Once again, the Saints find themselves facing a salary cap conundrum this offseason. As things stand they will be $46.9m over the cap in 2023. The only team in a worse position is their divisional rivals, Tampa Bay. The Saints now need to make moves to ensure that they are cap compliant by the time the new league year starts on 15th March.
There is also the quarterback question to consider. The Saints have made no secret of their interest in acquiring a new starter, with all eyes seemingly on former Raiders signal caller Derek Carr. The moves below would help to ensure that the Saints get under the cap for 2023. There are also a couple of additional moves they may want to consider if they need to fit a new quarterback under the cap too.
Restructures – $30.57m in savings
Restructure Tyrann Mathieu – $4.37m savings
Mathieu is set to pocket $7m in base salary for the 2023 season. The Saints can convert the maximum amount of this into signing bonus and prorate it across the rest of Mathieu’s deal. Because he has three void years at the end of his deal that would reduce his 2023 cap hit from $8.9m to $4.52m.
Restructure Alvin Kamara – $6.2m in savings
With all of Kamara’s ongoing legal issues this might not be a move that the Saints front office is comfortable making. That said, they may not have much of a choice if are to get under the cap for 2023. Kamara is set to carry a cap hit of $16m in 2023, with $9.4m of that being his base salary. If the Saints convert the maximum amount of his salary ($8.32) into signing bonus, that will reduce his cap hit by $6.2m in 2023.
Restructure Cam Jordan – $6m in savings
Restructuring a soon to be 34-year old’s contract isn’t an ideal situation, but it feels like a necessity at this point. Jordan is set to count a whopping $25.7m against the cap in 2023. That is the most of any player on the Saints’ roster. His contract could potentially allow for up to $10m in savings, but doing that would result in him costing $22m against the cap when his deal expires in 2024. Instead the Saints can convert $8m of Jordan’s $13.9m signing bonus, giving them a saving of $6m in 2023.
Restructure Marshon Lattimore – $8m in savings
The big money from Lattimore’s new deal is due to kick in from 2023 and he carries a cap hit of more than $20m in each of the next four seasons. The Saints can convert $10m of Lattimore’s $14.5m base salary into signing bonus to reduce the cost for 2023. With the addition of a void year in 2027 this would reduce his cap hit to $14.46m in 2023, a saving of $8m.
Restructure Ryan Ramczyk – $6m in savings
Ramczyk is another player whose big money is set to kick in from 2023, with his cap jumping from just $8.47m in 2022 to $21.44m in 2023. $14m of this is accounted for in the form of base salary, which can be converted into signing bonus. With four years left on his deal, the Saints can convert $8m of that salary and save $6m for 2023.
Cuts – $16.76m in savings
Cut Jameis Winston – $4.4m in savings
The Saints would actually free up more money by restructuring Winston. That said, pushing more of his money into future years when they are clearly already in the market for another quarterback feels like bad business. Winston is due to carry a $15.6m cap hit in 2023. Cutting him would save the Saints $4.4m.
Cut James Hurst – $4.7m in savings
Hurst started 16 games at left tackle for the Saints in 2022, but he might be a cap casualty this offseason. He is due to carry a $6.7m cap hit in 2023 and New Orleans can save $4.7m of that by cutting him. With last year’s first round pick Trevor Penning waiting in the wings to take over at left tackle, this feels like a necessary move.
Cut Carl Granderson – $3.96m in savings
Granderson played in 16 games as a rotational pass rusher for the Saints in 2022. He is a solid enough player, but with a dead cap hit of just $160,000 and savings of almost $4m, it is a fairly easy decision to cut him before the start of the 2023 season.
Cut Wil Lutz – $3.7m in savings
Lutz has been a dependable kicker for the Saints in recent years, but the cap savings from a cut are once again too great to overlook. He is due to carry a $5.62m cap hit in 2023, the fifth highest at the position. The Saints can save the bulk of that by moving on.
Additional moves to afford a quarterback – $12m in savings
The moves listed above will make the Saints cap compliant for 2023. That said, the team is clearly in the market for a new quarterback. At the time of writing, Derek Carr seems to be the most likely option. Carr looks set to earn a deal somewhere in the range of $35m per year and with some clever structuring his cap hit for 2023 could be as low as $11.6m. If the Saints want to get such a deal done, these are some additional moves they could make.
Restructure Andrus Peat – $8m in savings
This might not be an ideal move given how Peat has played over the last few seasons. That said, if the Saints want the cap space for a quarterback it might be necessary. Peat carries an $18.37m cap hit in 2023, the fourth highest amongst guards. By restructuring his $11.8m salary, the Saints would be able to save $8m for 2023.
Restructure Demario Davis – $4m in savings
Davis counts $13.27m against the cap in 2023 but $8.25m of that comes from his base salary. The Saints can convert $5m of that into signing bonus and spread it across the rest of McCoy’s contract. As he has three years and a void year left on his deal, that reduces his cap hit to just $9.27m for the 2023 season.
