Dolphins Restructure More Contracts to Create Additional Cap Space
The Miami Dolphins have exercised a second round of contract restructuring, addressing a couple of deals that creates additional cap space the team needed heading into the second wave of free agency.
A week after retouching the contracts of cornerback Jalen Ramsey, defensive tackle Zach Sieler, tight end Durham Smythe, and fullback Alec Ingold, the Dolphins reduced the salaries of offensive tackle Terron Armstead and tailback Jeff Wilson, and ESPN is reporting that Miami restructured pass rusher Bradley Chubb’s deal.
Miami reportedly converted $13.75 million of Chubb’s base salary into a signing bonus in a move that creates an extra $11 million in cap space for 2024.
The Chubb restructuring is a tad surprising because the sixth-year veteran Miami traded for and signed to a five-year, $110 million contract last offseason, is rehabilitating a torn anterior cruciate ligament he suffered in January to his right knee, which could prevent him from being healthy for the start of the regular season in September.
Dolphins shake down two veterans
As first reported by The Miami Herald, the Dolphins restructured Wilson’s deal to lower his cap number from $3.67 million to $2.35 million. Miami lowered Wilson’s base salary from $2.6 million to $1.12 million, but guaranteed the tailback $400,000, plus threw in workout and roster bonuses.
Armstead signed a three-year, $38.63 million restructuring of his deal, which lowered his 2024 cap hit by $10.3 million. By taking a $4 million pay cut, Armstead secured $10.1 million in fully guaranteed salary for this season.
The Dolphins added two voidable years to Armstead’s deal to create cap space.
Money needed for newcomers
The Dolphins had to make a move to get under the salary cap because of the recent additions of linebacker Jordyn Brooks and Anthony Walker Jr., cornerbacks Kendall Fuller and Siran Neal, pass rusher Shaquil Barrett, center Aaron Brewer, tight ends Jonnu Smith and Jody Fortson, safety Jordan Poyer, defensive tackles Jonathan Harris, Benito Jones and Neville Gallimore, offensive linemen Jack Driscoll.
The re-signing of receiver Braxton Berrios, tailback Salvon Ahmed, cornerback Nik Needham, safety Elijah Campbell and offensive guard Robert Jones also factor into Miami's salary structure.
At this point, until all the deals have been turned into the league, it’s unclear exactly how much cap space the Dolphins have to work with. But only the top 51 of training camp’s 90-player roster count against the salary cap.
There are a couple more avenues available to create more cap space, like a restructuring or extension of receiver Tyreek Hill's deal, and an extension for quarterback Tua Tagovailoa, but the Dolphins will probably use those in a break in case of emergency situation.
General Manager Chris Grier has hinted that Tagovailoa's deal, which will likely be the largest contract ever given to a Dolphins player, will take some time, and might not get done till training camp.
But the Dolphins have an additional $18.5 million in cap space coming from the release of cornerback Xavien Howard, but that cap space won’t be accounted for until June 1. However, it will be beneficial when it comes to signing the 2024 draft class.
