Lack of Restructure Candidates Limits Seahawks Immediate Salary Cap Flexibility
With the new league year set to begin on March 16, according to OverTheCap.com, the Seahawks currently have the seventh-most effective salary cap space in the NFL. Armed with nearly $34 million in cap room, many hope the franchise will be aggressive players in free agency next month after enduring a disappointing 7-10 season.
But while general manager John Schneider may buck past trends and make a significant splash or two, fans may want to put their foot on the brakes when it comes to their grandiose visions of Seattle using this money to fortify the roster with star players. That hasn't been his style and though the team does have a healthy amount of cap space to work with, coach Pete Carroll hinted that much of that money has already been earmarked for retaining their own free agents.
"I want to make sure that all of the guys that are with us, that we get our team back together, which is the effort through free agency," Carroll said in his end of season press conference last month. "We want to make sure that we’re able to reconnect with our guys and get them back on the roster so we can build with continuity."
What does this mean for the Seahawks as they finalize their offseason plan? If they intend to re-sign players such as Pro Bowl safety Quandre Diggs, left tackle Duane Brown, cornerback D.J. Reed, and others, cap space will evaporate into thin air, leaving limited money available to acquire quality outside free agents. They also have a trio of restricted free agents, including guard Phil Haynes, who could receive a tender for the 2022 season, which would further cut into available cap room.
It's possible, if not likely, depending on which free agents Seattle chooses to retain, that the team could have less than $15 million in available cap room once free agency kicks off. If Schneider wants to bust out the checkbook to add a premier pass rusher such as Chandler Jones or offensive line help in the form of tackle Terron Armstead, he's going to be hard pressed to do so without additional moves to create financial flexibility first.
Schneider could opt to go the cap casualty route, as the Seahawks have several veterans who could receive a pink slip and generate a healthy amount of cap relief. Cutting running back Chris Carson, who underwent neck surgery in December, would open up $3.425 million in cap room, while releasing defensive ends Kerry Hyder and Benson Mayowa would create $2 million and $1.51 million respectively. Even moving on from kicker Jason Myers could be on the table, as the team would net $4 million in cap room by cutting him.
Of course, there's also the big elephant in the room, which revolves around linebacker Bobby Wagner's future in Seattle. Set to turn 32 in July, he carries a cap hit of $20.35 million in 2022 and releasing the aging defender would instantly generate $16 million in cap savings for the Seahawks. Such a decision would give Schneider the cap flexibility needed to make noise in free agency, but it wouldn't be a popular move jettisoning one of the best players in franchise history.
The truth of the matter is, aside from moving on from Wagner, the Seahawks don't have many other viable alternatives for manufacturing significant cap relief over the next month. Most notably, with quarterback Russell Wilson being the lone exception, they don't have any veterans under contract beyond 2022 who would generate ample cap space through a restructured deal.
| Player | 2022 Base Salary | Years Remaining On Contract | Conversion Amount | Max Cap Savings |
|---|---|---|---|---|
Russell Wilson | $19,000,000 | 2 | $17,880,000 | $11,440,000 |
Gabe Jackson | $6,000,000 | 2 | $4,880,000 | $2,440,000 |
Tyler Lockett | $3,000,000 | 4 | $1,880,000 | $1,410,000 |
Jamal Adams | $2,000,000 | 4 | $965,000 | $723,750 |
If Seattle decided to restructure Wilson's contract and turn the majority of his $19 million base salary for next season into a signing bonus, the team would open up more than $11 million in instant cap space. But on the flip side, the star signal caller's cap hit for 2023 would escalate to $51 million, and given the ongoing speculation about his future in the Pacific Northwest, that would create a huge dead cap charge if the team decides to trade him next spring rather than extend him.
As for the rest of the Seahawks veteran players on multi-year contracts, restructuring guard Gabe Jackson's deal would net $2.4 million and increase his cap hit to $11 million in 2023. The same mechanisms wouldn't be worthwhile for receiver Tyler Lockett or safety Jamal Adams, who signed back-loaded extensions last year and have low base salaries in 2022. Restructuring either player would create less than $1.5 million in cap room.
In the past, contract extensions have helped Schneider and cap guru Matt Thomas create immediate cap relief as well. But Seattle doesn't have many options down this road either. Along with extending Wagner, defensive tackle Poona Ford could have a year or two added to his contract to lower his $10.075 million cap hit for 2022. Receiver DK Metcalf will be looking to cash in as one of the NFL's highest-paid receivers and extending him would not provide much - if any - short-term cap benefits.
Schneider and Thomas could also use voided years to lower cap hits for players like Wagner who have only one year left under contract. They used such a mechanism last year with Brown and Diggs, but that hasn't been a move the front office has typically made in a non-COVID impacted offseason.
Ultimately, the Seahawks have a healthy enough cap situation where Schneider should be able to add impactful players. But he and Thomas will have to be creative navigating the franchise's payroll sheet with somewhat limited wiggle room if they want to keep the majority of their own unrestricted free agents and sign talented difference makers set to hit the market.
