Freeing Up $75M+ of Chiefs' Cap Space

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertFebruary 21, 2022
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The Chiefs roll into March with an estimated $3.7M of Top 51 cap space, including 4 cap figures north of $20M and 6th above the $12M mark. With LT Orlando Brown Jr., FS Tyrann Mathieu, CB Charvarius Ward, & EDGE Melvin Ingram headlining a strong list of pending free agents, KC will need to free up a healthy amount of room to consider keeping a few notable starters, especially as Orlando Brown's likely franchise tag will come with a $16.5M cap hit.

The following exercise shows how Kansas City can free up over $75M of cap space in the coming weeks via contract restrucutres, extensions, & releases. It should be noted that while the bottom line here sounds great, many of these moves will greatly impact the Chiefs' 2023 & 2024 salary cap tables, as taking from today adds to tomorrow. Will the Chiefs go "all-in" again for a chance to run through the AFC?

 

Related Pieces

Quarterbacks

Predicted Savings: $21.9M

Patrick Mahomes
Mahomes’ $35.8M cap hit currently ranks 7th in the NFL. His $27.4M roster bonus screams restructure, but the Chiefs need to be conscious of a potential breaking point in annually pushing his cap down the line. A full restructure of this bonus drops the 2022 cap hit to $13.8M ($22M saved), but it increases the next 3 cap figures up to $52.2M, $49.7M, & $51.7M respectively.
Predicted Savings: $21.9M

 

Running Backs

Predicted Savings: $0M

Clyde Edwards-Helaire
Isn’t extension eligible until after 2022, and that notion seems far-fetched at the present time anyway. Jerick McKinnon & Darrel Williams are headed for free agency, while Derrick Gore can be brought back at an $825,000 minimum.
Predicted Savings: $0M

 

Wide Receivers

Predicted Savings: $11.9M

Tyreek Hill
Enters a contract year in 2022 with 1 year, $18M remaining.

  1. Do nothing, keep his $20.6M cap hit intact, and utilize a tag after 2022 should the desire to keep him thereafter still exist.
  2. Restructure his $15M of offseason bonuses into a signing bonus, tacking on 4 void years to the end of the contract. This drops his 2022 hit to $8.68M, freeing up $11.9M of space.
  3. Trade him this offseason prior to camp, freeing up $18M of space.
  4. Extend him to a projected 4 year, $88M extension, converting his $15M of offseason bonus into a signing bonus, which drops his 2022 cap hit to $8.6M, freeing up nearly $12M.

Predicted Savings: $11.9M

 

Tight Ends

Predicted Savings: $0M

Travis Kelce
Kelce’s $6.5M salary can certainly be restructured to free up a bit of space, but his $8.8M cap figure is likely deemed “friendly” enough to keep where it is for 2022. Kelce’s 2023 cap figure jumps to $14.65M, so we’ll wait a year to mess with this contract some more.
Predicted Savings: $0M

 

Offensive Line

Predicted Savings: $7.1M

Orlando Brown Jr.
Brown is headed for a $16.5M tag, which will further add to the Chiefs early cap limitations.

Joe Thuney
Enters year two of his contract as a prime restructure candidate. Converting his $13.5M base salary into bonus (adding a void year) drops his cap figure from $17.8M to $10.7M.
Predicted Savings: $7.1M

Creed Humphrey
Enters year two of his rookie contract, and won’t become extension eligible until after 2023.

Kyle Long
Pending UFA

Mike Remmers
Pending UFA

 

Defensive Line

Predicted Savings: $28.4M

Chris Jones
Enters year 3 of a 4 year contract, including a $29.4M cap hit for 2022. His $18M roster bonus is already fully guaranteed, and the remaining $4.25M cash locks in March 18th. A full restructure of that roster bonus + 3 void years can free up $15M of cap this year, but it also sends his 2023 cap hit north of $30M. KC may opt to rip up the final two years and start fresh with a new contract, but for purposes of this exercise, we’ll assume the bonus conversion.
Predicted Savings: $15M

Frank Clark
With a $26.3M cap hit, Clark’s roster spot is in question for 2022. An outright release before June 1st frees up $13.4M, while a cut after can open up $19.85M. If the plan is to keep him, a full restructure of his $19M base salary + 3 void years opens up $14.3M of 2022 cap space.
Predicted Savings: $13.4M

 

Linebackers

Predicted Savings: $8.4M

Nick Bolton
Enters year two of his rookie contract and won’t become extension eligible until after 2023.

Anthony Hitchens
Is a slam dunk cap casualty candidate, with a $12.6M cap figure and $4.2M of dead cap to boot.
UPDATE: The Chiefs officially released Hitchens 2/23
Confirmed Savings: $8.4M

Willie Gay Jr.
Enters year three of his rookie contract and won’t become extension eligible until after 2022.

 

Secondary

Predicted Savings: $0M

3 of the 4 starting defensive backs from 2021 are slated for free agency, meaning there will be much more adding than subtracting at this position group over the next few weeks. An extension for Juan Thornhill could be in the cards.

 

Special Teams

Predicted Savings: $0M

Harrison Butker
Remains one of the best kickers in football and has 3 yrs, $11M remaining on his contract, including a $4.2M cap hit for 2022. About $1.76M could be freed up with a full salary restructure + two new void years, but that seems like a last ditch move as needed.
Predicted Savings: $0

Tommy Townsend
Enters the final year of an undrafted rookie contract on a near minimum $897k.
Predicted Savings: $0


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