Saints create additional cap space with restructure on Erik McCoy's Contract

New Orleans continue to pull their available salary cap savings levers, this time adjusting the contract of Center Erik McCoy. News from Field Yates of ESPN

The Saints have converted $10M of C Erik McCoy’s 2023 compensation into a signing bonus (while adding a void year), creating $8M in cap space, per source.
— Field Yates (@FieldYates) February 20, 2023

McCoy is due a, fully guaranteed, $10 million roster bonus on the March 19 (5th day of the league year). The Saints have adjusted this roster bonus to a signing bonus, allowing the money to pro-rate over 5 years. This move does not change how McCoy receives his money. The adjustment creates $8 million in cap savings for the 2023 league year.