The Seahawks have restructured the contract of Gabe Jackson in order to create $1.76 million in additional salary cap space for the 2022 season. The Seahawks had dropped below $2 million in cap room this week and likely wanted to be proactive in creating some cap space for the remainder of the year to help cover for injuries and practice squad elevations.
Seattle did not have many options remaining for cap room. In order to create cap space teams will need to convert salary from the 2022 season into a signing bonus that can be prorated over the remaining years of the contract. Only six players on their roster had a base salary higher than $2.5 million and of those six, three were in their final contract year which makes restructuring a bit more difficult since you would need to add void years. Jackson had the largest salary of the six players and one year remaining on his contract which made him the logical choice. The $3.5 million conversion was the largest that the team could do since five weeks of the season had already passed by.
Seattle, who is 8th in the NFL in restructure and option bonus conversions for cap relief this year, is in good salary cap position in 2023 so deferring a few more dollars to 2023 is not going to impact them at all.
Jason is the founder of OTC and has been studying NFL contracts and the salary cap for over 15 years. Jason has co-authored two books about the NFL, Crunching Numbers and the Drafting Stage, which are widely circulated in the industry and hosts the OTC Podcast. Jason’s work has been featured in various publications including the Sporting News, Sports Illustrated, NFL Network and more. OTC is widely considered the leading authority on contract matters in the NFL.