The Eagles went into the start of free agency with around $44 million in cap space, and in just two days, that number has changed considerably.
Here is a breakdown of where the Eagles seem to stand in terms of available salary cap space after a flurry of moves:
Javon Hargrave: The biggest deal handed out by the Eagles so far was to defensive tackle Javon Hargrave, a three-year, $39 million deal. Over The Cap has the details of that contract.
The cap hits:
2020: $5.083 million
2021: $16.83 million
2022: $17.083 million
The cap hit in 2020 is small, but as you can see, it triples in 2021. That is very interesting and seems to indicate a plan for the Eagles to either move on from or renegotiate the contracts of either Fletcher Cox or Malik Jackson after the 2020 season. The cap hit in Hargrave's deal jumps up to $17 million in 2022, but the Eagles could release him and save $13 million in cap space.
The Hargrave deal costs the Eagles $5 million in cap space for 2020, bringing them down to around $39 million.
Rodney McLeod: The Eagles signed Rodney McLeod to a two-year, $12 million deal. If you use the average of the contract, it will cost the Eagles $6 million in salary cap space, bringing them down to around $33 million.
Jalen Mills: Mills is back with the Eagles on a one-year deal that could be worth up to $5 million with incentives. His cap hit is going to be lower than the $5 million the deal could be worth. A safe bet is around $3 million, bringing the Eagles down to around $30 million in cap space.
Nate Sudfeld: The Eagles bringing back Nate Sudfeld is a bit surprising, but getting him on a one-year deal worth $2 million was a smart decision considering his familiarity with the offense and his close relationship with Carson Wentz. Sudfeld’s deal brings the Eagles to around $28 million in cap space.
Malcolm Jenkins: The decision to move on from Malcolm Jenkins hurts the defense and the team overall, but it did save the team around $5 million in cap space, bringing their number back up to around $32 million.
Darius Slay: The Eagles' decision to land cornerback Darius Slay was not a cheap one. In addition to giving up a third-and-fifth-round pick, the Eagles have handed Slay a three-year, $50 million deal with $30 million guaranteed, per ESPN. How the contract break down remains to be seen, but the average of $16.6 millon makes Slay the highest paid cornerback in the NFL.
While the first-year cap hit will likely be slightly lower than $16.6 million, it might not be that much lower, as it is only a three-year deal and Roseman likely won't want to backload the deal for Slay too much considering he is 29-years old. A safe estimate for the cap hit in the first year is around $13 million, which would take the Eagles' cap space from $32 million to around $19 million.
Latest Cap Space Estimate: $19 million
Other cost-cutting moves that could be on the horizon:
Trade Sidney Jones: It is hard to say what kind of market would be out there for Jones, and it is possible that if they don’t get much in return, they will decide to bring Jones back and give him another chance at carving out a role on the team. Cutting or trading Jones would give the team around $1 million in extra salary cap space.
Trade Rasul Douglas: There will likely be more teams interested in Douglas than Jones, who has played more and has shown he can be a quality starting cornerback when he is given the chance. Douglas might return more in a trade, but he is also a more valuable part of the roster, as he has been the team’s go-to starter on the outside when they have had injuries at cornerback. Trading Douglas would save the team around $2 million.
The Alshon Jeffery Question: In terms of salary cap space, the biggest decision the Eagles will have to make this offseason is what to do with with receiver Alshon Jeffery. Coming off of a serious foot injury, and already appearing to be on the decline, there are obvious reasons to move on from Jeffery. Roseman has said he wants to get younger and faster, and moving on from Jeffery would help make both of those things happen. If the Eagles decide to outright cut Jeffery they would lose around $10.5 million in salary cap space, a pretty big blow to their available space, but one they could absorb and still make plenty of moves.
Ideally the Eagles would able to trade him. If they can find a taker for Jeffery the Eagles would only lose around $1 million in salary cap space. It wouldn’t be surprising to see the Eagles package a pick with Jeffery to convince another team to take on his contract.
The lack of a CBA beyond 2020 is also playing a factor in what they do with Jeffery, as once there is a new CBA, they could release Jeffery with a post-June 1st designation. That would allow the Eagles to spread out his dead money over two seasons instead of one.
You can reach Eliot Shorr-Parks on Twitter at @EliotShorrParks or email him at esp@94wip.com!
