Thursday is a day that’s been marked in Miami Dolphins fans’ calendars for over two months, as the release of cornerback Byron Jones will officially go into effect.
This frees up $13.6 million in cap space, which, according to Over the Cap, would give them about $15 million to work with.
Ahead of Miami’s fifth organized team activity session, head coach Mike McDaniel spoke about the money coming off the books.
“It’s something that any direction is decided for the team, you’re kind of aware that that’s coming,” McDaniel said. “That has been planned and we are aware that that’s occurring, and we typically do everything we can to have the best team possible within the guidelines of the salary cap. [I’m] not sure where, but I’d feel confident to say that we’ll make good use of that salary cap room when it comes to the start of the regular season.”
McDaniel’s answer seems to insinuate that they’ll use a good chunk of that money now instead of carrying it over to the 2024 offseason. While a large number of fans would probably be upset with the decision to carry the money over, it might’ve been a move that made a lot of sense.
Next year, the Dolphins are projected to be over $30 million over the cap, and while they can find ways to dig themselves out of that hole, carrying over $15 million would certainly make it easier.
What will Miami do with the money? There are a few options.
They may choose to continue acquiring talent. Running back Dalvin Cook was someone the Dolphins checked in on earlier in the offseason, and if he gets cut, McDaniel and general manager Chris Grier could bring him in to really solidify an impressive group of backs.
It could be argued that there are still holes on the offensive and defensive lines as well, and those may get worse next season with Christian Wilkins Zach Sieler, Raekwon Davis and Robert Hunt all scheduled to hit free agency.
That leads to Miami’s other top option with the money – signing players to extensions. The Dolphins could put more money on new deals in the first year in the form of a roster bonus, potentially making their cap hits lower for the years to come.
It’s unclear exactly what the plan is, but they’ve set themselves up with the flexibility to do just about anything in the coming weeks.
