Saints improve to rank second-to-last in cap space after Erik McCoy contract restructure

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How much work do the New Orleans Saints need to do before they’ll be compliant with the 2023 salary cap? They’re already busy getting towards that goal by restructuring their contracts with free safety Marcus Maye and starting center Erik McCoy, saving a combined $12,856,000 without releasing either player.

And those are substantial savings. But the team is still deep in the red by a margin of more than $46.9 million, per Over The Cap estimates (another outlet, Spotrac, has them at $44.3 million). Only the Tampa Bay Buccaneers are over the cap by a steeper degree at $55 million. So what moves can the Saints do next to continue chipping away at their deficit?

Expect more restructures for cornerstone players. The Saints can save more money in redoing contracts with Pro Bowlers like defensive end Cameron Jordan and cornerback Marshon Lattimore (saving $10 million each), right tackle Ryan Ramczyk ($9.6 million), linebacker Demario Davis ($5.8 million), and strong safety Tyrann Mathieu ($4.3 million). Restructuring those contracts alone, converting base salaries and roster bonuses into multiyear signing bonus, gets New Orleans to within $7.2 million of the spending limit.

This has been their main strategy at working around the salary cap. The players still get paid and the team gets some financial flexibility. There’s risk involved if those players don’t meet expectations and the team is left with a high cap hit, but it’s a risk worth taking if it means they can keep their best talents in the building.