The Cleveland Browns have undertaken a strategic financial maneuver by restructuring the contract of left tackle Jedrick Wills Jr., as reported by @TomPelissero and confirmed by a source. This move involved converting $10.44 million of his $14.175 million fifth-year option into a restructure bonus. The restructuring also included the addition of one additional void year, aimed at freeing up $10.44 million of cap space. This adjustment is part of a broader strategy by the Browns to clear cap space ahead of the new league year, with the team now approaching it with an estimated $12 million of Top 51 cap space. This financial strategy, which also included a similar restructuring for Pro Bowl cornerback Denzel Ward the previous week, is seen as a common practice across the NFL to manage salary caps effectively.
The Browns can get to $50M of cap space if they restructure Watson again and do something with Nick Chubb's contract. Eventually they'll feel a squeeze but they can spend *well* over $300m in cash this year and be cap compliant the way they're structuring deals.
ICYMI, #Browns create more salary cap room by restructuring Jedrick Wills Jr.’s contract https://t.co/3wHKBDTEQo
Browns clear $10.44M in cap space by converting LT Jedrick Wills' fifth-year option, per @TomPelissero https://t.co/KXgRy7xlxm https://t.co/FUtOkaNJwa
Browns restructure contract of former Lafayette High School star Jed Wills. https://t.co/EqITzb0Uc1
In advance of free agency, Browns restructured left tackle Jedrick Wills Jr.'s contract. Team shifted money to a bonus, creating salary cap space. Browns did similar with Pro Bowl cornerback Denzel Ward last week. This is common practice across the NFL.
In this Browns free agency primer, I specified 4 players who might receive contract conversions to create cap space. Jed Wills was one & this morning news arrived that his contract was converted to create $10.4m in space. via TLOD https://t.co/yFL9dyOk0d
#Browns create more salary cap room by restructuring Jedrick Wills Jr.’s contract https://t.co/3wHKBDT70Q
Browns free up cap space with Jed Wills restructure. https://t.co/CdoVmDjUCB
#Browns restructure LT Jedrick Wills Jr.s' contract, clearing $10.44 million in cap space: https://t.co/sQVkfrzmSt
The #Browns converted $13.05M of T Jedrick Wills' 5th-year option into signing bonus, adding 1 additional void year to free up $10.44M of cap space. Cleveland approaches the new league year with an estimated $12M of Top 51 cap space. https://t.co/8thzAonx2M
#Browns have restructured Jed Wills Jr.s' contract, converting $10.44 million of his $14.175 M fifth-year option to a restructure bonus, source says. @TomPelissero first
Browns cap-clearing moves on the way. Jed Wills up first. https://t.co/cfZAUDR2Yb