The Eagles just took a big chunk out of the $43 million in cap space they need to clear before March 17.
According to the NFL Network the Eagles have restructured the contract of cornerback Darius Slay, opening up $9.1 million in cap space.
With the $9.1 million cleared, the Eagles appear to be now $33.9 million over the cap, assuming the salary cap comes in at $181 million.
Although details of the restructure are not yet known, chances are the Eagles took $9.1 million of Slay’s $12 million salary in 2021 and converted it into a bonus, which spreads the money out over the remaining years of his contract. Slay’s cap hit will not increase by roughly $3-4 million over the remainder of his contract, meaning he will almost certainly be with the team for at least 2021 and 2022.
Pushing money into the future isn't ideal for the Eagles, but with $73 million in projected cap space in 2022, and $134 million in 2023, they certainly have enough future space to do it.
Slay’s deal certainly won’t be the last to be restructured by the Eagles. The team is reportedly working on a new deal for defensive end Brandon Graham, and defensive tackle Fletcher Cox is also a prime candidate to have his deal done to save money.
The Eagles have already released receiver DeSean Jackson, and are expected to designate receiver Alshon Jeffery and defensive tackle Malik Jackson as post-June 1st cuts.
Two other moves they will likely be making to open up space:
Trade/Cut Zach Ertz
Like Cox and Graham, Ertz is an all-time Eagles’ great. Unlike Cox and Graham, Ertz is almost certainly on his way out of Philadelphia. The cap-savings gained by trading Ertz are the same as they are if they cut him. Ertz, like Cox and Graham, deserves the chance to go to a team that can win right now. The Eagles should trade him to a team that wants him, or cut him so he can pick his new team. Either way, the Eagles will be moving on from the future Hall-of-Fame tight end.
Cap space saved in 2021: $4 million
Cut Marquise Goodwin
Reasoning: This is a pretty easy one. Goodwin could be back on a much-lower cap hit, with no guaranteed money, if he wants to get a tryout with the team in camp. Giving him anything guaranteed, however, would be a mistake — and cutting him would be the best move for the Eagles.
Cap space saved in 2021: $3.5 million
Those two moves would bring the Eagles down to around $26.4 million over the cap. Assuming they open up a big chunk of cap space (perhaps as much as $10 million) with Graham’s new deal, the Eagles are not that far off from being completely out of the tough salary cap situation they started in.
You can reach Eliot Shorr-Parks on Twitter at @EliotShorrParks or email him at esp@94wip.com!