The Buffalo Bills finished their big day of salary cap maneuvering by getting Von Miller to agree to a pretty big pay cut according to ESPN’s Field Yates.
The Bills and pass rusher Von Miller agreed to a renegotiated contract, per source.
— Field Yates (@FieldYates) March 6, 2024
The deal has a base value of $8.855M in 2024, with the chance to make up to $20M with incentives (up from $17.5M under the old terms).
The move saves Buffalo $8.645M in 2024 salary cap space.
The move represents a major pay cut for Miller. Miller was going to earn $17.5 million on his original contract, so he took a $8.654 million reduction in salary. Originally, Miller had $10.71 million fully guaranteed with the balance of his salary becoming guaranteed next week. The status of these guarantees were in question due to Miller being arrested and charged with 3rd degree assault and seeing that he will not even earn the original guarantee tells me that either the Bills voided the guarantee or Miller was possibly going to settle which could create a scenario where league discipline would void the guarantee before the season began.
Ian Rapoport has more details on the renegotiated contract including the fact that Miller has a $1.5 million base salary and received a $7 million signing bonus. He can also now earn up to $20 million for the year if he can earn certain incentives. (Edit: This signing bonus is apparently a roster bonus that will not prorate so everything written after this has been updated from a previous post assuming it was a signing bonus)
While there are no details on the future years of the contract, the new cap charges for Miller should be $15.154 million in 2024, which represents a gain of $8.645 million in cap space for the Bills. Miller’s dead money for 2025 will remain at $15.417 million
Miller had originally signed a gigantic six year, $120 million contract in free agency with the Bills in 2022. It was an unheard of number for a player who was going to be 33 and last produced double digit sacks in 2018. Miller finished the 2023 season with 0 sacks and just 22% playing time.