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Last week, the NFL announced the official salary cap figure for 2024: $255.4 million. That number is $30.6 million more than the cap in 2023, making it the largest increase in free agency history. While this announcement benefits every team, there’s still work to be done for some clubs.
As of Feb. 26, there are seven teams still over the cap number: the San Francisco 49ers, Dallas Cowboys, Denver Broncos, Los Angeles Chargers, Miami Dolphins, New Orleans Saints and Buffalo Bills. A couple of different ways these teams can create cap space is by releasing players, or restructuring contracts. Early this week, we saw a handful of restructures and cuts, which we will break down below.
Restructures
DL Carl Granderson, Saints: New Orleans completed a conversion on Granderson’s contract, which cleared $7.2 million in cap space. The 27-year-old joined the Saints as an undrafted free agent out of Wyoming in 2019. In 2023, he recorded a career-high 8.5 sacks after signing a four-year, $52 million extension in September. (NFL Media)EDGE Rashan Gary, Packers: Green Bay restructured Gary’s contract, creating $4.781 million in cap space. The former No. 12 overall pick out of Michigan signed a four-year, $107 million extension in October. Gary recorded nine sacks in 2023. (NFL Media)OL Connor McGovern, Bills: Buffalo guaranteed McGovern’s deal for 2024, and cleared $3.74 million. The former Cowboy signed a three-year deal with the Bills this offseason, and started in all 17 games. (NFL Media)CB Denzel Ward, Browns: Cleveland restructured Ward’s contract, freeing up $11.359 million in cap space by converting that much of the Pro Bowl cornerback’s salary into a restructured bonus. The move puts the Browns just under the…..
