Steelers' cap situation after first week of free agency
The Steelers have made several moves over the first week of free agency, addressing needs such as wide receiver, cornerback, running back, linebacker and quarterback.
The team started with an estimated $63.8 million of salary cap space ahead of free agency. But after these moves, how much money do they have to make further additions?
According to OverTheCap.com, the Steelers have an estimated $44.1 million in cap space. But, that only accounts for two players acquired this week: DK Metcalf and Kenneth Gainwell. Because Metcalf's deal is technically a four-year, $132-million extension beyond the upcoming season, the $18 million he's due counts against the cap in 2025. Gainwell's one-year deal is a very affordable $1.79 million, so that barely as an impact on the cap.
That leaves off Darius Slay, Malik Harrison, Brandin Echols and Mason Rudolph. We don't even know the financial details of Echols' contract, only that it's a two-year deal. While we know Harrison's contract is two years for $10 million, we don't know how it's structured. Typically, the Steelers will backload these type of contracts with the only guaranteed money in the second year being the prorated signing bonus. And, we know that $10 million isn't fully guaranteed. So, I'd bet the cap hit in 2025 will be lesser than it will be in 2026.
It wouldn't surprise me to see something like a $5-million signing bonus, which would be $2.5 million per year towards the cap, then with a guaranteed salary of around $1.25 million in 2025. That would be $6.25 million total guaranteed, which would be a good payday for Harrison, but only $3.75 million towards the cap in 2025. Again, that's an example of how the Steelers like to structure these type of contracts. We have yet to see the details. For now, we'll just count the $5-million average annual value (AAV), even though the 2025 cap hit will likely be lower.
While the contracts for Slay and Rudolph are not yet posted on sites like OverTheCap.com, it's pretty easy to figure their cap hits. Slay signed a one-year, $10-million contract. Given that it's a one-year deal, regardless of how much of that $10 million is guaranteed, let's just count that full $10 million against the cap.
We know per sources that Rudolph's two-year, $8-million contract comes with a guaranteed $4.5 million right away. But, for cap purposes, that $4.5 million could be the signing bonus that's prorated over the two years. For now, let's just count the $4.5 million toward this year's cap. If it's not that much, then that's just extra money that can be spent.
Accounting for Harrison, Slay and Rudolph, that gets the Steelers down to $24.6 million in cap space. During the offseason, only the top-51 contracts are counted. So, add an additional $2.88 million for the three contracts that would be bumped out of the top 51, and that gives the Steelers a total of $27.48 million in cap space. That's not counting for Echols, but I can't imagine that being a contract that'll break the bank, much like the Gainwell deal. And, it might end up being close to a wash since adding him would bump another guy making $960K out of the top 51.
Looking at the initial cap number, fans might be frustrated with using that much cap space and still not having an unquestioned starting quarterback. Remember, Omar Khan is a cap genius. He knows all the tricks. He knows how to structure contracts. And, he's done just as much in free agency, if not more, in the two previous seasons with much less cap space. There are still moves to be made that can create much more room.
At some point, I have to believe Cordarrelle Patterson is going to be cut. He would immediately save $2.8 million. Another $1.1 million or $1.5 million will be saved if and when a punter is cut. The Steelers won't employ both Cameron Johnston and Corliss Waitman. Then, there are always contracts that can be restructured. I could see Pat Freiermuth's deal getting restructured, which would clear $7.2 million in cap space.
Remember, restructuring contracts is not kicking the can down the road. When these long-term deals are done, they are structured in a way so they can be restructured at some point for cap relief. It's already predetermined. Again, Khan is a cap guy. He knows what he's doing.
Then, a big way the Steelers can clear cap space is by signing T.J. Watt to a big extension. Currently, Watt is set to have a cap hit of $30.4 million. That number could change completely if the Steelers sign him to a new contract and structure it in a way that gives him a lower cap hit this season while giving him a contract in the same ballpark as Maxx Crosby and Myles Garrett, who both received new mega-deals this offseason. That's a win-win for both parties.
We have yet to see what the rest of the offseason holds. There's still a lot of work to be done. The Steelers continue to wait on Aaron Rodgers to make a decision, and I'm curious to see what size contract he actually gets, whether it's from the Steelers, Giants or Vikings.
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THE ASYLUM
Chris Halicke
6:17 pm - 03.15.2025DowntownSteelers' cap situation after first week of free agency
The Steelers have made several moves over the first week of free agency, addressing needs such as wide receiver, cornerback, running back, linebacker and quarterback.
The team started with an estimated $63.8 million of salary cap space ahead of free agency. But after these moves, how much money do they have to make further additions?
According to OverTheCap.com, the Steelers have an estimated $44.1 million in cap space. But, that only accounts for two players acquired this week: DK Metcalf and Kenneth Gainwell. Because Metcalf's deal is technically a four-year, $132-million extension beyond the upcoming season, the $18 million he's due counts against the cap in 2025. Gainwell's one-year deal is a very affordable $1.79 million, so that barely as an impact on the cap.
That leaves off Darius Slay, Malik Harrison, Brandin Echols and Mason Rudolph. We don't even know the financial details of Echols' contract, only that it's a two-year deal. While we know Harrison's contract is two years for $10 million, we don't know how it's structured. Typically, the Steelers will backload these type of contracts with the only guaranteed money in the second year being the prorated signing bonus. And, we know that $10 million isn't fully guaranteed. So, I'd bet the cap hit in 2025 will be lesser than it will be in 2026.
It wouldn't surprise me to see something like a $5-million signing bonus, which would be $2.5 million per year towards the cap, then with a guaranteed salary of around $1.25 million in 2025. That would be $6.25 million total guaranteed, which would be a good payday for Harrison, but only $3.75 million towards the cap in 2025. Again, that's an example of how the Steelers like to structure these type of contracts. We have yet to see the details. For now, we'll just count the $5-million average annual value (AAV), even though the 2025 cap hit will likely be lower.
While the contracts for Slay and Rudolph are not yet posted on sites like OverTheCap.com, it's pretty easy to figure their cap hits. Slay signed a one-year, $10-million contract. Given that it's a one-year deal, regardless of how much of that $10 million is guaranteed, let's just count that full $10 million against the cap.
We know per sources that Rudolph's two-year, $8-million contract comes with a guaranteed $4.5 million right away. But, for cap purposes, that $4.5 million could be the signing bonus that's prorated over the two years. For now, let's just count the $4.5 million toward this year's cap. If it's not that much, then that's just extra money that can be spent.
Accounting for Harrison, Slay and Rudolph, that gets the Steelers down to $24.6 million in cap space. During the offseason, only the top-51 contracts are counted. So, add an additional $2.88 million for the three contracts that would be bumped out of the top 51, and that gives the Steelers a total of $27.48 million in cap space. That's not counting for Echols, but I can't imagine that being a contract that'll break the bank, much like the Gainwell deal. And, it might end up being close to a wash since adding him would bump another guy making $960K out of the top 51.
Looking at the initial cap number, fans might be frustrated with using that much cap space and still not having an unquestioned starting quarterback. Remember, Omar Khan is a cap genius. He knows all the tricks. He knows how to structure contracts. And, he's done just as much in free agency, if not more, in the two previous seasons with much less cap space. There are still moves to be made that can create much more room.
At some point, I have to believe Cordarrelle Patterson is going to be cut. He would immediately save $2.8 million. Another $1.1 million or $1.5 million will be saved if and when a punter is cut. The Steelers won't employ both Cameron Johnston and Corliss Waitman. Then, there are always contracts that can be restructured. I could see Pat Freiermuth's deal getting restructured, which would clear $7.2 million in cap space.
Remember, restructuring contracts is not kicking the can down the road. When these long-term deals are done, they are structured in a way so they can be restructured at some point for cap relief. It's already predetermined. Again, Khan is a cap guy. He knows what he's doing.
Then, a big way the Steelers can clear cap space is by signing T.J. Watt to a big extension. Currently, Watt is set to have a cap hit of $30.4 million. That number could change completely if the Steelers sign him to a new contract and structure it in a way that gives him a lower cap hit this season while giving him a contract in the same ballpark as Maxx Crosby and Myles Garrett, who both received new mega-deals this offseason. That's a win-win for both parties.
We have yet to see what the rest of the offseason holds. There's still a lot of work to be done. The Steelers continue to wait on Aaron Rodgers to make a decision, and I'm curious to see what size contract he actually gets, whether it's from the Steelers, Giants or Vikings.
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