Saints GM Mickey Loomis makes huge declaration as he addresses cap strategy; team restructures marshon lattimore, Jameis Winston contracts…
When it comes to navigating their way into cap compliance, the Saints have led the league for many years. In that regard, the 2024 offseason is predicted to be similar, with restructures anticipated to be a regularly employed tactic.
With a team full of veterans, New Orleans has chosen multiple times to forgo a drastic budgetary makeover in favor of immediate cap room at the expense of upcoming seasons. The team had to make a lot of tough choices as a result, but general manager Mickey Loomis was able to keep the core together and be active during free agency. He acknowledged that there won’t be a significant change in operations when questioned about this summer.
According to Matthew Paras of NOLA.com, Loomis stated, “I don’t know that change is the right word.” “In the coming years, we simply need to be mindful of catching up, and there are several approaches to accomplish so. I’ve previously told the media that sometimes it’s necessary to look past the stats and consider things like the amount of players under contract, the makeup of the roster, and the key players. Simply put, there are numerous variables.
The Saints have started the process of restructuring some of their most costly contracts because it is currently anticipated that they will be well above the cap for the upcoming league year. This includes Marshon Lattimore, the cornerback, who, according to ESPN’s Field Yates, had a large portion of his base salary for 2024 changed into an option bonus. Just over $11 million in cap space was created for this year by the move. A de-escalator for offseason training participation is also a component of Lattimore’s revised agreement, as explained by Nick Underhill of NewOrleans.football and Katherine Terrell, Yates’ colleague.
Lattimore’s option bonus does not kick in until one week before to the 2024 campaign launch, as Underhill further points out (subscription required). That might open up a trade window, which would be unexpected considering how crucial the four-time Pro Bowler is to New Orleans’ defense. Like many Saints, Lattimore has a contract that expires in 2026, but it also has several blank years.
Jameis Winston, the quarterback, feels the same way. According to Jeremy Fowler of ESPN, Winston consented to include vacant years in his contract, which will go into effect soon after the start of the new league season in March. Despite the fact that the move will allow his cap hit to be stretched over several seasons, he is still expected to reach free agency. Terrell points out that Winston was obligated to pay a $10.6 million cap charge if he chose not to resign. Having joined New Orleans in 2020, the 30-year-old may be kept on as a backup this spring.
That being said, it would also be feasible to designate him as a post-June 1 release. According to Terrell, the new Winston agreement includes large bonuses in the vacant years of 2025 and 2028; nevertheless, a post-June 1 cut would result in a small dead cap charge of $3.87MM in each of the following two years.
Along with Lattimore and Winston, a number of other Saints players may shortly see significant contract modifications as New Orleans works to keep their salary below the 2024 cap threshold. All teams have until March 13 to comply, but the Saints will, as usual, face the most obstacles in doing so.
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