Here’s the next step in the long process of getting the New Orleans Saints under the 2023 salary cap. ESPN’s Field Yates first reported that the Saints restructured their contract with starting center Erik McCoy, saving $8 million against this year’s spending limit. And it was a move we saw coming after his contract extension last summer.
Our own Ross Jackson explained the salary cap mechanism here: the Saints included a guaranteed $10 million roster bonus that was due March 19, which they planned all along to convert into a signing bonus so the payout would be spread across multiple years for accounting purposes. They also included a void year in 2028 to maximize current-year savings. The end result: instead of counting against the cap for $12.68 million, McCoy’s new cap hit is just $4.68 million.
