The Eagles have restructured the contract of defensive tackle Fletcher Cox, converting $7.165 million of his 2020 salary into a bonus, according to an ESPN report.
The move, which pockets Cox a big check right now, opens up "about $5.732 million in 2020 cap space", according to the report.
So what does this mean for the Eagles' current salary cap situation?
A breakdown, using figures from OvertheCap.com:
Currently: $16,918,005 in salary cap space
Added Space from new Cox deal: $5,732,000
New Total: $22,650,005 in salary cap space for the 2020 season
The $22.6 million in salary cap space is plenty of space to make any move the team might want prior to the NFL Trade Deadline later this month. It is possible that Howie Roseman, who is reportedly going to be a buyer and not a seller at the trade deadline, is making this move to open up some space for a trade he has in the works. The timing of it would seem to indicate that is a possibility.
Chances are, however, the Eagles are making this move to help their 2021 salary cap situation. With revenue loss across the league, the NFL salary cap is projected to be only $176 million in 2021, as opposed to the $220 million that many projected it to be. By opening up more space this season, they roll over more money into 2021, making their 2021 salary cap larger than the $176 million it is projected to be.
As a result, the Eagles are in a tough financial spot.
A breakdown:
Salary Cap in 2021: $176,000,000
Roll Over from 2020: $22,650,005
Eagles Salary Cap in 2021: $198,650,005
Committed Money/Salaries for 2021: $263,431,822
Cap Space in 2021: $64,781,817 OVER the cap
Getting out of the $64 million hole the Eagles are in won't be easy. It is possible the cap is more than $176 million, considering teams are slowly starting to let more-and-more fans into the games.
The best way out of the hole, however, will be cutting players and restructuring contracts — something Roseman and the Eagles are apparently getting a jumpstart on.
