Dolphins Create $14.656 Million in Salary Cap Space

The Miami Dolphins have entered the restructuring phase of the offseason, converting $18.32 million of Edge Bradley Chubb’s 2023 salary into a signing bonus, per NFL Network’s Tom Pelissero.

Chubb’s 2023 salary cap charge dropped by $14.656 million from about $22.2 million to $7.54 million. Chubb’s salary for the year was already guaranteed. The move will increase Chubb’s salary cap number by $3.664 million in each remaining year of his contract, which runs through 2026.

Chubb’s 2024 cap number will now be $26.89 million and his 2024 salary will be fully guaranteed around the start of the NFL league year. Chubb’s production this year may dictate whether the Dolphins restructure his contract again or let it ride. The current restructure will add $10.992 million in dead money to the 2025 league year which still leaves the Dolphins with a reasonable $16.386 million dead money figure if they were to have to release him that season. Chubb only received injury guarantees in 2025 so Miami seems to have this as a designated decision point for the team, but a similar salary conversion in 2024 would bring the dead money up over $30 million which would come close to virtually guaranteeing his position on the team in 2025, so this is a big season for him. Miami acquired Chubb for a 1st round pick and signed him to a $22 million a year extension. Chubb only produced 13 tackles and 2.5 sacks in half a season with Miami.

Our estimates for the Dolphins have them $700,000 over the 2023 salary cap. That number may be a little misleading as the Dolphins only have 43 players under contract, the fewest in the NFL. Any exclusive rights player they tender will cost the team at least $750,000 per player as will any undrafted player who is signed after the draft. So they still have a ways to go with their cap if they plan on adding any players this offseason. Miami reportedly will designate CB Byron Jones a post June 1 release which will open up over $13 million for draft pick signings and in season needs.