Navigating the 2024 Salary Cap: Steelers
The Steelers have a few offseason choices to make that go beyond their head coach and quarterback.
The Pittsburgh Steelers are 7-7 with three games left in the season and, while still in the playoff hunt, need to win out and get help elsewhere to do so.
There's been talk about whether or not it's time to move on from head coach Mike Tomlin, along with questions about whether or not they can build around quarterback Kenny Pickett.
The Steelers also have to make some decisions to get under the cap, given that they are projected to be $17.2M over the cap once they get 51 players under contract (they have 42 under contract for 2024).
Under Kevin Seifert, who retired as general manager last year, the Steelers typically used signing bonuses for most of the guaranteed money they paid players. They also avoided using void years in contracts. As for free agency, the Steelers generally don't pursue players there and tend to look for value.
What Omar Khan's approach in the coming seasons will be remains to be seen. The Steelers don't have a lot of work to do to get under the cap but do have some things to figure out.
Here are some of the moves they should consider to get themselves cap compliant.
Cut WR Allen Robinson: This is the easiest decision the Steelers can make. The trade for Robinson wasn't a bad one and, furthermore, the Steelers got Robinson to renegotiate his contract and make it more team friendly. Cutting Robinson frees up $10M in cap space.
Cut or trade WR Diontae Johnson: There's been questions surrounding Johnson, ranging from his health to his attitude. The Steelers have enough receivers on the roster that, even with cutting Robinson, it would be safe to move on from Johnson in 2024. He has one year left on his deal but there are teams that might be willing to send a late-round pick to the Steelers and try him out for a year. If no trades offers materialize, the Steelers can just cut him. Moving on from Johnson saves $10M in cap space.
Restructure ID Larry Ogunjobi: He's due a $4.75M roster bonus and has two years left on his deal. Converting the roster bonus into a signing bonus would free up some cap space.
Decide what to do with Cameron Heyward: The interior defender has spent his entire career with the Steelers. Next year will be his 13th season in the NFL, assuming he wants to play again. If he retires, the Steelers would save $16M in cap space. If not, he's in the final year of his contract and the Steelers could let him play it out. They do have the option to just cut him or even restructure his deal and use multiple void years. The only thing they shouldn't do is extend him.
Leave TJ Watt's contract alone: Watt accounts for a $30.4M cap hit but he continues to play at a high level. There might be a temptation to extend him but the Steelers are better off waiting until next season. That way, they can see how Watt does in 2024. He's a player the Steelers might want to keep for his entire career, but it's best to wait another year before extending him.
Extend OT Chukwuma Okorafor and/or OG James Daniels at the right price: Okorafor and Daniels have cap numbers above $11M and are in the final years of their contracts. An extension for one or the other — even both — would help the Steelers' cap situation and keep some continuity on the offensive line. The only thing the Steelers need to ask is how much each player is worth.
If the Steelers make the first three moves I've listed, they would have enough cap space to get through the offseason. Heyward's retirement would give the Steelers more flexibility, but if he wants to return, the Steelers could extend either Okorafor or Daniels for more wiggle room.
I'll wrap this up in the next installment by looking at the Dallas Cowboys.