Patriots Salary Cap Moves: 3 Players Signing?
FOXBORO — If the New England Patriots were to assign theme music to the upcoming start of the league year, it might be wise to consider The Gold Diggers’ 1933 hit “We’re in the Money.”
Already in prime position for a financial windfall this offseason, the Pats received additional encouragement to be “big spenders” when the NFL, on Friday, announced the 2024 salary cap being set at a $255.4 million — just over a $30 million increase from last season and over $10 million higher than previous estimates.
“This unprecedented $30 million increase per club in this year’s Salary Cap,” per NFL Network “is the result of the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic as well as an extraordinary increase in media revenue for the 2024 season.”
In short, the NFL had a profitable 2023.
Perhaps a more satirical mind might be inclined to say that NFL finances received quite the “Swift” kick in the right direction in recent months.
Nevertheless, the Patriots are set to remain among the league’s leaders in available salary cap space with $86.9 million, per Patriots salary cap expert Miguel Benzan. Though the NFL’s extraordinary cap ceiling played an integral role in the Pats optimal financial standing, Benzan advised that a few additional factors also led to New England’s increase.
“While you will see some lower estimates out there, my number accounts for an additional $10.7 million in not-likely-to-be earned (NLTBE) incentives, active roster bonuses, as well as a few guaranteed salary offsets,” said Benzan during a recent appearance on the Locked On Patriots Podcast.
In fact, Benzan predicts that with the expected release of cornerback J.C. Jackson, the Patriots would add $13.5 million to the cap space savings, potentially tipping the scales at over $100.3 million.
As a result, New England may be set for its most exciting, and thus most profitable, offseason in recent memory. Given their financial positioning, here is a look at three players with whom New England may wish to reach an agreement before the free agency tampering period begins on March 13.
Mike Onwenu
In light of the abundant struggles along their offensive line, New England must prioritize keeping Onwenu in the Foxboro fold. The 26-year-old appeared in 15 games in 2023, aligning on 850 offensive snaps: 194 at guard, and 656 at tackle. Overall, Pro Football Focus graded the Michigan product at 71.5, while crediting him with allowing 23 quarterback disruptions, including three sacks.
From a financial standpoint, Onwenu is rumored to be in line for a substantial payday. While some have estimated a multi-year deal in the $13-15 million range, Benzan projected a four-year contract, with an approximate $17 million APY and a reduced cap hit of $11.2 million in the first year of the deal.
“If Mike Onwenu was going to sign a contract with a $13.5 million APY, he would not be headed for free agency,” Benzan said with a grin. “The Patriots will have to step it up.”
Should Onwenu command more than that on the open market, New England could place the franchise tag on him. In that scenario, the Michigan product would receive a fully-guaranteed $20.9 million salary for 2024. Though that may seem like a steep price, Onwenu’s impact on the team’s offense is likley to make him worth such an investment.
Kyle Dugger
As Onwenu is to the offense, so too is the impact of Kyle Dugger on defense. The 27-year-old led all defensive backs with 109 total tackles, while also compiling seven passes-defensed, two interceptions and 1.5 sacks. The Lenoir-Rhyne product brings an excellent blend of speed, length, size to New England’s defensive backfield — both big nickel (five defensive backs) and dime (six defensive backs) defensive packages. At his best, he is able to cover a lot of ground and has the tools to match up with tight ends and backfield receivers in coverage. Dugger is also a good tackler, capable of making stops in key situations.
Despite the lucrative contracts potentially waiting for him in free agency, Onwenu has been speculated to be the most likely candidate to receiver the touchdown. If New England opts to give Dugger the non-exclusive franchise tag (which would allow him to sign with another team, while giving the Patriots the right to match), he would receive a $17,1 million fully guaranteed salary for 2024. As such, New England could use the year ahead to work out a long-term deal with the safety.
Hunter Henry
Despite missing the last three games of the season due to a knee injury, Hunter Henry made the most of his first turn as a team captain. The 29-year-old led the positional group with 42 catches for 419 yards and a team-leading six touchdowns. While widely praised for his versatility, he is most productive when playing the traditional “Y” role, accentuating his route-running skills, as well as his ability to box out. He has also proven himself a strong blocker and reliable pass catcher. Henry’s services will not come cheap. However, his affection for both the region and the organization may allow the Pats to negotiate a reasonable deal for him to return.
With Henry carrying an estimated annual valuation of $6.5 million APY, New England clearly has enough financial health to offer him a contract. While the franchise tag number for a tight end is a bit more, palatable for the Pats at $12.7, the team is far more likely to place it on either Onwenu or Dugger.
