KELLY: Dolphins Have Many Approaches to Create Spending Power for Free Agency

The Miami Dolphins typically have been masters of managing the cap, and this magnificent money management precedes General Manager Chris Grier’s tenure as the franchise’s top executive.

For the majority of the past decade, the Dolphins typically have possessed cap carryover (which is similar to money stashed away for a rainy day) heading into free agency and haven’t needed to purge the roster, waiving players to get under the cap for the start of the league’s new year.

However, that has never stopped Miami from doing those cost-cutting maneuvers to create more spending freedom. But the numerous trades Miami made last season to secure talents like Tyreek Hill, Bradley Chubb and Jeff Wilson Jr. have stressed the books.

With free agency’s March 15 start less than a week away, and Miami beginning this week roughly $17 million over the projected cap of $226 million, the Dolphins decision-makers are forced to make some tough accounting decisions to create the salary cap space needed to re-sign players and lure free agents.

Releasing cornerback Byron Jones with a June 1 designation will create $13.6 in cap space on June 1. The restructuring of Chubb’s five-year, $110 million deal, which was done in the middle of last season following the trade that brought the pass-rushing linebacker, helped save $14.6 million that can be applied immediately.

That tentatively leaves Miami $1 million over the cap, but for bookkeeping purposes they must be under it March 15. And the fact the Dolphins have only 43 players under contract means a ton more cost-cutting maneuvers need to be done.

Owner Steve Ross prides himself on his reputation as a big spender in the NFL and his ability to “get in the game” during free agency, so don’t be surprised if he spared no expense when it comes to creating more spending power for a championship push in 2023.

Here are a couple of moves the Dolphins can make to create additional cap space.

SUGGESTED CAP-CREATING MOVES FOR THE MIAMI DOLPHINS

The easiest route to create some spending power is to restructure Tyreek Hill’s contract, possibly turning the bulk of his $16 million in base salary into a roster bonus.

Problem is, Hill already is owed a $10 million roster bonus this year, so that’s a lot of cash for Ross to shell out for one player in one summer. However, if there was a player worth the financial investment, and an extended commitment, it would be the seven-time Pro Bowler, who was an elite performer, team leader and model citizen last season.

A similar approach can be taken with left tackle Terron Amstread, who is guaranteed $17 million next season in base salary ($9 million) and roster bonus ($8 million). However, restructuring deals typically push back the exit route (Miami can get out of Armstead's deal after 2023) on contracts, and with Armstread’s advanced age (32) and injury history, that wouldn’t be ideal.

The second move that would benefit the Dolphins would be to extend Connor Williams, who had a phenomenal season in his transition from guard to center.

Williams is in the final year of a two-year, $14 million deal he signed last offseason, and is slated to earn $6.5 million in base salary and another $500,000 in per-game bonuses. Only $2 million of that contract is guaranteed, and extending him three seasons or more could shave his $8.4 million cap hit in half, if not reduce it even further.

Locking up Christian Wilkins to a multi-year extension should be atop Miami’s priorities because he’s viewed as a top performer, and team leader. Wilkins is on the books for $10.7 million because of the fifth-year option the Dolphins opted into last year, but the goal for every player is long-term security.

Signing Wilkins to a contract that pays him as if he’s one of the NFL’s top five 3-4 defensive ends won’t be cheap, but a substantial signing bonus similar to the $13 million the Dolphins gave Chubb and Xavien Howard last season would cut his cap number to a third of what it is now, which is his $10.7 million salary. However, doing this extension is something Miami can wait a few months to do unless they need the space next week to sign an expensive free agent.

Releasing, restructuring or trading Cedrick Wilson Jr., who was one of last offseason’s disappointing free agency signings after landing a three-year, $22 million contract, would be ideal.

Wilson, who sparingly played receiver and was a lackluster punt returner, is owed $7 million in 2023, of which $5 million is guaranteed. It’s hard to envision another team taking on Wilson for that salary considering he caught just 12 passes for 136 yards last season.

Releasing Wilson would create $1 million in cap space, so it would benefit the Dolphins to restructure the final two years of his deal, taking a similar approach to how they handled Albert Wilson, lowering his salary into the $3 million range. Considering what he has in guaranteed money, the Dolphins might have to play nice until they can find a trade partner.

Miami also could release or restructure Durham Smythe, who ended up playing the most snaps among tight ends last season because of his in-line prowess. Problem is, Smythe is a limited player who caught just 15 passes for 129 yards and scored one touchdown in his 557 offensive snaps. Smythe is slated to earn $3.25 million, and his release would create an identical amount of cap space.

With the assumption that Mike Gesicki will be signing elsewhere considering he doesn’t fit Miami’s offense and style, it would be ideal for the Dolphins to find an upgrade at tight end, unless the Dolphins are confident Hunter Long, a 2021 third-round pick, is ready to take the next step.

However, adding starting-caliber players in free agency takes money and cap space, and the Dolphins have less than a week to find some to become players when free agency starts.