Just before their summer break, the Seattle Seahawks restructured defensive lineman Dre’Mont Jones’ contract, creating $7.4 million in salary cap space for the 2024 season. This move follows Jones’ signing of a three-year, $51.5 million deal in March 2023, the largest free-agent contract the Seahawks have awarded to an external player. Initially, Jones was set to earn a base salary of $11 million this season.
The Seahawks converted $9.875 million of Jones’ 2024 salary into a signing bonus, which is the maximum allowed since players must still receive at least the minimum salary each year. They also added two void years to his contract in 2026 and 2027. This conversion enables the Seahawks to spread the $9.875 million over the four remaining years of the deal, reducing his cap hit from $18.1 million to $10.7 million for this year. However, this also adds $2.485 million to the 2025 cap and $4.937 million to the 2026 cap.
Key Takeaways from the Restructured Contract:
1. Essential Cap Space Created for the 2024 Season
Contrary to some expectations, this move is primarily aimed at providing the Seahawks with the necessary cap space to navigate the season, rather than facilitating significant new acquisitions. Before this restructuring, the Seahawks had just over $1 million in cap space, the least in the NFL. Now, with $8.5 million in cap space, they rank 27th overall. This space is crucial for covering various expenses, including the 16-man practice squad and salaries for players on injured reserve, all of which count against the cap.
Over The Cap (OTC) confirms that this move was essential given the Seahawks’ precarious cap position, stating that it grants Seattle the breathing room needed to manage the rest of the summer and into the regular season.
2. Minimal Need for Further Significant Cap Adjustments
Given the Seahawks’ current cap situation, it was evident that some action was required to create cap space. The restructuring of Jones’ contract appears to be a proactive step that likely precludes the need for further major cap-related adjustments. The NFL’s collective bargaining agreement sets the salary cap at $255.4 million for each team, a figure derived from a formula based on a 48% share of league revenue allocated to players. This cap figure increases annually with rising league revenue, which also drives up player salaries.
For 2025, the cap is expected to rise again, providing some flexibility. However, the Seahawks must consider the cap when finalizing their 53-man roster for the regular season. They have other potential avenues to create additional cap space if necessary. For instance, defensive end Darrell Taylor, with a non-guaranteed 2024 salary of $3.116 million, could be released to save that amount against the cap if he is on the roster bubble. Additionally, safety Julian Love, entering the final year of his contract with an $8.09 million cap number and a non-guaranteed $5 million salary, could see his contract extended to lower his cap hit by approximately half.
Overall, while the Seahawks now have some cap space flexibility, they don’t face immediate pressure to make more significant moves, particularly since they have already signed all eight of their 2024 draft picks. The restructuring of Jones’ contract has effectively positioned them to manage their finances through the upcoming season without further drastic measures.
