The New Orleans Saints are in bad salary cap shape this offseason but with a string of moves, including a Cameron Jordan contract restructuring, the NFC South team is slowly digging out of its hole.
“Eight-time Pro-Bowl DE Cameron Jordan became the latest New Orleans player to restructure his contract, signing a deal to free up another $1.5 million against the Saints salary cap,” ESPN insider Adam Schefter reported on Thursday. “Saints also have reworked the contracts of QB Derek Carr, G Cesar Ruiz, DT Nathan Shepherd, and center Erik McCoy.”
Despite the move, the Saints are still more than $20 million over the salary cap for 2024, per Spotrac, so there will be more moves to come for the team.
At the end of February, while the Saints are in bad shape when it comes to their books, they are not in the worst situation in the league. The Saints currently rank 29th in salary cap space with the Los Angeles Chargers, Miami Dolphins, and Buffalo Bills even further over the cap.
The 35-year-old Jordan still has two more years left on his deal, and is the team’s second-highest-paid player behind 30-year-old offensive tackle Ryan Ramczyk.
In addition to figuring out what to do with Ramczyk in the coming days and weeks, the Saints will also have to try and restructure or cut players like running back Alvin Kamara, tight end/quarterback Taysom Hill, and cornerback Marshon Lattimore.
New Orleans is one of the best teams in the league at making the best out of a bad salary cap situation. The organization has been right around or over the cap in the offseason ever since the Drew Brees era. Still, after missing the playoffs for the last three consecutive seasons, it may be time for the Saints to do a massive purge in the next few years and finally get their on-field finances under control.