The Eagles have restructured two contracts to create $14.04 million in cap room for 2021.
The Eagles converted $8.49M of Lane Johnson's base salary and $9.061M of Derek Barnett's base salary into signing bonuses, while adding 4 voidable years onto Barnett's deal, per source.— Field Yates (@FieldYates) August 3, 2021
These moves create $14.041M in cap space for Philly in 2021. https://t.co/zzHTBH2rfY
The Eagles conversion of $8.49 million of salary for Johnson into a bonus opened up $6.792 million in cap room for Philadelphia. The move will increase Johnson’s cap charges by $1.698 million in each of the next four years. Johnson, who was signed to a lucrative $18M a year extension in 2019 has bonuses paid in the first four years of that contract totaling just over $43 million. This is in addition to prorated money that still exists from his prior contract. It is probably the most leveraged contract in the NFL. Johnsons cap charge this year will now be $11.056 million and next year will be $15.763 million before increasing to $23.017 million in 2023 when the cap is expected to rise.
Barnett added four void years to his contract and converted $9.061 million to a signing bonus. The move created $7.2488 million in cap room and reduced his 2021 cap figure to $2.8022 million. If Barnett is not re-signed next year he will leave the Eagles with $7,2488 million in dead money assuming the Eagles did not utilize a mechanism to allow them to June 1 him if an extension is not reached. The Eagles have done that in the past with players.
The Eagles had approximately $2 million in cap room so most likely these moves are designed to give them breathing room for the regular season and additional carryover to 2022 where they are currently projected to be around just $3 million under the cap. Given that Barnett’s contract is a pure net neutral move (any carryover will be offset by his dead money next year assuming it is a straight void) I would guess that part of the reason for that restructure was to also have enough cap room this year in the event they were looking to trade for a player as the Johnson savings should have been enough to get through the regular season.