The New Orleans Saints are paying the price for giving monster deals for players and missing out on the playoffs in each of their last three seasons.
New Orleans must get under the cap by March 13 as they are currently $82 million over.
Thankfully, one of their elite offensive linemen agreed to restructure their contract.
The New Orleans Saints and their Pro Bowl center agreed to restructure his contract.
According to Tom Pelissero of NFL Network, New Orleans has restructured Erik McCoy’s contract.
The team has converted his base salary of $9.6 million and the roster bonus of $500K into signing bonuses, freeing up $7.18 million in cap space.
As a result, McCoy’s base salary has been reduced from $9.6 million to $1.125 million, and his cap number from $13.7 million to $6.5 million for the year 2024.
The team is also expected to add a void year for 2028 to spread the cap payments over five years instead of the remaining four.
McCoy signed a contract extension in 2022.
Erik McCoy signed a 5-year, $60,000,000 contract extension on September 8, 2022.
McCoy appeared in 13 games in 2022. He suffered a right calf injury in Week 9 and missed the next four games on injured reserve. He had five penalties, one sack allowed, and a 61.2 PFF Grade.
McCoy appeared in every game in 2023, earning his first Pro Bowl. He had eight penalties, four sacks allowed, and a 79.4 PFF Grade.
Expect more roster moves in the coming weeks.
As mentioned, New Orleans has until March 13 to get under the cap. Now they are $75 million over the cap and expect the team to make more roster moves by restructuring or releasing players.
Notable players who are expected to restructure their contracts or get released include Derek Carr, Ryan Ramczyk, Cameron Jordan, Alvin Kamara, Demario Davis, Taysom Hill, Tyrann Mathieu, Marcus Maye, and Juwan Johnson, to name a few.
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