PITTSBURGH (93.7 The Fan) – With needs at many positions, what is the Steelers financial situation with free agency now a month away? Where could they use some of that money?
Using overthecap.com as our basis, the Steelers are currently 14th in the league in terms of available money at $40.7 million. That number improves if they release a few players who either dealt with injuries, underperformed or didn’t have much of a role in 2024.
The numbers are in 2025 savings and then what they would leave in dead cap.:
· OLB Preston Smith $13.4 million ($0 dead cap)
8 games, 2 sacks, 13 tackles, 3 tackles for loss, 30% of defensive snaps
· DT Larry Ogunjobi $7 million ($3.5 million dead cap)
15 games (12 starts), 1.5 sacks, 41 tackles, 5 TFL, 52% of defensive snaps
· LB Cole Holcomb $6 million ($1.64 million dead cap)
Worked hard to come back from another catastrophic knee injury, but did not play in 2024
· RB Cordarrelle Patterson $2.8 million ($950,000 dead cap)
13 games (1 start), 135 rush yards, 4.2 average, 12 receptions, 80 yards, TD, 13% of the offensive snaps, averaged 21.8 yards per kick return with a long of 33 yards and soon-to-be 34-years-old
· DL Dean Lowry $2.5 million ($625,000 dead cap)
12 games (1 start), 5 tackles, sack, 21% of defensive snaps, soon-to-be 31
If you release those five players, the available cap room jumps up to fifth in the League at 65.7 million.
Running back Jaylen Warren is the only restricted free agent and likely the Steelers would sign him for a couple of million which would affect that number. TJ Watt is entering the final year of his contract at $28 million. That makes him the fourth highest paid edge rusher at age 31, all three above him are 28 or under. Last time the Steelers were in contract talks with Watt, it lasted until the week of the opener. Even though he’s older, Watt is unlikely to take a ‘hometown discount’.
Others could raise the bar for paying an edge rusher this offseason. Bengals Trey Hendrickson is looking for a new contract or traded as he will be a free agent in 2026. Cowboys Micah Parsons is 26 and will be a free agent in ’26 as well. If Myles Garrett is moved, does he get a raise? Eagles Josh Sweat is 28, coming off the Super Bowl and is a free agent.
Let’s assume the Steelers work a deal with Watt, they could position it to count more against the cap down the road. Or, they could sign Watt saving room this year and frontload a bunch of money to give them more cap room in the future.
While there aren’t any quarterbacks that would excite you to save money for in 2026, there are several receivers-Ja’Marr Chase, DK Metcalf, Deebo Samuel, Terry McLaurin, Christian Watson, George Pickens.
Then there is the question with Pickens. Would you sign him to a long-term deal this offseason that would give you some receiver certainty? Let’s say Pickens would accept Top 20 receiver money, that’s still $20 million a year. So quickly, Pickens and Watt could eat up a big chunk of that money depending on how you structure it.
There is also the cost of a quarterback, even if you go with Justin Fields at say $10-13 million a season that’s still a chunk of your cap space. If you bring in Russell Wilson or Aaron Rodgers, it’s likely at least double that.
A veteran receiver in 2025, let’s say like a Darius Slayton, would cost the Steelers around $12 million a year according to Pro Football Focus. If you trade for a Cooper Kupp or add a Davante Adams, add roughly $15 million more.
It gives you an idea of what the Steelers have in available money and how quickly it can get spent.