It's a new annual tradition in New Orleans: The Saints face a major salary cap deficit, and they maneuver and maneuver and maneuver until it is no more.
This year that deficit was in the range of $69 million and required nine moves, but as of Monday, they had reached salary cap compliance ahead of the March 15 deadline and start of the new league year.
The Saints completed that process with restructures of RB Alvin Kamara to clear about $7 million (report), CB Marshon Lattimore (report) to clear about $10 million, and DE Cam Jordan (report), to clear another $10 million.
That bill got $7.2 million higher than when it started due to the signing of Derek Carr to a 4-year, $150 million contract. The Saints had previously completed restructures for S Marcus Maye ($4.8M); C Erik McCoy ($12.8M); RT Ryan Ramczyk ($10.3M);S Tyrann Mathieu ($4.68M); LB Demario Davis ($4M); and TE Taysom Hill ($8M). The team also reworked K Wil Lutz's deal to lower his base salary for another $1.5M in savings.
It's a major step in the process, but it's not done. It's a process that the Saints have mastered the past several years, but it's not without its warts and means guaranteeing contracts while pushing dead money ahead to future seasons. An example is the contract of David Onyemata, which had previously been restructured. He signed with the Atlanta Falcons in free agency this season, and is set to count $10 million in dead money against the 2023 cap.
But signing of Carr indicates this is a Saints team dedicated to winning the NFC South, which profiles again to be one of the weakest divisions in football. The team has already re-signed TE Juwan Johnson, DE Tanoh Kpassagnon, WR Keith Kirkwood and G Calvin Throckmorton. In order to land any free agents and sign their incoming draft class, the Saints will have to execute additional restructures or cuts, several of which remain. The Saints have reportedly offered a reduced contract to Jameis Winston, who has until Wednesday to either accept the offer or move on, which will lower his cap hit one way or the other. Andrus Peat's contract also offers multiple options for potential cap savings, as does LT James Hurst.
