Jaguars open up millions in salary cap space thanks to restructures
The Jaguars got busy on Tuesday as they prepare for the 2023 free agency period.
The Jacksonville Jaguars pulled off multiple roster moves to open up salary cap space ahead of the 2023 offseason. But don't sweat too much, the team didn't release any player.
Instead, they restructured the deals of three key players: wide receivers Christian Kirk and Zay Jones, and right guard Brandon Scherff.
With the moves, Jacksonville created $26.14 million in cap space.
That would put the Jaguars near $14M in current cap space based on Over The Cap's previous estimation of negative 12.41M available space.
Keep in mind, these are not pay cuts. A restructure consists in:
- Taking base salary out of the player's deal (which counts toward the current year's cap) and
- Converting it into a signing bonus (the bonus' cap hit is prorated over the length of the contract).
In other words, the Jaguars are sacrificing tomorrow's cap space in exchange for today's. And the players happily accept guaranteed money at the time of signing.
As such, the move reflects the long-term expectations that the Jaguars have in each of these players. As long as they're on the roster, they can confidently decide to keep kicking the can down the road by restructuring these deals.
However, this is unlikely to translate into big signings by the Jaguars. They have been among the highest-spending teams and their cash situation suggests they'll cut down on spending in 2023.
Featured image via Bob Self / USA TODAY NETWORK
