The Saints offseason plan for becoming salary cap compliant began yesterday according to ESPN’s Field Yates, with the Saints converting Marcus Maye’s $5.8 million roster bonus and $270,000 of his base salary into a signing bonus and adding an additional void year to the contract for $4.856 million in salary cap relief.
The question to getting under the cap has begun: the Saints have converted $6.07M of S Marcus Maye’s 2023 compensation into a signing bonus, creating $4.856M in cap space, per source.— Field Yates (@FieldYates) February 15, 2023
This was just about the maximum conversion the Saints could get with this contract unless they also converted the per game bonuses into a bonus, which they can still do if needed at a later date. Maye’s salary cap number in 2024 will increase by $1.214 million and $3.642 million in 2025 if his contract does in fact void.
The Saints are now estimated to be $55 million over the 2023 salary cap. Teams do not have to be under the cap until March 15.