The New Orleans Saints, initially about $80M over the projected salary cap, have begun their annual salary cap management strategy. By converting Pro Bowl center Erik McCoy's 2024 salary of $8.475M and a $500,000 roster bonus into a signing bonus, adding 1 void year, they've freed up $7.18M in cap space for 2024. This restructuring, part of a broader strategy involving their top eight salaries, aims to carve out $30M more in space with the next group of 8 veterans. The Saints still need to clear approximately $75M to become cap compliant by March.
The #Saints converted $8.475M of Erik Mccoy's 2024 salary plus a $500,000 roster bonus into signing bonus, adding 1 void year, to free up $7.18M of cap space. New Orleans still needs to open up around $75M to become cap compliant this March. https://t.co/bfRxYTIgTW
Saints convert center Erik McCoy's salary and roster bonus to free up $7.18M in salary cap space, per @TomPelissero https://t.co/bS0f8msIoZ https://t.co/rULJuJsdAg
Saints adjust Erik McCoy's contract to push salary cap space to future years. https://t.co/10YZ3ZkhmM
The Saints began this month about $80M over projected salary cap, but they can push those costs into future years by doing these conversions with their top eight salaries. They can carve out $30M more in space with the next group of 8 veterans. (Not condoning, just explaining) https://t.co/AVrJ6Bstrq
The #Saints have begun their annual cap-clearing endeavor, converting Pro Bowl C Erik McCoy’s salary and roster bonus to free up $7.18 million in 2024 cap space.