Last week, the NFL announced the official salary cap figure for 2024: $255.4 million. That number is $30.6 million more than the cap in 2023, making it the largest increase in free agency history. While this announcement benefits every team, there's still work to be done for some clubs.
As of Feb. 28, there are seven teams still over the cap number: the San Francisco 49ers, Dallas Cowboys, Denver Broncos, Los Angeles Chargers, Miami Dolphins, New Orleans Saints and Buffalo Bills. A couple of different ways these teams can create cap space is by releasing players, or restructuring contracts. Early this week, we saw a handful of restructures and cuts, which we will break down below.
Restructures
- DL Carl Granderson, Saints: New Orleans completed a conversion on Granderson's contract, which cleared $7.2 million in cap space. The 27-year-old joined the Saints as an undrafted free agent out of Wyoming in 2019. In 2023, he recorded a career-high 8.5 sacks after signing a four-year, $52 million extension in September. (NFL Media)
- EDGE Rashan Gary, Packers: Green Bay restructured Gary's contract, creating $4.781 million in cap space. The former No. 12 overall pick out of Michigan signed a four-year, $107 million extension in October. Gary recorded nine sacks in 2023. (NFL Media)
- OL Connor McGovern, Bills: Buffalo guaranteed McGovern's deal for 2024, and cleared $3.74 million. The former Cowboy signed a three-year deal with the Bills this offseason, and started in all 17 games. (NFL Media)
- CB Denzel Ward, Browns: Cleveland restructured Ward's contract, freeing up $11.359 million in cap space by converting that much of the Pro Bowl cornerback's salary into a restructured bonus. The move puts the Browns just under the new $255.4 million cap. Deshaun Watson and Amari Cooper could be next to get revised contracts, according to Mary Kay Cabot. (NFL Media)
- OL Cesar Ruiz, Saints: The Saints have converted Ruiz's roster bonus, which clears $6.4 million in cap space. The former No. 24 overall pick out of Michigan signed a four-year, $44 million extension in September. (NFL Media)
- OLB Preston Smith, Packers: Smith agreed to a contract restructure that will pay him $10 million in 2024 and will give Green Bay an additional $2.4 million in cap space, according to ESPN.
Cuts
- EDGE Shaquil Barrett, Buccaneers: The Bucs are parting ways with pass rusher Shaq Barrett. This will reportedly be a post-June 1 cut, helping spread out the $26.7 million in dead money between 2024 and 2025. But this year, cutting Barrett saves the Bucs about $5 million. Back in his first season with Tampa Bay in 2019, he set the franchise record with 19.5 sacks. In five seasons with the Bucs, Barrett recorded 45 sacks, made two Pro Bowls and won a Super Bowl. (Fox Sports)
- OL Laken Tomlinson, Jets: The Jets are moving on from Tomlinson. This decision saves around $8.1 million in salary cap. Tomlinson has started in 114 straight games. He came to New York on a three-year deal in 2022 after making the Pro Bowl with the 49ers in 2021. (ESPN)
- WR Marquez Valdes-Scantling, Chiefs: Kansas City is releasing the veteran wide receiver after two seasons and a pair of Super Bowls. The move frees up $12 million in cap space as the defending champs trim salaries ahead of free agency. (ESPN)
- RB Alexander Mattison, Vikings: The Minnesota Vikings are moving on from their starting running back, according to ESPN. Mattison replaced Dalvin Cook, who was cut loose prior to last season, but lost playing time down the stretch to Ty Chandler.
- S Kevin Byard, Eagles: The Philadelphia Eagles are making some changes to their secondary. That change started with the team releasing the veteran safety.
- LT Charles Leno Jr., Commanders: The team announced it has released starting left tackle Charles Leno Jr. Leno has been dealing with a hip injury, and will have surgery next week, according to ESPN.
- TE Logan Thomas, Commanders: The team announced it has released the veteran tight end.
- CB J.C. Jackson, Patriots: New England released the veteran cornerback, who returned to the Patriots last season after getting dealt by the Chargers.
