The Chicago Bears are flush with cash as the 2023 offseason gets underway and they will be on the lookout to improve many of their positions after finishing last season with the worst record in the league. One position group of note is wide receiver, where questions still remain even after the Bears acquired Chase Claypool in a deal with the Pittsburgh Steelers last November.
Claypool and Darnell Mooney as of now are the top two weapons, with role players such as Equanimeous St. Brown and Velus Jones Jr. under contract. They could be in the market for another veteran receiver and that player may not be on the free agent radar yet.
Speculation about one of those players was in full force recently when it was reported that Los Angeles Chargers wide receiver Keenan Allen could be moved due to his contract. Another veteran such as DeAndre Hopkins of the Arizona Cardinals has also been mentioned earlier this year as a potential trade or cut candidate for similar reasons.
But there are other veteran players who are candidates to be released due to cap concerns that could be appealing to the Bears that aren’t yet being talked about. Here are four other receivers who could become cap casualties that might interest the Bears.
1. Tyler Boyd
- Age: 28
- 2022 stats: 58 receptions, 762 yards, 5 touchdowns
- 2023 cap hit: $10.1 million
- 2023 dead cap hit: $1.4 million
- 2023 cap savings: $8.9 million
The Cincinnati Bengals are right in the middle of their competitive window, with young stars such as Joe Burrow, Ja’Marr Chase, and Tee Higgins anchoring an explosive passing offense. Their third wide receiver, Tyler Boyd, has also been a consistent weapon, totaling over 700 receiving yards and at least four touchdowns in each of the last five seasons. But with a long-term deal approaching for Burrow and possibly Higgins, despite the recent trade speculation surrounding him, the Bengals could look to save some money by letting go of Boyd this offseason ahead of the final year of his deal.
Cincinnati isn’t exactly hurting for cash at the moment. According to Over the Cap, they have the fifth-most space with more than $35 million. But with looming extensions and needs elsewhere, there’s a chance Boyd sees himself on the way out. Especially considering the Bengals would only eat $1.4 million in dead cap while saving $8.9 million. Should he become available, he would be an excellent sure-handed slot receiver for the Bears with plenty of tread left on the tires. But at this point, the Bengals likely hold onto him in 2023 for another shot at a Super Bowl run.
2. Adam Thielen
- Age: 32
- 2022 stats: 70 receptions, 716 yards, 6 touchdowns
- 2023 cap hit: $19.9 million
- 2023 dead cap hit: $6.5 million (post-June 1)
- 2023 cap savings: $13.4 million (post-June 1)
From 2016-2021, Minnesota Vikings wide receiver Adam Thielen was considered one of the most dangerous possession receivers in the game. A former undrafted free agent, Thielen worked his way up the depth chart and became a key cog in the Vikings offense, earning multiple Pro Bowl trips with four seasons of 900+ receiving yards, as well as double-digit touchdowns in 2020 and 2021. But Thielen saw his WR2 role get reduced this past season.
Players such as K.J. Osborn and T.J. Hockenson cut into Thielen’s production and the 32-year old wasn’t nearly as involved as he was in the past. While his 700 receiving yards were on par with his 2021 totals, his touchdown numbers sharply declined from the previous season. For a player set to count $19 million against the cap in 2023, that’s probably not good enough. After Thielen restructured his deal last offseason, a post-June 1st cut would save the Vikings $13.4 million.
With the Vikings entering into contract negotiations with Justin Jefferson that will likely make him the highest paid receiver in the league, coupled with a potential extension for Hockenson as well, that leaves Thielen as the odd man out. His wife already appears to see the writing on the wall, hinting in a now-deleted Instagram post that their time in Minnesota could be coming to an end following the Vikings’ 31-24 playoff loss to the New York Giants.
Should Thielen become available, he would be an intriguing option for the Bears – for the right price of course. He’ll be 33 years old when the season starts and has already seen a sizeable drop in production. But he would be a solid underneath receiver for Justin Fields who rarely drops a ball.
3. Robert Woods
- Age: 30
- 2022 stats: 53 receptions, 527 yards, 2 touchdowns
- 2023 cap hit: $14.6 million
- 2023 dead cap hit: $2.5 million
- 2023 cap savings: $12 million
Statistically speaking, 2022 was Robert Woods’ worst season as a pro. The 30-year old receiver was acquired by the Tennessee Titans last offseason in a trade with the Los Angeles Rams in exchange for a 2023 sixth-round draft pick. Woods was easily the most targeted receiver on the team, but there was minimal production thanks to the Titans’ struggling passing offense. Set to earn $13.75 million in base salary next season, could he become a cap casualty?
The Titans just acquired him a year ago but they gave up very little draft capital and the man who signed off on the trade, Jon Robinson, was fired in the fall. Tennessee is also $27 million over the salary cap already and will want to retool their offense under new management. Woods can still be a decent second option to Treylon Burks in 2023, but if he were to be on the outs, the Bears could come knocking.
Keep in mind general manager Ryan Poles was looking at acquiring Woods last year before he went to the Titans. Perhaps that interest is still there and Woods can come in to compliment the Bears offense. He had a solid tenure with the Rams from 2017-2021 and now a full year removed from ACL surgery, could rebound in 2023.
4. Michael Thomas
- Age: 29
- 2022 stats: 16 receptions, 171 yards, 3 touchdowns
- 2023 cap hit: $13.358 million
- 2023 dead cap hit: $11.993 million (post-June 1)
- 2023 cap savings: $1.36 million (post-June 1)
At first glance, it would seem that it makes little sense for the New Orleans Saints to release former All-Pro Michael Thomas given his minimal salary cap relief in 2023. But a such a move would be about looking ahead to the future, considering he would count $59 million against the cap if he were on the roster in 2024, according to Spotrac.
The Saints recently restructured Thomas’ lucrative contract last month that will pay him $31.75 million in a roster bonus for 2024 that becomes guaranteed if he’s still on the Saints by March 17th, 2023. John Sigler of Saints Wire details the intricacies of the deal and what the restructure means going forward, but to summarize, it’s highly unlikely Thomas is on the roster in 2023.
Thomas was arguably the best receiver in the game through 2019. He set the single season reception record in 2019 with 149 and was a lock to catch over 100 passes a season until injuries derailed him. Since 2020, Thomas has dealt with foot and ankle injuries that limited him to just 10 games in three seasons, all while being one of the highest-paid receivers in the league. The Saints have been in salary cap hell for years now and that isn’t changing in 2023. They’re a whopping $60 million over the cap, worst in the league, and will look for ways to save money. Releasing Thomas is squarely on the table.
Out of all of the options at receiver, Thomas’ pending availability is the most intriguing. He’s younger than other veterans such as Allen and Hopkins, and has had more success than any other player on this list. But the injury concern is a major red flag and could deter teams from throwing a lot of money his way. If he’s healthy and the Bears had interest, he would easily become the most talented player on the team. Is that a risk Poles would be willing to take? We’ll have to see as this all shakes out.
