Seahawks Get Financial Wiggle Room as NFL Salary Cap Spikes
In the biggest jump between seasons in league history, the NFL announced the salary cap will increase to a whopping $255.4 million in 2024, providing the Seattle Seahawks and the rest of the league extra spending power heading towards free agency.
Per Ian Rapoport of NFL Network, the unparalleled $30 million increase for all 32 teams stems from "the full repayment of all amounts advanced by the clubs and deferred by the players during the Covid pandemic" as well as skyrocketing media revenue. In addition, each club will receive $74 million for player benefits, which includes performance escalators and retirement benefits.
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With the extra cap space accounted for in addition to $5 million in cap rollover from last season and another $4-plus million from quarterback Geno Smith's contract restructure on Thursday, per OverTheCap.com, the Seahawks now have $12.9 million in projected cap space. While that looks far better than it did two days ago when they were projected to be more than $5 million in the red, they still rank 22nd in available cap space.
What does the massive increase in cap space mean for Seattle? In the short term, the team has more flexibility to be able to re-sign a key free agent or two without having to worry about being over the cap prior to the March 13 deadline, including defensive tackle Leonard Williams, linebacker Jordyn Brooks, and guard Damien Lewis. They could also re-sign players such as linebacker Devin Bush or center Evan Brown who won't command as much money on one-year deals.
Beyond that point, however, every other NFL team also received this boost in cap space. When it comes to potentially addressing needs with outside free agents, the Seahawks won't be at any greater advantage than they would have if the number only jumped by $15 to $20 million, as more than 20 teams currently have more cap flexibility to work with pursuing players next month.
Of course, general manager John Schneider has plenty of options to manufacture instant cap savings in the next couple of weeks before the new league year begins. After transitioning Smith's roster bonus to a signing bonus on Thursday, Seattle could explore restructuring contracts for receivers Tyler Lockett and DK Metcalf as well as defensive tackle Dre'Mont Jones, opening up at least $4.5 million for each of those three players as a result.
In the past, Schneider hasn't been a huge fan of kicking cap hits down the road, however, and releasing players outright could be the best option for opening up additional financial flexibility. Oft-injured safety Jamal Adams would incur a hefty dad cap hit if released, but with a post-June 1 designation, his departure would open up $17.1 million in immediate relief. A similar designation for Lockett would also create $17 million in cap space.
As for other cap casualty alternatives for the Seahawks to consider, releasing tight end Will Dissly would open up close to $7 million in cap space and cutting safety Quandre Diggs would net $11 million with a $10 million dead cap charge.
Mixing and matching a handful of those moves could easily generate anywhere from $30 to $50 million in cap space for Seattle, allowing the team to be active re-signing their own players and entering discussions for outside free agents next month. Schneider could also explore contract extensions with players such as Diggs, Dissly, safety Julian Love, and defensive tackle Jarran Reed as options for creating a bit more relief if necessary.
With the NFL combine taking place next week and Schneider having a history of getting stuff done in Indianapolis, it will be fascinating to see what business deals are taken care of behind closed doors. Last year, the framework for Smith's three-year extension came together at the combine and it's common practice for everything from contract negotiations to releasing players to happen during that time, making it likely more cap-related moves will come forward soon.
