Saints restructure the deal of veteran player
The New Orleans Saints keep taking steps to fix their financial situation. After restructuring the deals of safety Marcus Maye, center Erik McCoy, and right tackle Ryan Ramczyk, as well as kicker Wil Lutz taking a pay cut to lower his salary cap hit, the Saints restructured the deal of safety, Tyrann Mathieu on Friday. […]
The New Orleans Saints keep taking steps to fix their financial situation.
After restructuring the deals of safety Marcus Maye, center Erik McCoy, and right tackle Ryan Ramczyk, as well as kicker Wil Lutz taking a pay cut to lower his salary cap hit, the Saints restructured the deal of safety, Tyrann Mathieu on Friday.
The Saints converted $7 million of Mathieu's salary into a signing bonus. Instead of a salary cap hit of $8.9 million in 2023, it's down to a little over $4.2 million.
New Orleans has now cleared $31.4 million in cap space. However, they still have a lot of work to do.
Even with these moves, the Saints are still $30.8 million over the salary cap. So, a lot more work has to be done for them to get under the cap before the March 15 deadline.
Mathieu signed a three-year deal worth up to $33 million last May with $18 million in guarantees. The four-time All-Pro had a productive 2022 season with 91 tackles (career-high), three interceptions, eight passes defended, a forced fumble, a fumble recovery, and a sack.
So, in his first year in the Bayou, Mathieu gave the Saints a nice return on their investment, and now he's helping with their salary cap woes.
Feature image via Kyle Terada-USA TODAY Sports
