The Pittsburgh Steelers entered draft week with approximately $12 million in cap space. If the Steelers were to sign a big-name free agent that’s still available, they would have to free up cap space. They did so by restructuring the contract of their EDGE rusher.
The Pittsburgh Steelers restructured the contract of their EDGE rusher
According to Ian Rapoport of NFL Network, the Steelers restructured the contract of Alex Highsmith by converting $8.75 million of his salary into a signing bonus, adding one void year, and freeing up $7 million in cap space.
As a result, Highsmith’s base salary dropped from $10.733 million to $1.125 million, and his cap hit dropped from $13.933 million to $6.727 million for 2024.
Finally, his $8.75 million signing bonus will spread evenly for the next five years at a value of $1.75 million, as his contract runs through 2027, and will have a dead cap hit of $1.75 million when his contract voids in 2028.
The Steelers should have around $18 million in cap space.
Alex Highsmith signed a 4-year extension with the Pittsburgh Steelers during the 2023 offseason
Highsmith signed a 4-year, $68 million contract extension with a $16 million signing bonus and $27.743 million guaranteed.
Highsmith started 17 games last season with 57 tackles, eight TFLs, seven sacks, two interceptions, one pick-six, three pass deflections, two forced fumbles, and a 90.3 PFF Grade. He also had three tackles, one TFL, and one sack in the Wild Card.
Could the Pittsburgh Steelers be onto something?
General Manager Omar Khan gave an interesting response when asked about the possibility of signing a big-name free agent after the draft.
“We’ll see. As I’ve said it before, if there’s ever an opportunity to improve the team, we’re gonna look at it,” Khan said via the team’s YouTube channel. “And if it makes sense, we’re gonna go after. But we restructured Alex’s deal and like you said, it puts us in a position to be flexible with some things if there’s an opportunity to do something.”
What will the Pittsburgh Steelers do with their remaining cap space? Will they sign a big-name free agent or will they trade for one?
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