Jaguars Restructure Rayshawn Jenkins' Contract, Create $5.1M in Cap Space

The Jacksonville Jaguars restructured another contract on Thursday, potentially opening the door for a future addition.

According to OverTheCap's Jason Fitzgerald, the Jaguars created $5.1 million in cap space by restructuring the contract of veteran safety Rayshawn Jenkins.

"To maximize the savings the Jaguars added three void years to the contract. The move dropped Jenkins’ 2023 salary cap number from $10.5 million to $5.364 million, a savings of $5.136 million," Fitzgerald wrote.

"Jenkins' 2024 salary cap number will rise by $1.284 million from $11 million to $12.284 million and his dead money now increased by $5.136 million if the Jaguars decided to go in a different direction next year. If his contract voids in 2025 the Jaguars will have a $3.852 million cap charge in that season."

Jenkins is the latest in a long line of restructures for the Jaguars this offseason, following defensive lineman Foley Fatukasi, linebacker Foyesade Oluokun, wide receivers Zay Jones and Christian Kirk, and guard Brandon Scherff.

The Jaguars now have $15,144,522 in cap space according to OverTheCap, giving the Jaguars the flexibility to sign their draft class and even add another veteran.

"The benefits are you get a chance to keep a lot of good football players. At some point, most teams in the league have had to do that," Jaguars general manager Trent Baalke said about restructures at the NFL Scouting Combine in March. "If you look, I think there’s only one team that hasn’t pushed any money out into future years. You’ve just got to be very diligent in the decisions that you make and who you make those decisions for.

“Again, we’re trying to keep the core together, and the core is not just frontline players. It’s guys at every level of the 53. Every guy on that team, when you’re talking about 53 players, every one of those players is important."