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FORMULA 1
- PVF
- OLYMPICS
NFC South 2024 Offseason Financials
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.
Related Links
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
Related Links
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
Related Links
CATEGORIES
- NBA 99
- NFL 70
- GOLF 54
- NWSL 45
- MLB 27
- NHL 1
AUTHORS
- Michael Ginnitti NFL, MLB
- Keith Smith NBA
- Scott Allen Contributor
- Taylor Vincent NWSL
NWSL End of Season Award Guesses
Taylor Vincent gives her NWSL end of season award guesses for MVP, Midfielder of the Year, Defender of the Year, Goalkeeper of the Year, Rookie of the Year and Coach of the Year.
A Financial Recap of the NFL Trade Deadline
The November 5th trade deadline has come and gone, but not without a few eye-raising moves across the league. Spotrac dives into every official trade over the course of the last month, offering up the full details, updated player contracts, and financial ramifications for each.
The Complicated Case of NBA Bonuses, Taxes and Aprons
Taking a look at the complicated case of NBA bonuses, taxes and aprons with current scenarios around the league.
Predicting a Mets Free Agency Sans Juan Soto
The Mets have 12 players set to hit the open market, and are squarely in the Juan Soto blockbuster conversation this winter. But if not Soto, how can the Mets allocate $550M elsewhere? READ MORE
Initial 2025 Cap Space and Spending Power Projections
An early look at the 2025 cap space and spending power projections.
TRENDING PLAYERS
- 1 Derrick Henry (RB, BAL)
- 2 Ja'Marr Chase (WR, CIN)
- 3 Lamar Jackson (QB, BAL)
- 4 Joe Burrow (QB, CIN)
- 5 Chuba Hubbard (RB, CAR)
TRENDING PAGES
- 1 NFL Free Agents
- 2 MLB Free Agents
- 3 NFL Transactions
- 4 NBA Trade Machine
- 5 NFL Contracts