Analysis
2/22/23
46 min read
2023 NFL Free Agency Buzz: Updates on Player Signings, Restructures, Franchise Tags
Friday, March 10
Saints Want to Restructure Winston
The New Orleans Saints have offered quarterback Jameis Winston a restructured deal to stay, ESPN reported. Winston has until Wednesday - the start of the new league year - to accept the offer or he will be released.
Earlier this week, the team signed Derek Carr to a four-year, $150 million deal, meaning Winston won't be the starter. The Saints' other quarterback from last year, Andy Dalton, is set to be a free agent.
Winston's cap number for 2023 is $15.6 million, according to Over the Cap. If the Saints cut Winston without using a post-June 1 designation, they’ll only save $4.4 million. If they do use that designation, they’ll have to keep his $15.6 million cap hit on the books until June 2, when they get $12.8 million in savings.
Buccaneers Open up $44 Million in Cap Space
The Tampa Bay Buccaneers suddenly have much more ammunition to be players on the free agent market starting March 15. The team cleared $44 million in room on Friday, restructuring the deals of Chris Godwin, Vita Vea, and Ryan Jensen, FOX Sports reported.
Dolphins Restructure Tyreek Hill's Contract
The Miami Dolphins cleared approximately $18 million in cap space on Friday by restructuring wide receiver Tyreek Hill's contract, ESPN reported. Hill, a 2022 First-team All-Pro, will have his $16 million roster bonus and $10 million dollar salary converted into a $23.835 million bonus with a salary of just $1.165 million for 2023.
Following Hill's trade to the Dolphins during the 2022 offseason, Miami signed him to a four-year $120 million contract extension.
Cowboys Clear $30 Million in Cap Space
The Dallas Cowboys cleared nearly $30 million in cap space on Friday by converting parts of Dak Prescott and Zack Martin's respective contracts, NFL Media reported.
The Cowboys finished the 2022 NFL season 12-5 behind Prescott at quarterback but fell in the second round of the playoffs to the San Francisco 49ers.
The move will give Dallas more flexibility as they attempt to build around Prescott and put together Super Bowl-winning team for 2023.
Rams Release OLB Floyd
The Los Angeles Rams released outside linebacker Leonard Floyd, the team announced.
Floyd, 30, produced 29 sacks, 59 quarterback hits and 184 total tackles across 50 career games (all starts) in three seasons with L.A. He had at least nine sacks in each of those three seasons, highlighted by a career-high 10.5 in his first season in 2020.
Cutting Floyd will save Los Angeles $3 million against the 2023 cap, while they incur $19 million in dead money.
Chiefs Hitting Townsend With Low Tender
The Kansas City Chiefs are assigning a low tender to restricted free agent punter Tommy Townsend, NFL Media reported.
Townsend was named a first team All-Pro this past season, after leading the league in net average and finishing second in average. Any team signing Townsend would be able to do so without forfeiting draft compensation, although Kansas City would be able to match any offer sheet Townsend signs elsewhere. If Townsend plays on the tender, he would make $2.6 million this coming season.
Packers Re-Do Bakhtiari's Contract
The Green Bay Packers have restructured left tackle David Bakhtiari’s contract, ESPN reported.
They will convert $9.5 million into a March roster bonus and $5.5 million of his 2023 base salary into a guaranteed signing bonus. This will lessen his $28.8 million cap hit.
Jets Non-Tender James Robinson
The New York Jets will not tender a contract to impending free-agent running back James Robinson, ESPN reported. Robinson is just two seasons removed from a 1,000-yard rushing rookie campaign with the Jacksonville Jaguars.
The emergence of Travis Etienne in Jacksonville gave the Jaguars the flexibility to move on from Robinson, which they did — trading him to the New York Jets on Oct. 25, 2022, following the loss of rookie running back Breece Hall.
Robinson failed to produce in New York as he had in Jacksonville, averaging just 2.9 yards per carry in four games with the Jets.
Saints Will Pay JT Gray
The Saints will give special teamer JT Gray a three-year deal worth $9.6 million, with $2.4 million signing bonus, NFL Media reported.
There is an additional $500,000 per year in playing time incentives, making the maximum value $11.1 million.
Armstead, Others Have Contracts Altered
The Miami Dolphins reworked the contract of left tackle Terron Armstead, which clears $11.876 million of salary cap space, NFL Media reported.
Armstead's cap numbers, according to Spotrac -- 2023: $9.2 million; 2024: $20.6 million; 2025: $20.6 million; 2026: $20.6 million.
Others players (and teams), whose deals were converted:
- Arizona Cardinals offensive tackle D.J. Humphries: $5.333 million
- Eagles kicker Jake Elliott: $2.492 million
- Carolina Panthers safety Xavier Woods: $1.592 million
- Baltimore Ravens nose tackle Michael Pierce took a $2 million pay cut, which will clear $2.668 million. He can earn back the difference in incentives.
- Minnesota Vikings defensive tackle Ross Blacklock, who took an approximate $683,000 cut and can earn it back through a playtime incentive.
- The Tampa Bay Buccaneers are working to get under the cap, doing a cap conversion with defensive tackle Vita Vea to clear about $9 million.
Commanders sign T Himmelman
The Washington Commanders have signed tackle Drew Himmelman, the team announced, adding depth to their offensive line.
Detroit Won't Tender Nelson
The Detroit Lions aren't tendering offensive tackle Matt Nelson, NFL Media reported. The restricted free agent played in 40 career games for Detroit, starting 12 of them.
Broncos Will Cut Ties With Glasgow
The Denver Broncos will release guard Graham Glasgow, NFL Media reported. The moves will clear $11 million in cash and cap.
