Capology: A Tale of Three Teams
The Cowboys, Vikings and Giants each need to make moves to clear cap space, but the moves to make differ.
Multiple teams are projected to be over the cap in 2022, but unlike the Saints and Packers, they aren't necessarily faced with difficult decisions to make.
However, the teams are expected to need cap space will have to be smart about the decisions they make.
Often, you will hear about teams in need of cap space restructuring contracts. However, that means you are converting base salaries or roster bonuses into signing bonuses. While you get cap relief in the short term, you have further cap consequences in the long term if you do too many restructures.
There are a few teams projected to be above the cap who just need to make a few adjustments but need to be smart about those adjustments.
Let's look at those teams and figure out the best way to get them under the cap.
Dallas Cowboys
The Cowboys are projected to be $12.3M over the cap for 2022, and that's with 43 players under contract. Signing players to futures contracts will get the roster to 51 and likely put them $19.3M over the cap. Here's how they can best rectify the situation.
Restructure/extend OT Tyron Smith: Smith has two years left on his contract, but a restructure with a new year added (2024 is currently a void year) will give the Cowboys cap relief. Smith continues to play well, so it's a smart move.
Restructure OG Zach Martin: Martin has three years left on his deal, but the Cowboys could add a void year to the end of his deal if they want to spread out dead money.
Restructure OT La'el Collins: Since returning from injury, Collins has played well, so it should be safe to restructure his deal, which has three years left. A void deal could be added if necessary.
Possibly restructure WR Amari Cooper: Cooper has three years left on his deal and the Cowboys could restructure his deal if necessary. In this case, I would add a void year in 2025 to spread out the dead money.
Possibly restructure EDGE DeMarcus Lawrence if he plays well after his return from injury: With Lawrence turning 30 in 2022 and just having recovered from a foot injury, the Cowboys need to monitor his play in the final weeks of the season. They aren't likely to cut him in 2022, but they need to be sure about his health before they move forward with a restructure. Furthermore, I’d do it only if absolutely necessary, because other restructures should give the Cowboys enough cap room.
Minnesota Vikings
The Vikings are projected to be $7.3M over the cap with 47 players under contract. Get to 51 players and they are projected to be $12.5M over the cap. Because this team might be nearing a rebuild, the Vikings have to be more careful with restructures. Here's what they should do:
Restructure EDGE Danielle Hunter: The Vikings renegotiated Hunter's contract earlier this year and he's due an $18M roster bonus. Converting that to a signing bonus will be enough to get them under the cap, but there are a couple other things to keep in mind.
Don't extend QB Kirk Cousins: While Cousins is a good quarterback, he isn't elite. Because Cousins enters the final year of his contract, and the Vikings may be looking at a rebuild, they can't afford to tie themselves down to a QB who is merely "good." Leave his contract alone.
Restructure S Harrison Smith: Though Smith will be 32 years old, he's playing well and his roster bonus of $8M won't add too much dead money to future years if converted to a signing bonus.
Possibly restructure WR Adam Thielen: Because Thielen is still playing well, the Vikings could consider converting Thielen's base salary to a signing bonus for additional cap space if it becomes necessary.
New York Giants
The Giants are projected to be $3.5M under the cap, but that comes with a caveat: They have 42 players under contract for 2022. Get to 51 and the Giants are $9.9M over the cap. And because the Giants are likely looking to build further through the draft, it may be time to move on from a few players.
Cut CB James Bradberry: Bradberry hasn't been bad, but he's not playing at a level that justifies a $13.4M base salary, nor justifies an extension. Cutting him clears $12.1M in cap space.
Be prepared to cut LB Blake Martinez: Martinez's season ended early after tearing his ACL back in September. Because Martinez doesn't have any guaranteed money, the Giants can take their time here. If they cut him before he can pass a physical, they would have to pay him an injury settlement, but once he's healthy, they could save $8.5M in cap space by releasing him.
Possibly cut TE Kyle Rudolph: Moving Bradberry and Martinez would be enough to address the Giants' cap situation, but if they want additional space for moves, they could consider cutting Rudolph. He's due a $5M base salary for 2022, but he's producing at a level that justifies it. I wouldn't extend him, though.
You can see from the three examples how an approach may differ. The Cowboys expect to be a playoff contender and can afford to do some restructures, but not a lot. The Vikings may need to rebuild, so they need to be more careful about decisions. And the Giants are more likely to cut some players and primarily utilize the draft to build their roster.
The Coming Week
I'll be doing my next Substack on Thursday because of the holiday season. At that time, I'll step away from salary cap talk and look at the most notable quarterbacks who, while under contract for 2022, are eligible for extensions.