In the last few days I have received a number of questions about the costs of trading for certain players and thought I would just put together a post looking at each of those players. The post will not include franchised players because that is a different scenario where contracts have to be negotiated which is much different than acquiring an existing contract. So here is a quick breakdown of the players.

Joey Bosa, Edge, Chargers

If a team acquires Bosa that will take on a salary of $22 million for 2024 if the trade is executed prior to a roster bonus of $7 million being earned on the fifth day of the league year. If that was earned prior to a trade it would be the responsibility of the Chargers and the new team would take on $15 million in charges. Bosa also has a $22 million salary in 2025 but none is guaranteed.

Bosa has a $36.6M cap charge for the Chargers and $22.2M in dead money which explodes up to $29M if they pay that roster bonus. Those charges make it difficult for the Chargers to keep him. Bosa has an extensive injury history but would probably carry a 2^nd and 3^rd round return in an in-season trade if he were healthy and the Chargers at the entire cost of the contract. It would be a gamble but one that could pay off if he is healthy in October.

Khalil Mack, Edge, Chargers

A team trading for Mack takes on his $23.25 million salary for the year. Mack is in the final year of his contract so it is possible that the team could receive a late compensatory pick down the line if he leaves as a free agent the next year. Mack’s contract is similar to Bosa’s with a $5 million roster bonus due on the fifth day of the league year. If that is paid by the Chargers his salary would drop to $18.25 million.

Mack’s cap charge for the Chargers is $38.5 million with $15.3 million dead if cut or traded. Depending on the return they would receive I could see the logic in paying $5 million in salary to get a higher draft pick. Keeping both Mack and Bosa makes no sense for the Chargers. Mack would have less value in-season, in my opinion, but more value now because he is a safer option.

Justin Fields, QB, Bears

Fields is entering the final year of his rookie contract and the cost for him this season is just $3.23 million. The team trading for him would also have the option of picking up his fully guaranteed $25.664 million option for 2025, which would probably be a given if they envision him as their starter. In essence that makes this a two year $28.9 million contract which is pretty cheap for a starter. Trading for Fields also means that a team has to be prepared for the 2025 discussions that will come up about an extension even if Fields just has an average season.

Chicago probably should not be in a rush to trade Fields even though they should draft a quarterback. Fields may hold more value to a team come August than now and Fields would still have a trade market in 2025 even if the Bears have moved on from him as a starter.

Haason Reddick, Edge, Eagles

Trading for Reddick would cost a team $15.5 million in salary and $16 million in cap room in 2024. Reddick, who is in the final year of his contract, is going to be looking for an extension after posting 27 sacks in the last two years. The question is how many teams are going to want to pay $18-20 million a year for a 30 year old player and how much does that limit his trade market. The Vikings seemed to have difficulty trading Danielle Hunter last year in a similar situation.

The Eagles trading would Reddick would likely be due to them wanting to get younger and not deal with the headache of any summer extension drama. He has a $21.827 million cap charge and $20.515 million that would hit the cap if he is cut or traded. The Eagles should not need to restructure for cap room and there may be a lot of benefit to holding him and trading him in the summer or early in the season.

Josh Sweat, Edge, Eagles

Trading for Sweat this year will cost a team $16 million and there are different ways that they can account for his cap charge which could be as low as $4.3 million or as high as $16 million. Sweat is entering the final year of his contract and could be looking for an extension. Sweat will be just 27 this year so he is certainly young enough to command top dollar.

This trade possibility came out of left field for me and indicates that the Eagles may not have the desire to extend him which makes trading him a strong consideration. The way his contract is structured, trading him this year would leave the Eagles with a net cap charge of $14.515 million this season and have nothing on the books next year. If he plays the year they will have him on the team at $9 million in 2024 and $21.4 million in 2025 when he would be a free agent. There is no reason to rush into a trade here as they have all summer before they have to make the 2025 salary cap commitment.

Diontae Johnson, WR, Steelers

Trading for Johnson would require a team to pay $10 million for 2024 if traded before a roster bonus is paid and $7 million if traded after the roster bonus is paid. The roster bonus is due on the 3^rd day of the league year. Johnson is entering the final year of his contract and could be looking for an extension, but that could also mean possibly recovering a comp pick in the future for him.

Johnson is not a big play threat by any means but can be a steady enough option on a wide receiver needy team. His cap charge to remain in Pittsburgh is $15.8 million and they would free up $10 million if they cut or trade him before the bonus is due.

Greg Newsome, CB, Browns

Newsome carries a $2.398 million salary this year and the team would also have the ability to make a decision on an option for 2025 worth a fully guaranteed $13.377 million.

The rumor on this seems to be due to the Browns depth at the position and likely their need to really restock some of their draft capital that has been lost primarily in the Watson trade. By no means has Newsome been a great corner for the Browns but he could certainly find a role on another team and those teams may see upside at the right price.

Zach Wilson, QB, Jets

Zach Wilson carries a fully guaranteed $5.45 million salary in 2024. Most of that salary comes in the form of a roster bonus due in August. There is also an option a team can pick up for 2025 but that would not be a consideration considering Wilson may struggle to win a backup job.

Wilson counts for $11.18 million on the Jets salary cap and the team would take on that whole charge if they cut him. The Jets probably need to pick up at least half his salary to find a trade partner. It would be hard to imagine the Jets getting more than a 6^th in return for him. The only salary savings the Jets will realize is whatever salary is remaining when he is traded.

Michael Gallup, WR, Cowboys

Gallup carries a salary of $9.5 million this year of which $4 million will be guaranteed if a team trades for him. The acquiring team will also take on non-guaranteed salaries of $11.5 million in 2025 and 2026.

Gallup’s cap charge with Dallas is $13.05 million and they save no virtually cap room with his release of trade. He has $4 million that becomes guaranteed on the 3^rd day of the league year so a decision needs to be made before that date. Gallup’s impact has tailed off significantly and I can’t see any interest at this salary level nor any reason for Dallas to pick up any salary for a late pick. My guess is he will be released.

This next group of players are players I have not really heard anything official on but had questions about (though I have speculated on a few of the names myself).

Courtland Sutton, WR, Broncos

Sutton has two years remaining on his contract. He would cost a team $13.5 million this season and they would inherit a non-guaranteed $14 million salary in 2025 as well.

Sutton would be intriguing as a trade target since his numbers are still ok and he has been paired with some very poor quarterback play the last few seasons. A team would be ok with the risk of a $13.5 million salary if they could get 1,000 yards from him. The Broncos would open up $9.8 million by trading him. There would be no rush for Denver to make a trade and any trade consideration may come after the draft. Trading Sutton would be a future looking move and just keep the Broncos churning the players Payton inherited.

Garett Bolles, LT, Broncos

Bolles is entering the last year of his contract and would cost a team $16 million this season. Bolles missed significant time in 2022 but was healthy in 2023.

Bolles has a $20 million cap hit with Denver and the team would have just $4 million in dead money if they trade him. There are plenty of left tackle needy teams and the Broncos could see how free agency and the draft shakes out for some of those teams to feel out any potential market for the veteran.

David Bakhtiari, LT, Packers

Bakhtiari’s current contract would cost a team $21.5 million in 2024. Even Jets assistant GM Aaron Rodgers wouldn’t make that trade. His cap charge with the Packers is over $40 million and the team saves $21 million on the cap when they release him.

Jonathan Allen, DT, Commanders

Allen has a $15 million salary in 2024 and a non guaranteed salary of $17 million for 2025. Allen is always available and could offer a team a boost at a position that keeps getting more expensive. My concern with trading for him is that I am not sure the upside exists here at these salaries and you can get similar production from free agents who can be found for about $7 million. The Commanders would save $9.44 million in cap room if they trade him.

Daniel Jones, QB, Giants

 Jones would cost a team $36 million in 2024. Jones has a $30.5 million salary in 2025 of which $23 million is injury guaranteed and $12 million of that would be fully guaranteed if on the roster in early 2025. There is a balloon salary of $47.5 million in 2026 that carries no guaranteed salary.

Trading Jones would leave the Giants with $33 million in dead money, opening up nearly $14 million in cap room while also getting him completely off the books for 2025. Right now cutting him in 2025 will cost $22 million on the cap. His current cap charge is just over $47 million. The Giants should jump at a chance to make a trade but I can not envision any team doing it.

DK Metcalf, WR, Seahawks

Trading for Metcalf would mean a team takes on $13 million in salary for this season and a non-guaranteed $18 million salary for 2025. Seattle would gain $9.5 million in cap room if they traded him but I don’t see any reason to do that now. Maybe in-season if the year completely got away from the team, but he is going to be expected to be the main receiving target for Seattle.

DJ Jones, DT, Broncos

Jones is in the final year of his contract and would cost a team $10 million to trade for him. I think that price is too high for a team to consider and there is a better chance he would be cut than traded.

The Broncos and Browns finalized a trade today that will see Jerry Jeudy traded to the Browns for a 5th and 6th round draft selection. Jeudy was a former first round pick of the Broncos who was entering the final year of his rookie contract. The trade will be made official on the first day of free agency, though we will update the trade now.

The trade is one that works out well for all involved. The Broncos are in a season where they need to shed cap charges and salaries and it is doubtful that Jeudy, who had yet to post a 1,000 yard receiving season, was going to be featured in their future plans. His $12.987 million salary cap charge was a pretty big number for a team with limited cap room and all kinds of questions about their offense. There is no dead money associated with the trade so they will clear all of that cap space as soon as the trade is made official at the start of the league year.

The Browns have needs at wide receiver and their draft prospects are still very limited due to their trade for Deshaun Watson a few years ago. Their first selection this year will not be until late in the 2nd round so trades like this are the Browns best avenue to finding younger players with some upside at a potential discount. Their leading receiver, Amari Cooper, will be 30 this year and is entering the final year of his contract while their 2nd leading wide receiver, Elijah Moore, had less than 700 receiving yards.

Cleveland will take on the full $12.987 million of guaranteed salary and that number counts in full against the salary cap for the time being. I would expect the Browns to convert most of the salary to a bonus and add four void years to bring the salary cap charge down to about $3.5 million for the year. They will need to deal with the potential fall out with Moore, also entering a contract year, who may not be happy if he sees a reduced role in the offense.

Jeudy needed a fresh start if he wanted to go out and score a big contract as a free agent after this season. He seemed to hit a ceiling in Denver and when you look at that quarterback situation it makes things bleak for a receiver looking to produce big numbers in a contract year. He should get a big chance to earn more opportunities in Cleveland and the Browns lack of depth and young talent gives him a pretty good change to be rewarded by the Browns at some point either later this year or early next year.

Ravens defensive tackle Justin Madubuike cashed in big today, signed a massive four year, $98 million contract extension with the Ravens that includes $75.5 million in guarantees. Pro Football Talk had the breakdown of the contract and here is how it stacks up in the interior defensive line market.

The $24.5 million per year average value ranks 2^nd at the position to only Aaron Donald, who really has never been valued as an interior player by the Rams but in line with the Edge market. The contract is worth $500,000 more per year than Quinnen Williams and $1 million per year more than Jeffery Simmons. Of the top six contracts at the position Madubuike is the only player who was not a first round draft selection and he is one of just two player in the top 10 not selected in the first round.

The guarantees are record setting. The $75.5 million injury guarantee is $9.5 million more than Williams $66 million guarantee. The $48.5 million full guarantee is about $800,000 more than Williams received. The full guarantee is $2.5 million more than Daron Payne received as a franchise player and tops the market of new guaranteed salary. The injury guarantee is $10 million more than Payne’s.

Here is the running cash flow breakdown compared to the top 10 players at the position

This is a break in structure from what the Ravens have done with many of their players where the Ravens have often offered massive cash flows in the first year of the contract in return for a discount of sorts on the overall value of the contract. That did not happen here as Madubuike’s first year salary will be tied for 5^th at the position and right in line with the market.

In year two we see the bigger shift where he jumps everyone other than Donald. This is a pretty significant jump compared to the other players and in my estimation was driven due to the franchise tag resulting in a $48.6 million payout over two years if applied a second time. The Ravens likely needed to be a certain number over that to make it worthwhile to give up free agency in two years.

He outpaces the non-Donald market by $5 million through 2026 before coming down in 2027 to deliver the final APY. That is a strong structure for the player as they will earn significantly more than their peers through three years and then be in a position to ask for an extension, assuming they continue to play well, before the lower valued year kicks in.  

The guarantee structure also works in his favor. He will have his first three contract years fully guaranteed by March of 2025, so he is a lock to earn the full $75.5 million guarantee. Williams needs to get to the third year of the contract to lock in more of his salary as does Simmons. Payne, who was in a comparable situation as a tagged player, also needs to get to the third year to lock in all of the guarantee, though Payne will have a high percentage of his third year salary guaranteed by start of year two.

Despite the fact that the annual value on this is just a shade higher than Williams’ contract with the Jets this contract really should go a long way toward propelling the interior market much closer to the Donald number. The cash flows on this are a big step up in year two and year three from Williams and set new thresholds for Christian Wilkins and maybe Chris Jones to work off of.

It is actually a surprise to me that Baltimore would do this contract. It took them a long time to finalize the Lamar Jackson contract last year and as I mentioned earlier does not hit the same kind of structure we have seem the Ravens do with their other players. Maybe part of it was driven by not wanting to get bogged down the way they were with Jackson and having to deal with constant questions about why a deal wasn’t done. Maybe they were worried that a team would go nuts with Wilkins and just make this deal cost more if they waited. Maybe they just needed the cap room. Whatever it was this is a great contract for Madubuike and one that every interior defender, especially those who do not carry a first round grade, should be celebrating tonight.

The Bears and Jaylon Johnson, their franchise player, finalized a contract that would make Johnson one of the top 10 compensated corners in the NFL. The contract which will average $19 million dollars a season carries a guarantee of $54 million of which $43.8 million is fully guaranteed at signing. Jordan Schultz of Bleacher report had the most details on the contract so far and I thought we could use those numbers to see where the contract ranks.

The annual value of the contract will make Johnson the 7th highest paid corner in the NFL, behind Jaire Alexander, Denzel Ward, Jalen Ramsey, Marlon Humphrey, Marshon Lattimore, and Trevon Diggs. He will earn $28 million in the first year of the contract which is 8th in the NFL behind those same names as well as Tre’Davious White. He will earn $60 million in the first three years of the contract per Adam Schefter and that number is tied for 5th in the league and the most for any cornerback not on a five year contract. In my opinion that is probably the number that drove the deal home as it gets Johnson to the coveted $20M/year number on the three year metric.

The guarantees on the contract are strong especially given the length of the contract. The $54 million ranks 6th in the NFL and 5th if valued on a per year basis. As a percentage of the contract value it ranks 1st. My guess would be that this does not fully vest to a full guarantee until 2026, but that is just a guess.

The full guarantee is 3rd in the NFL putting Johnson just ahead of Ramsey. Considering the length of the contract it is a massive number. The full guarantee works out to $10.95 million per season. The next closest player (White) is at $9.2 million. This represents 57% of the contract’s total value which is huge. My feeling is that they were willing to trade max value for more guarantees to get the contract done.

Now one can argue if using guarantees per year does or does not matter. For this particular position I would lean more towards “does not matter” only because the cornerbacks often fade quicker than other positions and in many cases the 5th year is meaningless for the team and player. However there are always exceptions and getting a four year contract as a player is certainly preferable to a five year one especially when the team is willing to do guarantees that mimic those of the longer term contract.

The one thing about this contract that will be criticized is that this did not jump in value even though he was a franchise player. Usually the annual value for a franchise player is at least one million per year higher than the tag value and in most cases it is a few million higher rather than falling as it did here. There have been a few exceptions- Jason Pierre-Paul and Jarvis Landry are the two most recent- and usually indicates a player who isn’t a traditional franchise tag candidate. I do think Johnson, who was nearly traded last year, fits that bill and in this case the tag was only used because Johnson and the Bears were close to a deal but it just needed to get over the finish line.

The Buffalo Bills finished their big day of salary cap maneuvering by getting Von Miller to agree to a pretty big pay cut according to ESPN’s Field Yates.

The Bills and pass rusher Von Miller agreed to a renegotiated contract, per source.

The deal has a base value of $8.855M in 2024, with the chance to make up to $20M with incentives (up from $17.5M under the old terms).

The move saves Buffalo $8.645M in 2024 salary cap space.

— Field Yates (@FieldYates) March 6, 2024

The move represents a major pay cut for Miller. Miller was going to earn $17.5 million on his original contract, so he took a $8.654 million reduction in salary. Originally, Miller had $10.71 million fully guaranteed with the balance of his salary becoming guaranteed next week. The status of these guarantees were in question due to Miller being arrested and charged with 3rd degree assault and seeing that he will not even earn the original guarantee tells me that either the Bills voided the guarantee or Miller was possibly going to settle which could create a scenario where league discipline would void the guarantee before the season began.

Ian Rapoport has more details on the renegotiated contract including the fact that Miller has a $1.5 million base salary and received a $7 million signing bonus. He can also now earn up to $20 million for the year if he can earn certain incentives. (Edit: This signing bonus is apparently a roster bonus that will not prorate so everything written after this has been updated from a previous post assuming it was a signing bonus)

While there are no details on the future years of the contract, the new cap charges for Miller should be $15.154 million in 2024, which represents a gain of $8.645 million in cap space for the Bills. Miller’s dead money for 2025 will remain at $15.417 million

Miller had originally signed a gigantic six year, $120 million contract in free agency with the Bills in 2022. It was an unheard of number for a player who was going to be 33 and last produced double digit sacks in 2018. Miller finished the 2023 season with 0 sacks and just 22% playing time.

It has been a busy day in Buffalo as Adam Schefter has announced two more releases from the team:

Bills also are releasing WR/returner Deonte Harty and C Mitch Morse.

Buffalo opens another $12.8M in salary cap space with the two cuts.

— Adam Schefter (@AdamSchefter) March 6, 2024

Morse had been the Bills starting center for the last five seasons after signing with Buffalo as a free agent in 2019. His career with the Bills had some ups and downs with the team negotiating a pay cut with him in 2021 only to turn around one year later and sign him to an extension worth nearly $10 million a season. Morse’s salary cap number this year was $11.5 million, the 3rd highest salary cap charge among centers in the NFL. He will leave the team with $3 million in dead money and $8.5 million in salary cap savings.

Harty signed with the Bills as a free agent in 2023. He played last year with a cap number just under $4 million but that would grow to just under $6 million this year. His release saves $4.315 million in cap room, a number that likely made him expendable.

The Bills still have a ways to go to be salary cap compliant for 2024, but they are inching closer with each move. They are currently 5th in the NFL in dead money with just under $24 million.

In what was likely a salary cap driven move the Bills have released safety Jordan Poyer. Poyer started 16 games for the Bills in 2023 and was an All Pro in 2021. The Bills signed Poyer to a two year, $12.5 million contract in 2023 after his prior contract with the Bills expired. Poyer’s salary cap number was $7.72 million and the cap strapped Bills will save $5.72 million in cap room with his release. Poyer will leave the Bills with $2 million in dead money.

Poyer will join a crowded list of free agent safeties in 2024. The group of UFAs at the position was very deep to begin with and now Poyer joins a list of former stars that have been released including Jamal Adams, Kevin Byard, Eddie Jackson, Quandre Diggs, Rayshawn Jenkins, and Tracy Walker.