While #Saints await potentially new or re-worked deals with DL David Onyemata, QB Jameis Winston, WR Michael Thomas, and DE Marcus Davenport, they can get under the salary cap by restructuring:
Cam Jordan (~$10m)
Marshon Lattimore (~$10m)
Alvin Kamara (~7m)
James Hurst (~$3.2m)— Ross Jackson (@RossJacksonNOLA) March 13, 2023
As the clock ticks closer and closer to the NFL’s free agency negotiating period, the New Orleans Saints aren’t expected to make a big splash. Instead they are looking to follow their usual rhythm in working on in-house free agents that they could keep and trimming spending to get under the salary cap.
In-house free agents like defensive lineman David Onyemata, defensive end Marcus Davenport and linebacker Kaden Elliss would have some impact on the salary cap. In fact, retaining Onyemata and Davenport can be done in such a way to actually save funds against the overall spending of the team in 2023.
The Saints also have some outstanding negotiations with quarterback Jameis Winston and wideout Michael Thomas. With new quarterback Derek Carr in the building, the Saints reportedly offered Winston a re-worked deal that he has until Wednesday to decide upon. Thomas’ contract has a $30 million guarantee in 2024 that conveys on March 17, 2023 (Friday). Both of these are shoes that could drop soon and further effect their financial situation.
But, even in the NFL, some things can be simple. Per overthecap.com, the Saints are carrying about $26.9 million in overages, not including safety J.T. Gray’s new 3-year deal. It’s safe to estimate New Orleans is ten just about $30 million over and still has several quick options to reduce their salary cap ahead of Wednesday’s deadline. Here are four easy restructure options that would save the Saints over $30 million:
Restructure DE Cameron Jordan's base salary and roster bonus
Jordan currently carries at $13.9 million base salary with a $1.1 million roster bonus. Both can easily be restructured. $12,735,000 of his base salary and his full roster bonus can be converted to a signing bonus. By adding another void year, that $13,835,000 would be split five ways, saving the Saints $10,668,000 in 2023.
Total savings: $10,668,000
Restructure RB Alvin Kamara's base salary and roster bonus
Just like Jordan, Kamara’s deal can be restructured by converting the majority of his $9.4 million base salary and the entirety of his $1.6 million roster bonus into a prorated signing bonus. That would take a total of $9,920,000 and, with a void year added, prorate it over five years. That would save the Saints another $7,536,000
Total savings: $18,204,000
Restructure CB Marshon Lattimore's base salary
$13,335,000 of Lattimore’s $14.5 million base salary can be converted to a signing bonus. By adding an additional void year, the Saints could maximize their savings.That move alone would save the Saints another $10,736,000.
Total savings: $28,940,000
Restructure OL James Hurst's base salary and roster bonus
At this point, the Saints could already be compliant with the NFL’s salary cap. But the teams needs its spending money too. They could go to guard Andrus Peat for a restructure or re-worked deal as well to knock a bunch of money off the books. They could also designate Peat as a post-June 1 transaction, but the $11,825,000 of savings wouldn’t set in until June 2. So that wouldn’t help anything at all for Wednesday’s deadline.
Thankfully restructuring Hurst’s deal is much simpler. $2,335,000 of his base salary is able to be converted to a signing bonus along with his $2 million roster bonus. With an added void year, that $4,335,000 would be prorated over five years and in 2023 the Saints would owe only his $1,165.000 veteran minimum base salary and just $867,000 of new prorated bonuses saving an additional $3,468,000.
Total savings: $32,408,000
