kamara’s $5.5M fully guaranteed salary down to the minimum and converting his $6M roster bonus while tacking on a void year frees up over $8M. Dropping his base salary to the minimum also means 4x less pay forfeited should he be suspended.
Predicted Savings: $8.3M

 

Wide Receivers

Predicted Savings: $11.9M

Michael Thomas
Has 3 years, $52M remaining on his contract, but hasn’t seen legitimate action since 2019. The dead cap on his deal says he stays 1 more seasons, but here are the options:

  1. Do nothing, keep his $24.7M cap hit intact, and free up significant savings in 2023 should the two sides split after the 2022 season.
  2. Simple restructure his $15.35M base salary & $450,000 offseason bonuses, adding two void years to the back end of the contract, dropping his 2022 cap figure to $12.8M.
  3. Trade or Release him immediately, freeing up a measly $2M of cap space.
  4. Trade or release him after June 1st, freeing up $15.35M of cap space.

Predicted Savings: $11.9M

 

Tight Ends

Predicted Savings: $1.57M

Nick Vannett
75% of Vannett’s 2022 salary is already fully guaranteed, so while the savings aren’t great, it makes sense to convert what’s available and free up the cap anyway. A base salary + $400,000 roster bonus restructure + 3 void years clears $1.57M
Predicted Savings: $1.57M

 

Offensive Line

Predicted Savings: $25.8M

Terron Armstead
Is a pending UFA who will leave behind $13M of dead cap if the Saints allow his contract to void on March 16th. Extending their left tackle won’t be cheap, but it’s probably the right move for plenty of reasons. He projects to a 4 year, $96M contract in our system, which if structured properly can put $30M in his pocket this year, and drop the $13M cap charge down into the $11M range.
Predicted Savings: $2M

Andrus Peat
Would be a release candidate in a perfect world, but his $10.85M salary is already fully guaranteed, so barring a trade (possible), New Orleans will focus on a restructure. Tacking on 2 void years frees up over $9M.+
Predicted Savings: $9.3M

Erik McCoy
Is entering a contract year for his rookie contract with an expected salary boost thanks to the Proven Performance Bonus. There’s $2.8M to be saved here if the Saints move on, but it seems likely he sticks for 2022.

Cesar Ruiz
Enters year 3 of his rookie contract carrying a $3.4M cap hit. He may be asked to move to guard should the Saints move on from Erik McCoy. 

Ryan Ramczyk
Is a prime restructure candidate for both his base salary & roster bonus, a move that would drop his cap hit from $23M to $8.4M.
Predicted Savings: $14.5M

 

Defensive Line

Predicted Savings: $21.78M

Cameron Jordan
Still a Top 10 edge rusher, a 3rd consecutive restructure comes with risk, but it’s likely a necessity right now. His $23.1M cap figure can be dropped to $11.8M by tacking on two void years with a full restructure of his base salary, roster bonus, workout bonus, and a new condition to his incentives that make them not likely to be earned.
Predicted Savings: $11.3M

David Onyemata
Enters a contract year in 2022 currently carrying a $13.17M cap figure. That hit can be reduced to $7.19M with a base salary + roster bonus restructure, while adding on 3 void years.
Predicted Savings: $5.97M

Marcus Davenport
Projects to a 4 year, $94M extension in our system. If we assume a $20M signing bonus, we can drop the current cap hit from $9.5M to $5M.
Predicted Savings: $4.5M

 

Linebackers

Predicted Savings: $5.1M

Demario Davis
Was a Top 8 linebacker in 2021 according to PFF and holds $10.5M of dead cap against an $11M cap hit for 2022. His $7.5M base salary can be dropped to the $1.1M minimum, freeing up $5.1M if two void years are tacked on.
Predicted Savings: $5.1M

 

Secondary

Predicted Savings: $32.8M

Marshon Lattimore
Represents the biggest potential savings with his “baked-in” restructure. Lattimore’s $9.1M salary & $15M roster bonus can be converted to signing bonus, freeing up $18.4M of space.
Predicted Savings: $18.4M

Malcolm Jenkins
Is both a restructure and a trade/release candidate this offseason. An early March trade/release frees up $3.8M of cap, while a Post June 1st designated release would open up $7.75M. If the plan is to keep him, a base salary & roster bonus restructure with 3 void years tacked on can clear $4.9M of cap space.
Predicted Savings: $4.9M

Bradley Roby
The 30 year old holds a $10.1M cap hit, $9.5M of which can come off the books with an early March release. This moved is largely expected.
Predicted Savings: $9.5M

 

Special Teams

Predicted Savings: $2M

Wil Lutz
Lutz missed half of 2021 with injury. Factor in a $5.5M cap hit and no upfront guarantees on his contract, and an outright release might be possible here. Doing so in early March only frees up $1.73M however, whereas an outright restructure of his salary and offseason bonuses can clear over $2M. We’ll assume that route for now.
Predicted Savings: $2M


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