NFC South 2024 Offseason Financials

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertJanuary 08, 2024
© USA TODAY Sports

Spotrac’s 2024 NFL Offseason Series continues with a look at each of the four NFC South teams, breaking down their estimated Top 51 cap space, pending unrestricted free agents, a few notable bubble players, and potential ways to free up more cap space this winter. 

AFC: NORTH | EAST | SOUTH | WEST
NFC: NORTH | EAST | SOUTH | WEST

Atlanta Falcons

BREAKING: Quarterbacks matter. The Falcons improved defensively, and added even more offensive weapons in the 2023 offseason, but they find themselves on the outside looking in yet again. Most players considered to be “core” are under contract in 2024, so the foundation remains, but there’s a LOT of GM work to do this offseason, and Atlanta should start there with around $36M of Top 51 cap space.

NOTABLE PENDING UFAS

QUARTERBACK
Bubble: Taylor Heinicke, Desmond Ridder

RUNNING BACK

Keith Smith, Cordarrelle Patterson

WIDE RECEIVERS
Van Jefferson, Mack Hollins, Khadarel Hodge, Scotty Miller

TIGHT ENDS
MyCole Pruitt
Bubble: Jonnu Smith

OFFENSIVE LINE
Matt Hennessy, Storm Norton

DEFENSIVE LINE
Bubble: Grady Jarrett

EDGE DEFENDERS
Calais Campbell, Bud Dupree

LINEBACKERS
Andre Smith

SECONDARY
Jeff Okudah (CB), Tre Flowers (CB)
Bubble: Mike Hughes

CAP CLEARING POSSIBILITIES

  • Release TE Jonnu Smith, freeing up $6.5M of cap
  • Convert $14M of OL Jake Matthews’ base salary into signing bonus, freeing up $11.2M of cap when factoring in 2 void years
  • Process a full base salary conversion on OL Chris Lindstrom, freeing up $9.1M of cap
  • Process a full base salary conversion on OL Kaleb McGary, freeing up $7.5M of cap when factoring in 3 void years
  • Release DT Grady Jarrett, freeing up $12.1M of cap
  • Process a full base salary conversion on DT David Onyemata, freeing up $5.8M of cap when factoring in 3 void years
  • Process a full base salary conversion on LB Kaden Elliss, freeing up $4.2M of cap when factoring in 3 void years
  • Release LB Lorenzo Carter, freeing up $3.75M of cap
  • Process a full base salary conversion on S Jessie Bates III, freeing up $9.5M of cap when factoring in 2 void years
  • Extend CB A.J. Terrell, lowering his $12.3M cap hit. He projects toward a 4 year, $80M contract in our system.

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Carolina Panthers

Carolina has secured the #1 overall pick this April - for Chicago. Year of the Bryce Young experiment hasn’t gone as planned, and the search for a new coaching staff is already in progress. Toss in a current swing and miss on a Miles Sanders free agent contract, and an expiring contract for top defensive player Brian Burns, and the immediate future isn’t looking much better for the Panthers. Carolina will enter the offseason with around $40M of Top 51 cap space available to them.

NOTABLE PENDING UFAS

QUARTERBACK
None.

RUNNING BACK
Bubble: Miles Sanders

WIDE RECEIVERS
DJ Chark, Laviska Shenault
Bubble: Deonte Harty

TIGHT ENDS
Bubble: Ian Thomas

OFFENSIVE LINE
Bubble: Austin Corbett

DEFENSIVE LINE
DeShawn Williams, Chris Wormley

EDGE DEFENDERS
Brian Burns, Yetur Gross-Matos

LINEBACKERS
Deion Jones, Frankie Luvu, Kamu Grugier-Hill

SECONDARY
Jeremy Chinn (S), Sam Franklin (S)
Bubble: Donte Jackson (CB)

CAP CLEARING POSSIBILITIES

  • Trade CB Donte Jackson, freeing up $6M of cap
  • Extend S Xavier Woods, lowering his $7.75M cap hit
  • Extend DT Derrick Brown, lowering his $11.6M cap hit
  • Process a full base salary conversion on DT Shy Tuttle, freeing up $4.3M of cap when factoring in 3 void years.
  • Convert $10M of base salary & a $3M roster bonus from OT Taylor Moton, freeing up $10.4M of cap
  • Designate OL Austin Corbett a Post 6/1 release before March 15th, freeing up $6.25M after June 1st.
  • Process a full base salary plus a $1.5M roster bonus conversion on C Bradley Bozeman, freeing up $3.6M of cap when factoring in 3 void years
  • Process a full base salary plus a $2.15M roster bonus conversion on TE Hayden Hurst, freeing up $5.4M of cap when factoring in 3 void years
  • Release TE Ian Thomas, freeing up $2.35M of cap
  • Process a full base salary plus a $2M roster bonus conversion on WR Adam Thielen, freeing up $5M of cap when factoring in 3 void years
  • Convert Miles Sanders’ $2M roster bonus into signing bonus, then trade his remaining $4.2M salary, freeing up $5.5M of cap

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New Orleans Saints

Stop me if you’ve heard this before: The Saints have the worst cap situation in the NFL by a country mile. This is par for the course for New Orleans, who enter 2024 around $75M in the red. The good news? There aren’t a ton of notable free agents to account for - with the exception of an offensive line that could be gutted in the coming months.

NOTABLE PENDING UFAS

QUARTERBACK

Jameis Winston

RUNNING BACK

Eno Benjamin
Bubble: Alvin Kamara (Post 6/1)

WIDE RECEIVERS
Keith Kirkwood
Bubble: Michael Thomas

TIGHT ENDS
Jimmy Graham

OFFENSIVE LINE
Andrus Peat, James Hurst
Bubble: Ryan Ramczyk (retirement)

DEFENSIVE LINE
Malcolm Roach

EDGE DEFENDERS
Zack Baun

LINEBACKERS

None.

SECONDARY
Johnathan Abram (S)
Bubble: Marcus Maye (S), J.T. Gray (S)

CAP CLEARING POSSIBILITIES

  • After unsuccessfully attempting to trade him, convert $25M of QB Derek Carr’s base salary into signing bonus, freeing up $20M of cap when factoring in 2 void years.
  • Process a full base salary plus $1M roster bonus conversion for RB Alvin Kamara, freeing up $7.9M of cap
  • Designated WR Michael Thomas a Post 6/1 Release, freeing up $1.21M of cap after June 1st.
  • Process a full base salary conversion on TE/QB Taysom Hill, freeing up $7M of cap when factoring in 3 void years
  • Process a full base salary plus $500,000 roster bonus conversion on TE Juwan Johnson, freeing up $3.8M of cap when factoring in 4 void years
  • Process a $6.5M base salary conversion (his guaranteed portion) on OL Ryan Ramczyk, lowering his remaining salary to $1.21M, freeing up $14.4M of cap, preparing his contract for a potential Post 6/1 retirement.
  • Process a conversion on an $8M roster bonus for OL Cesar Ruiz, freeing up $6.4M of cap when factoring in 1 void year.
  • Process a full base salary plus $500,000 roster bonus conversion on OL Erik McCoy, freeing up $7.1M of cap when factoring in 1 void year
  • Process a conversion on a $6.7M roster bonus for DE Cameron Jordan, freeing up $5.3M of cap when factoring in 3 void years.
  • Process a conversion on a $9M roster bonus for DE Carl Granderson, freeing up $7.2M of cap when factoring in 1 void year
  • Release DE Tanoh Kpassagnon, freeing up $994,000 of cap
  • Process a base salary plus $2M roster bonus conversion on S Tyrann Mathieu, freeing up $6.2M of cap when factoring in 4 void years
  • Release S Marcus Maye, freeing up $1.4M of cap
  • Release S J.T. Gray, freeing up $1.5M of cap

Tampa Bay Buccaneers

The Bucs improbable run in the NFC South continued with a final hour division championship, throwing a wrench into an offseason that was most likely earmarked for a complete financial tear down. Does Tampa Bay keep their foot on the gas pedal, offering up extensions for QB Baker Mayfield & Mike Evans? Just how big will OT Tristan Wirfs’s rookie extension numbers climb to? The Bucs hit the offseason with around $48M of Top 51 cap space, and plenty of ways to free up more.

NOTABLE PENDING UFAS

QUARTERBACK

Baker Mayfield
Bubble: Kyle Trask

RUNNING BACK

Chase Edmonds

WIDE RECEIVERS
Mike Evans
Bubble: Russell Gage

TIGHT ENDS
None.

OFFENSIVE LINE
Aaron Stinnie, Matt Feiler
Bubble: Ryan Jensen

DEFENSIVE LINE
Greg Gaines, William Gholston
Bubble: Grady Jarrett

EDGE DEFENDERS
Bubble: Anthony Nelson

LINEBACKERS
Devin White, Lavonte David

SECONDARY
Antoine Winfield Jr. (S), Ryan Neal (S), Dee Delaney (CB)

SPECIAL TEAMS
Chase McLaughlin (K), Zach Triner (LS)

CAP CLEARING POSSIBILITIES

  • Extend WR Mike Evans, lowering his $12.2M (void) cap hit for 2024. Evans projects toward a 4 year, $95M ($23.8M per year) contract in our system currently.
  • Process a $10M base salary conversion on WR Chris Godwin, freeing up $8M of cap when factoring in 4 void years.
  • Release WR Russell Gage, freeing up $11.1M of cap
  • Designate OL Ryan Jensen a Post 6/1 release, freeing up $1.2M of cap after June 1st
  • Extend OL Tristan Wirfs, lowering his $18.6M cap hit in 2024. Wirfs should be considered as the next highest paid offensive lineman in NFL history ($25M+ per year, $67M+ guaranteed). Wirfs projects toward a 4 year, $102M extension in our system currently.
  • Process a full base salary conversion on DL Vita Vea, freeing up $11.5M of cap when factoring in 2 void years.
  • Release LB Anthony Nelson, freeing up $1.8M of cap
  • Extend LB Lavonte David to an identical 1 year, $4.5M contract, freeing up $133,000 of cap when factoring in 4 void years.
  • Process a full base salary conversion on CB Carlton Davis, freeing up $10.3M of cap when factoring in 4 void years
  • Process a full base salary conversion on CB Jamel Dean, freeing up $8.7M of cap when factoring in 2 void years

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