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Post by jeffsiemon on Mar 24, 2024 16:26:31 GMT -6
By BEN GOESSLING , STAR TRIBUNE
March 24, 2024 - 5:07 PM
ORLANDO β For the second consecutive year, the Vikings restructured safety Harrison Smith's deal to save salary cap space while bringing the veteran player back. With this year's reworked deal, they virtually ensured they won't have to broach another series of negotiations with their longest-tenured player if he wants to play in 2025.
The team reworked the six-time Pro Bowl selection's contract for both 2024 and 2025, giving him a $7 million signing bonus to go with a $1.49 million base salary in 2024 and a $1.255 million base for 2025. The team added three void years to Smith's deal that will save Minnesota $11.9 million of cap space in 2024 and $15.5 million in 2025.
If Smith were to retire after the 2024 season, the Vikings would incur $5.6 million of dead money on their 2025 cap. If he were to play, he would do so on a cap number of $6.5 million, just $900,000 more than the dead money hit the Vikings would incur if he retires. Essentially, Smith's 2024 restructure means the Vikings have little need to pursue another one in 2025. If he is deliberating after the season about whether to play in 2025, he won't need to weigh whether he wants to negotiate with the Vikings on a contract again.
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Though the full contract details of free-agent additions such as defensive end Jonah Williams, cornerback Shaq Griffin, edge rusher Jihad Ward and linebacker Kamu Grugier-Hill weren't yet available, the Vikings had roughly $24.8 million in salary cap space Sunday, according to NFL Players Association data. Smith's restructure was one of at least six instances in which the Vikings used void years to defer cap charges from 2024 into future years.
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Quarterback Sam Darnold's one-year, $10 million deal includes four void years, pushing $5 million of his $6.25 million signing bonus into 2025. Running back Aaron Jones and linebacker Andrew Van Ginkel each have four void years in their contracts, while linebacker Blake Cashman has three and linebacker Jonathan Greenard has two. It means none of the five free-agent additions have a cap number higher than $5.74 million for 2024.
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While the void years push cap charges into future years, the Vikings are projected to have more than $90 million in available cap space in 2025, and could have even more to spend if NFL revenue increases lead to further jumps in the salary cap like the $30 million raise the league announced for 2024.
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β GCBenβ
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Post by β GCBenβ on Mar 24, 2024 21:36:09 GMT -6
Seems like they've decided the best approach is to add void years wherever possible and then just roll unused cap space over to cover those hits next year. That makes the most sense to maximize flexibility and I'm not aware of any downside to doing so.
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Vikeroo
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Post by Vikeroo on Mar 25, 2024 0:27:22 GMT -6
Seems like they've decided the best approach is to add void years wherever possible and then just roll unused cap space over to cover those hits next year. That makes the most sense to maximize flexibility and I'm not aware of any downside to doing so. Less cap room in future years so less flex. More flex for this year though. |
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odinswrath
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Post by odinswrath on Mar 25, 2024 7:34:07 GMT -6
Over the Cap is updated now to reflect almost 24 million in cap space. Still 5 recent free agent signings not updated yet.
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Vikeroo
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Post by Vikeroo on Mar 25, 2024 8:56:23 GMT -6
Over the Cap is updated now to reflect almost 24 million in cap space. Still 5 recent free agent signings not updated yet. Spotrac had everything updated yesterday except not showing Darnold's voids and has them at 18.78M round about and extra 5 would put them around 24M. I have never really trusted OTC, but they seem to have learned their lesson last year about throwing incorrect contract numbers out. Spot is usually on but had Darnold contract different then what is reported and I will go with what is reported. |
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β GCBenβ
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Post by β GCBenβ on Mar 25, 2024 12:24:12 GMT -6
Seems like they've decided the best approach is to add void years wherever possible and then just roll unused cap space over to cover those hits next year. That makes the most sense to maximize flexibility and I'm not aware of any downside to doing so. Less cap room in future years so less flex. More flex for this year though. If unspent doesn't it all just roll over anyway so no impact to future years? |
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Vikeroo
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Post by Vikeroo on Mar 25, 2024 18:21:28 GMT -6
Less cap room in future years so less flex. More flex for this year though. If unspent doesn't it all just roll over anyway so no impact to future years? Voids will hit whether they guys are left to walk or extended and then become a part of the new deal. Lot of the roll over they had this year came from restructuring O'Neill which means that money is spread out over the next few years. They still have to resign JJ (which may actually lower his 24' cap, but then people will cry when he has a 40m+ cap hit in 26' or later because of it), sign a couple more vets, They have a rookie pool to account for, an eventual 53 man roster, IR, a practice squad, and other things. If they trade up into a top 5 pick they will have a 6M+ cap hit year one on that rookie alone. Rest of their draft picks will probably only hit for 700-800K or so towards top 51 and any that make the 53 will actually save a bit of cap due to year 1 salary. Some of them will not make the roster most likely and will be dead money on the cap. They probably will want to go into the season with some cap flex. Just remember 10M or so cap is likely gone if no other free agents are signed at this point for week 1 figuring in everything else. |
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