It’s no secret that the Saints are in a salary cap hole right now being $110 million over the cap. It’s been the biggest concern for the Saints fans recently having to wonder who will the Saints cut, trade, or keep. Loomis mentioned that the situation will be hard to manage, but the team is still in a win now and win a super bowl mentality right now.
The first step was taken February 5th to get back under the cap and sign players in free agency. Drew Brees had his contract restructured for 2021 to free up $24 million in cap space. Drew Brees now makes the veteran minimum of $1 million.
The Saints will carry a $12.25 million cap hit until June 1st. If Brees retires he will be placed on the retired list June 2nd creating a $11.15 million dead cap hit. This allows Saints to split up his $22 million cap hit between 2021 and 2022 rather than just 2021 (dead cap hit for 2021).
Another move that happened this week relating to the cap was that the NFL raised the cap floor to around $185 million from $175 million. This saves around $10 million in cap space for the Saints.
With this and the reconstruction of Drew Brees’ contract the Saints are now $76ish million over the cap.
Expect more restructures sooner rather than later. Some player contracts to look for are Cam Jordan, Michael Thomas, Andrus Peat, and Marshon Lattimore with a Ryan Ramczyk extension.
Written By Kadin Janisch
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