Saints Cap Moves: $33,780,933 cap space ….. 8 restructures, 3 extensions, 3 pay cut, 1 release [All current cap moves are in OP below line]

St. Geezy said
I wouldn’t be mad if we splurged like that from a financial standpoint if he was already a free agent; I just don’t think it’s smart to do that AND fork over significant draft compensation.

That’s the sort of thing you do when you have a sure-fire, 15-2/14-3 type roster. Like a “You just lost the SB/championship game and want one final piece” type move.
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It could be a situation were the Bengals are willing to trade him for lower than value just to get salary cap relief after the big contracts they just gave to their receivers, or to get something of value knowing they won't be able to retain him after this year.