The New Orleans Saints are officially on the right side of the salary cap, with time and room to spare.
The team got there with a flurry of restructures Tuesday morning, according to reports, and now hold $13 million in available cap space ahead of the March 12 deadline when all teams must be cap compliant. They went into the process about $50 million over the cap.
New Orleans cleared their overage with just one cut in RB Jamaal Williams, though more could still come if the saints choose to go that route. The final three restructured contracts were that of RG Cesar Ruiz ($6.3M), DE Carl Granderson ($5.2M) and DT Khalen Saunders ($1.9M).
The Saints had previously executed high-dollar restructures on the deals of QB Derek Carr ($30.9M), center Erik McCoy ($6.7M) and LB Demario Davis ($5.6M). Simple restructures involve conversions of base salary to signing bonuses that can be prorated over the life of the deal and up to three void seasons. The result is immediate cap space, with those cap charges accounted in future seasons, a process the Saints undergo each offseason.
In what's been a busy free agent cycle, which doesn't officially open until Wednesday, the Saints' biggest splash has been an extension for one of their own players in defensive end Chase Young. The team inked the 25-year-old to a 3-year deal worth up to $57 million, adding a big piece to the new scheme under defensive coordinator Brandon Staley. The Saints also inked an extension for DT Nathan Shepherd. Both deals allowed the Saints to push forward money that would've been charged against the Saints cap this season without adjustments. One more move for the Saints was a trade for former Patriots DT Davon Godchaux.
The Saints are likely not done in this free agency cycle, though the big restructures have largely been exhausted. The Saints could potentially open up an additional $31 million through simple restructures, but will most likely seek to go the route of pay cuts for some veteran players. Whatever path the team chooses to take forward, they're now free and clear from a cap perspective. See y'all back here again next offseason.
