Here is what you need to know on this Sunday, March 12, 37 days before Washington Redskins start offseason workouts on April 17.
—NFL Draft (4/27) 46
—Redskins OTAs start (5/24) 73
—Franchise tag contract deadline (7/15) 125
—First Sunday of 2017 season (9/10) 182
Redskins’ cap space dwindling but more can be created
The Redskins have not gone after any big names in the opening few days of free agency but they are getting a little low on cap space.
The biggest chunk of cap space was consumed by Kirk Cousins’ $23.9 million franchise tag. That counted against the cap from the moment it was applied. When Cousins signed it on Friday it became fully guaranteed.
The Redskins have signed five unrestricted free agents including one of their own in Vernon Davis. They also tendered two restricted free agents. Will Compton got the low tender while Chris Thompson got a tender that would trigger a second-round pick as compensation if the Redskins chose not to match an offer sheet.
Here are the 2017 cap charges of those free agents:
Terrelle Pryor $6 million
Terrell McClain $3.7 million
Vernon Davis $3.3 million
D.J. Swearinger $3.3 million
Stacy McGee $3.2 million
Chris Thompson $2.7 million
Will Compton $1.8 million
This leaves the Redskins with $14.3 million in cap space. They probably need to set aside $5 million to sign a defensive lineman such as Bennie Logan, who visited yesterday. A team wants to plan on have around $5 million in cap space going into the season to cover players on injured reserve and practice squad salaries. The also will need about $2 million to sign their draft picks (for guidance on how they will be able to sign about 10 players with $2 million in net cap space see this from last year) That leaves them with about $2.3 million to work with.
If they want some additional flexibility they do have options. If they sign another defensive lineman they would have to look hard at the $3 million they could save by moving on from Ricky Jean Francois. It seems that regardless of any other moves they will either release safety DeAngelo Hall, saving $4.25 million or negotiate a reduction in his $4.25 million salary.
There has been talk of moving on from guard Shawn Lauvao, a move that would save $4 million. But the organization may be hesitant to do that until they have a solid replacement for him. He may or may not be around in Week 1 but if they move on from it it likely will be during OTAs at the earliest and perhaps during training camp.
RELATED: NFL Mock Draft Version 5.0
The biggest chunk of savings could come from changing Cousins’ franchise tag into a long-term deal. The prospects for being able to strike a deal are very uncertain but if they do manage to get one done a contract possibility outlined here would reduce Cousins’ cap hit to $15 million, creating $9 million in cap space.
The Redskins don’t like to restructure contracts, deals that give players with large salaries some or all their money up front, converting their salaries to signing bonuses, and pushing some of the cap charges into future seasons.
For example, they could restructure Trent Williams’ deal and cut him a check for most of his $11.25 million salary and convert it to signing bonus. That would save them about $8 million but it would increase his cap number by about $2.5 million in each of the three remaining years of his contract. Again, they don’t like to do it but it is a tool that is available to them should an emergency or opportunity arise.
Tandler on Twitter
I was asked to tweet my unpopular TV opinion:
Tried watching both The Wire and The Sopranos. Couldn’t. https://t.co/IolvbOWlFv— Rich Tandler (@TandlerNBCS) March 11, 2017
In case you missed it
- Redskins free agency live blog: News and rumors
- Turmoil or not, Redskins off to strong start in free agency
- Report: Redskins made a late push to try to keep Jackson
- Redskins use incentives to limit Pryor's salary cap hit
- The Redskins week that was—Free agents, Gruden extension, Cousins' status