The Saints and the Cap: Here We Go Again

We're about to hit another offseason in which the Saints have to figure out how to get under the salary cap.

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Before the 2021 offseason began, the New Orleans Saints were in a world of cap trouble. Somehow, they managed to get through it without having to release a large number of players.

But now, even with the 2022 base salary cap expected to rise to $208.2M, the Saints are about to face another year of cap hell. The Saints are projected to be $61M over the cap in 2022 -- and that's with just 41 players under contract.

A reminder: Only the top 51 cap hits count toward the cap during the offseason. However, even by adding players under cheap, futures contracts, the Saints are expected to be $70.5M over the cap once they get 51 players under contract.

The Saints had a 5-2 record under Jameis Winston and were in good position to make the playoffs. Then Winston was lost to injury and they've lost five straight. Neither Trevor Siemian nor Taysom Hill is the answer (and Hill now has a finger injury) and the Saints are likely going to miss the playoffs.

The Saints are a playoff contender with the right QB, but given their cap issues, they have a need for draft capital to find young players who can eventually replace the aging players on the roster. That means trading for a QB (assuming one is available) may not be the best strategy.

Rather, the Saints should focus on roster moves in which there is hope for a playoff trip in 2022, while ensuring they are in position to draft a QB in 2023 if they don't make the playoffs in 2022.

To that end, here is what I suggest the Saints should do to get themselves under the cap while ensuring they don't have to enter a full rebuild, at least not yet.

Cut S Malcolm Jenkins: Jenkins is 35 years old and, while he hasn't been bad, he's not playing well enough to justify keeping any longer. This is the one cut the Saints can safely make without disrupting the entire roster.

Restructure OT Ryan Ramczyk: The Saints' right tackle is due an $8.5M roster bonus March 20, so this will be an easy decision. I'd also restructure most of his base salary because he has played well.

Restructure CB Marshon Lattimore: He's due a $15M roster bonus March 20, so this is another easy decision for the Saints to make. I'd be careful on restructuring base salary, given that he hasn't played at a high level.

Cut CB Bradley Roby: Roby isn't playing well enough to justify his $10M cap charge. Again, this should be an easy decision.

Restructure DE Cameron Jordan: The Saints have been kicking the can down the road with Jordan's contract quite a bit, but he continues to play well. The Saints should add another year to his deal in 2024 and could add a void year to 2025 to help.

Restructure RB Alvin Kamara: While I would prefer not to restructure a running back's contract, the Saints can at least justify this because he continues to play well. I'd only restructure his $6M roster bonus.

Restructure OG Andrus Peat: The Saints are on the hook for his 2022 base salary, so they won't be able to move him. Converting that base salary to a signing bonus will help the cap situation.

Cut K Will Lutz: Though the Saints have had issues with finding a consistent kicker, they can save some cap space by cutting Lutz.

Try to extend LT Terron Armstead: The Saints used void years to lower Armstead's cap number and reportedly will let him test the market in 2022. However, that means he'll carry a dead money charge of $12.9M if he's not extended. I certainly wouldn't break the bank for Armstead, but the Saints should at least see if he's open to a tier-two deal. If he isn't, they'll have more work to do given the cap charge he'll carry.

These moves would get the Saints under the cap and they would then have to make decisions about other players. However, they'll have to be smart about how they do them, and some moves will have to take place later in the offseason. Here's what I would suggest after these initial moves.

Extend QB Jameis Winston: There's enough evidence to show that Winston is the best QB option for the Saints at this point. There will be temptation to trade for any veteran QB who becomes available, but the Saints should save that draft capital to fill other needs. They can always target a QB in 2023 if things don't work out with Winston.

Extend S Marcus Williams: The franchise tag for Williams will be $12.7M but placing the tag on him would put the Saints over the cap without additional moves. Thus, they should work to get him extended. They certainly shouldn't approach Jamal Adams' contract, but they may have to approach Justin Simmons' deal.

Restructure LB Demario Davis: He continues to play well, but the Saints should be cautious here given his age. But they can convert a small amount of his base salary to a signing bonus for wiggle room if necessary.

After June 1, possibly trade WR Michael Thomas: If Thomas truly isn't happy with his situation, the Saints need to think about moving him. However, a trade before June 1 would mean too much dead money and not enough cap space freed. I would wait until after June 1, because that gives the Saints time to work thing out with Thomas. If he's still not happy, they can move him then, because they could spread out the cap hit over two seasons. (Remember that trades are immediate on the cap and can't be designated post-June 1.)

Do not touch Taysom Hill's contract: There will be a temptation to convert Hill's $9M roster bonus into a signing bonus. Don't do it. It's just going to make things more painful if you decide you have to cut him in the future.