Deadline restructures: Lattimore, Jordan, and Kamara restructured, clearing $26 million in cap savings ($740,405 cap space after restructures) (1 Viewer)

[Ti Rider]

$ 435 K? Shopping spree!!!

 

[SAINTSFAN]

If Winston is cut he will probably be given a 'post June 1' designation. If that happens any CAP relief would not come until June 1, so it would not help up create space prior to that - at least that is how I understand that post June 1 designation!

That is how I understand it as well. Not sure if they will designate a June 1 or not given how close we are to the cap. If they do, it would likely ensure that Peat gets restructured as well to generate some room to signe FAs (or re-sign our own that we do not want to lose).

 

[SonOfNOLA]

That is how I understand it as well. Not sure if they will designate a June 1 or not given how close we are to the cap. If they do, it would likely ensure that Peat gets restructured as well to generate some room to signe FAs (or re-sign our own that we do not want to lose).

Peat’s restructure could put us at $8.3 million cap space immediately. If we post-June 1 cut Winston, I think $8.3 million should be enough to work with until then when we have over $18 million. $8M could re-sign a couple of our own depth players who’ll have low cap hits and fit a vet FA in there.

 

[nolasteve]

Peat’s restructure could put us at $8.3 million cap space immediately. If we post-June 1 cut Winston, I think $8.3 million should be enough to work with until then when we have over $18 million. $8M could re-sign a couple of our own depth players who’ll have low cap hits and fit a vet FA in there.

We need Kaden Ellis money. Malcolm Roach as well. Add Kentavius Street if he’s willing to play on a one year deal slightly above the vet minimum.

 

[HattiesburgWhoDat]

What's the salary hit if Peat is traded?

Can somebody explain "dead money" to me? Why, if he would be traded would his yearly salary not go with him (if, say, he has 3 years left on the contract)? I don't understand why if we trade a player we have to eat any of his remaining contract. It should all go with him. In my mind, anyway. TIA

 

[SonOfNOLA]

We need Kaden Ellis money. Malcolm Roach as well. Add Kentavius Street if he’s willing to play on a one year deal slightly above the vet minimum.

Hurst and Granderson’s restructures/extensions can give us another $4.7 million in cap space with Peat’s $8 million. That could put us at $13 million and should be good to re-sign Elliss, Roach, Street and Gillikin, and another FA, while we wait for Winston’s $10 million post-June 1 cap space.

 

[nolasteve]

We need Kaden Ellis money. Malcolm Roach as well. Add Kentavius Street if he’s willing to play on a one year deal slightly above the vet minimum.

Outright cutting Trequan Smith and Adam Trautman would free up $3.6 million.

 

[nolasteve]

Can somebody explain "dead money" to me? Why, if he would be traded would his yearly salary not go with him (if, say, he has 3 years left on the contract)? I don't understand why if we trade a player we have to eat any of his remaining contract. It should all go with him. In my mind, anyway. TIA

Only the player’s salary goes with them to the new team. The bonus money is still the responsibility of the previous team.

 

[livefromDC]

Can somebody explain "dead money" to me? Why, if he would be traded would his yearly salary not go with him (if, say, he has 3 years left on the contract)? I don't understand why if we trade a player we have to eat any of his remaining contract. It should all go with him. In my mind, anyway. TIA

Here's a very generic version.

His yearly salary would go with him, but any money paid to him as a bonus (guaranteed money) would be the Saints responsibility immediately since the Saints paid that money. Bonus money (guaranteed money of any kind) can be split over the life of the contract, but if the player is cut or traded before the end of the contract, all that money comes due immediately...unless the player is deemed a June 1st cut. In that case the money can be split over the 2 league years.

Cutting or trading Peat now would mean that he has like $18 million that would hit the cap immediately. If he were extended (something the Saints love to do) his remaining guaranteed money can now be split over more years lessening the fractional guaranteed money hit the Salary cap takes this year alone. OR another way to lessen the cap hit is to take a portion of the player's salary and turn it into a bonus (guaranteed money). Why? Because again, salary is paid during the season and is the responsibility of the team during that season. By turning it into guaranteed money, the cap hit is spread over the life of the contract instead of all hitting the cap for that one specific year. That's why the saints "restructure" so many contracts every year before the year starts. It creates cap space by spreading out player guaranteed money cap hits over more years.

 

[SonOfNOLA]

Winston can take one for the team and restructure to create another immediate $8 million in cap space. That can bring us to about $21.7 million under, along with Peat, Hurst, and Granderson’s, when the league year starts. But it’s understandable if he rather be released and doesn’t accept it

 

[HattiesburgWhoDat]

Here's a very generic version.

His yearly salary would go with him, but any money paid to him as a bonus (guaranteed money) would be the Saints responsibility immediately since the Saints paid that money. Bonus money (guaranteed money of any kind) can be split over the life of the contract, but if the player is cut or traded before the end of the contract, all that money comes due immediately...unless the player is deemed a June 1st cut. In that case the money can be split over the 2 league years.

Cutting or trading Peat now would mean that he has like $18 million that would hit the cap immediately. If he were extended (something the Saints love to do) his remaining guaranteed money can now be split over more years lessening the fractional guaranteed money hit the Salary cap takes this year alone. OR another way to lessen the cap hit is to take a portion of the player's salary and turn it into a bonus (guaranteed money). Why? Because again, salary is paid during the season and is the responsibility of the team during that season. By turning it into guaranteed money, the cap hit is spread over the life of the contract instead of all hitting the cap for that one specific year. That's why the saints "restructure" so many contracts every year before the year starts. It creates cap space by spreading out player guaranteed money cap hits over more years.

That helped. Thank you

 

[0rion]

All well and good, but don’t most of these restructures push salary cap hits out into the future and tie our hands on dealing veterans down the road? Somebody explained it pretty well a while back, but there are consequences to doing this every year.

I get where you're coming from but I've been hearing that for a decade and I'm still waiting for that shoe to drop.

 

[SAINTSFAN]

Winston can take one for the team and restructure to create another immediate $8 million in cap space. That can bring us to $21 million under, along with Peat, Hurst, and Granderson’s, when the league year starts. But it’s understandable if he rather be released and doesn’t accept it

Winston will take a pay cut or be released. Peat has underperformed so much, mainly due to injury, that they may be trying to avoid restructuring him and creating more dead money. Although, odds are they will restructure him at some point.

 

[DaveXA]

I get where you're coming from but I've been hearing that for a decade and I'm still waiting for that shoe to drop.

As long as they keep doing that and the cap growing at a comparable clip, it will never drop, unless you have that once in a century Covid thing happen.

 

[SonOfNOLA]

All well and good, but don’t most of these restructures push salary cap hits out into the future and tie our hands on dealing veterans down the road? Somebody explained it pretty well a while back, but there are consequences to doing this every year.

The big contracts eventually comes off of the books, at least the heavy portion of their cap hits. Because of that, we won’t ever have to really worry about dealing with major impact from restructuring. That, along with the salary cap increasing each year, is why Loomis feels comfortable with pushing it forward.

We’re currently projected to have $84 million in cap space in 2025, with only 25 players under contract though.

In 2024, we’re projected to begin the offseason with 26 million over before the March 2024 league year date, but restructures of Lattimore and Ramcyzk brings it to -5 million, then a Carr restructure will give us 16 million under. Davis and Taysom’s restructures in the second to last years of their contracts will bring us to $30 million under to build up our roster in 2024. By having so much projected room in 2025 because the large cap hits begin to leave, we can eat those void years from the previous seasons and still have around 50 million under to start the 2025 league year.