Seahawks Restructure Tyler Lockett Contract, Create Cap Space
Facing a tight salary cap squeeze while trying to sign their latest draft class, the Seattle Seahawks opened up much-needed financial relief by restructuring star receiver Tyler Lockett's contract.
Per Field Yates of ESPN, Seattle converted $8.535 million of Lockett's salary for the 2023 season into a signing bonus, instantly creating more than $5 million in cap space. Pushing some money down the road, the restructure increases the wideout's cap hits in 2024 and 2025 to $26.7 million each year.
While general manager John Schneider told reporters following last month's NFL draft that the Seahawks wouldn't need to make any financial adjustments to sign their 10-player class, OverTheCap.com listed the franchise dead last in the NFL with -$4.3 million in effective cap space, indicating they did not have enough room to sign their incoming rookies. Restructuring Lockett puts them back in the black with a little over $1.5 million in effective cap space, which accounts for contracts for the rookie class.
After kicking some of Lockett's cap hit to future seasons, Seattle still has less than $2 million in effective cap space, which means the organization may still need to make an additional move if it wishes to sign veteran players such as bringing back defensive tackle Shelby Harris.
What other options could be at Schneider's disposal to create more wiggle room to operate? Though he's been against restructuring players in the past, safeties Quandre Diggs and Jamal Adams could be candidates for a similar maneuver to create more than $6 million in cap room. Restructuring either defender would inflate already massive cap hits for 2024, however.
As far as cap casualties are concerned, after already cutting ties with Harris, Al Woods, and Quinton Jefferson earlier in the offseason, the Seahawks don't have many other options that would help open up much space. Adams could be released with a post-June 1 designation to save significant money, but coach Pete Carroll has maintained that the team has high hopes for him returning to form after missing most of last season with a torn quad tendon.
More likely, Schneider and cap guru Matt Thomas will try to find a way to work out an extension with edge rusher Uchenna Nwosu and/or tight end Noah Fant, structuring the new deal to lower their respective cap hits for 2023. This would fall in line with how the franchise has operated in the past, though most extensions usually have happened before or during the early stages of training camp.
Either way, considering their lingering cap concerns, expect the Lockett news to be the first domino to fall in coming weeks as the Seahawks work to sign their rookie class and potentially add a veteran piece or two before the start of camp in July.
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