The Saints have moved one step closer to being salary cap compliant for 2023, this time opening up $12.724 million in cap room by restructuring the contracts of TE Taysom Hill and LB Demario Davis.
The Saints have restructured the contracts of LB Demario Davis and TE Taysom Hill by converting base salary into a signing bonus, creating $12.724M in 2023 cap space, per source.— Field Yates (@FieldYates) March 4, 2023
The Saints converted $8.82 million of Hill’s fully guaranteed $9.9 million salary into a signing bonus, reducing his cap number from $13.925 million to $6.860 million, opening up $7.056 million in cap space. In order to maximize the bonus conversion the Saints would need to add an additional void year onto Hill’s contract. Hill’s salary cap number will increase by $1.764 million in each remaining year of the contract. Hill will have the 3rd highest cap number among tight ends in 2024 following the restructure.
Davis had $7.085 million of his salary converted to a bonus reducing his cap number from $13.276 million to $7.608 million a savings of $5.668 million. Davis’ cap number will increase by $1.417 million in 2024 to $18.19 million. Davis will have $6.8 million in dead money to be accounted for in 2025 when his contract voids.
The Saints should be about $18 million over the 2023 salary cap. The next two players whose contracts will likely be restructured are Cameron Jordan and Marshon Lattimore. Once those two have their contracts restructured the Saints should be very close to salary cap compliant for the season.