Five Moves the Buccaneers Can Make to Create Significant Cap Space
The 2022 free agency period is quickly approaching, and the Tampa Bay Buccaneers aren't exactly in a position to take advantage of it.
At least, they aren't yet.
As things stand, the Buccaneers own $2.37 million in cap space according to Over the Cap. This number has decreased slightly from OTC's previously reported $3.1 million that the Bucs had available.
Due to a lack of cap space, Tampa Bay has yet to retain any of their own 26 imminent free agents, and would be unable to sign any outside players either without clearing up some room financially.
But, according to OTC's cap calculator, it is possible and perhaps even easy for the Bucs to clear up some room to hold onto key players as well as target outside free agents. Here are five moves the Buccaneers could make to turn $2.37 million into almost $50 million, if the team so chooses.
Four contract restructures
Per OTC's restructure potential page, the Buccaneers could get up to as much as $68.1 million in immediate cap space by utilizing each of their simple restructures within contracts already inked across the roster.
Now, it should be noted that Tampa Bay is not likely to utilize each restructure the club has available, as these moves push increased cap hits down the line and would put the Buccaneers in a deeper hole than they're in now. However, the team could find a balance by restructuring some deals while maintaining healthy cap space in 2023 and beyond.
Remember, players are awarded a signing bonus for restructuring their contracts, meaning they would not take a pay cut.
We have chosen to not perform this exercise for players who have previously restructured their current deals with the Bucs. We've also utilized the maximum simple restructure available for each player for the 2022 cap table.
OLB Shaquil Barrett
2022 cap hit — $19.75m
Restructured cap hits by year — 2022: $8.59m, 2023: $22.47m, 2024: $24.47m, 2025: $7.47m (void year)
Immediate space created: $11.16m
This move would make the final two non-void years of Barrett's contract quite expensive, but in order to remain in contention for the playoffs in 2022, the long-term risk could be worth the short-term reward. Barrett is freshly removed from a ten-sack season, his second season in the double digits across his three years with the Bucs, so he should have plenty left in the tank to make this restructure worthwhile.
OT Donovan Smith
2022 cap hit — $18.4m
Restructured cap hits by year — 2022: $7.43m, 2023: $21.56m, 2024: $6.3m (void year), 2025: $6.3m (void year)
Immediate space created: $10.97m
Restructuring Smith's deal in this fashion would turn his 2025 void year cap hit from $0 into a second $6.3m cap hit in a row, which may not seem ideal but likely wouldn't be a big issue when the time comes. Smith may not be the same caliber offensive tackle that Tristan Wirfs is, but he is serviceable and the Buccaneers aren't likely to upgrade anytime soon, making this restructure a reasonable one.
DT Vita Vea
2022 cap hit — $11.89m
Restructured cap hits by year — 2022: $3.87m, 2023: $15.84m, 2024: $18.84m, 2025: $19.84m, 2026: $20m
Immediate space created: $8.02m
Vea signed a contract extension with the Buccaneers during the 2021 season and is already eligible for a restructure. A stalwart member of the Bucs' defensive line and arguably the best nose tackle in the NFL, Vea is going to be in Tampa Bay for the long run, and considering he just turned 27 years old, such a restructure is sensible. The Bucs would be able to get out of Vea's deal down the line without taking on much dead cap in this case.
LB Lavonte David
2022 cap hit — $14.79m
Restructured cap hits by year — 2022: $6.25m, 2023: $5.13m (void year), 2024: $5.13m (void year), 2025: $5.13m (void year)
Immediate space created: $8.54m
David only has one year remaining on his actual deal followed by three void years, and in this instance, the 2024 and 2025 void years would jump from a $0 cap hit each year to over $5m each season. This restructure seems the least likely of the bunch given David is only truly under contract for one more season, but another $8.54m to spend this offseason would certainly help.
One cap casualty
TE Cameron Brate
Cap savings via release: $5.34 million
Dead cap via release: $1.94 million
According to Greg Auman of The Athletic, Brate is expected to be released in the near future as he has already restructured his six-year contract several times. That being said, Auman expects the Bucs to attempt to re-sign Brate following such a move, likely with lower cap hits across the board as he has served as Tampa's No. 2 tight end for two seasons in a row.
Cap space available by year
2022: $46.4 million
2023: $68.1 million
2024: $184.6 million
2025: N/A
2026: N/A
Void year combined cap hits
Note: This does not include void years for players outside of this exercise, such as for quarterback Tom Brady. Although void year cap hits count against the Buccaneers' cap space, these players would no longer be under contract to play for the team in these years. These numbers can be viewed similarly to dead cap.
2023: $5.13m (David)
2024: $11.43m (David and Smith)
2025: $18.9m (David, Smith and Barrett)
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