The Jacksonville Jaguars made a significant step toward digging themselves out of a big salary cap hole. According to Ian Rapoport of NFL Network, the contract of linebacker Foye Oluokun was restructured to clear $10.336 million in cap space for the team.
Oluokun, 27, joined the Jaguars during the 2022 offseason on a three-year, $45 million deal. Per Spotrac, the Jaguars converted $12.92 million of Oluokun’s salary into a signing bonus and spread out of his salary over three voidable years that were added to the contract.
It almost certainly won’t be the last Jaguars contract that is restructured in the next month as the team is still well over the $224.8 million salary cap that was set for the 2023 season.
Other contracts that appear primed for a restructure soon include Christian Kirk’s, Cam Robinson’s, and Brandon Scherff’s. The Jaguars are also likely to release cornerback Shaquill Griffin, which would clear more than $13 million in space.
While getting under the salary cap shouldn’t be too difficult for the Jaguars, the team still isn’t in position to have a free agency spending spree like it did in 2022.
Oluokun was a defensive team captain in his first season with the Jaguars and led the NFL in tackles with 184. He also added 12 tackles for loss.
