Michael Ginnitti, the co-founder of Spotrac, shared how the New Orleans Saints maneuvered to get and stay under the 2021 cap limit. He tweeted, "It took ten contracts restructures, six notable releases, one contract extension, one retirement, and one trade."
New Orleans' cap space is at $11.934,274, which ranks 15th in the NFL, according to Ginnitti.
Most of the credit goes to Executive Vice President/General Manager Mickey Loomis and Vice President of Football Administration Khai Harley for brilliantly handling the cap situation in 2021.
Saints Fans and Who Dats coined the phrases for the team's cap moves as "Loomisnomics" or "Harleying the Cap."
SAINTS NOTABLE CAP-SAVING MOVES IN 2021
CONTRACT RESTRUCTURES (10)
- Terron Armstead
- Taysom Hill
- Cam Jordan
- Demario Davis
- Marshon Lattimore
- Ryan Ramczyk
- Michael Thomas
- Andrus Peat
- Malcolm Jenkins
- David Onyemata
- Janoris Jenkins
- Emmanuel Sanders
- Jared Cook
- Thomas Morstead
- Kwon Alexander
- Nick Easton
- Malcom Brown
- Drew Bress
THE SAINTS CAP IN 2021
The New Orleans Saints' current top fifty-one salaries for 2021 is at $173,556,230 with base salaries of $66,24,778, signing bonuses of $74,190,431, roster bonuses of 2,126,471, workout bonuses of $400,000, and restructured bonuses of $32,451,425.
Loomis and Harley were able to position the team underneath the 2021 adjusted salary cap of $185,490,504 by signing and restructuring bonuses in players' contracts.
Marcus Williams' franchise designation is in the Saints' crosshairs to shoot down below its current $10,612,000 figure.
Furthermore, the team handled right tackle Ryan Ramczyk's fifth year with a contract extension. Can they do the same with cornerback Marshon Lattimore in his contract's final season?
Lattimore gave the Saints cap relief by restructuring 2021's contract for a $990,000 base salary, $9,254,000 bonus, and four voidable years. In the process, Lattimore's cap hit was lowered to $2,840,800 and $10,244,000 in dead cap.
Expect New Orleans to sign additional players after freeing cap space. Mickey Loomis made reference to finding an additional cornerback for the Saints roster. The opened cap space will allow them to creatively package a deal for a veteran free agent like a Dre Kirkpatrick, Mike Conley, or Richard Sherman.
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