The Saints are currently projected at roughly $23 million over the salary cap. Many of us know that’s just a technicality, though, and bonus, restructures and contract shifts will kick it to bring that number close to even. The Saints still need to re-sign their own players, sign free agents and draft picks, too. In order to do that they will need to create space. Brees restructuring his contract still seems like an important step in creating room but even so we should expect the Saints to part with some veterans. Here are contracts to pay close attention to:
Brodrick Bunkley, DT: Savings of $2,887,500
Bunkley is in the final year of his deal and he carries $6,112,500 against the cap in 2015. Bunkley played 11 games for the Saints in 2014 before going on IR with a quadriceps injury. You’ll remember Bunkley cut his salary by $2.9 million last April in order to remain with the Saints last year. It’s entirely possible he’d prefer to take another pay cut to remain rather than test his chances in free agency. As a declining 31 year old run stuffer coming off a season ending injury, I can’t see him commanding much more than the minimum on an open market. He may still stand to make more with a pay cut in 2015 by remaining with the Saints. If the Saints cut him outright prior to June 1st, Bunkley represents a cap savings of almost $3 million. That seems like the most likely outcome, but the Saints might prefer to pay him $2 million in 2015 on a deal pay cut restructured deal, save even more cap money ($4 million) and Bunkley would probably still make more than what any team would pay him on the open market. That feels like a win/win, but the Saints and/or Bunkley may decide it’s time to move on completely.
David Hawthorne, LB: Savings of $2,990,000
Hawthorne’s situation is very much like Bunkley’s. His cap number for 2015 is $6,010,000 and the Saints can save close to $3 million by cutting him prior to June 1. On the flipside, Hawthorne is 30 in May and declining as well, so the Saints may approach him and say if we give you a pay cut down to $2 million we save even more than if we cut you ($4 million), you get to stay, and you’ll still make more than you would get on an open market. That also seems like a win-win, but it’s important to remember that a player being asked to take one third of their salary is a huge hit to their pride (and wallets). Often times they prefer to make less with another team than accept a new contract with lower terms.
Ben Watson, TE: Savings of $1,500,000
The Saints would only suffer about $400,000 in dead money from a Watson released. With the emergence of Josh Hill who seems ready to be the #2 tight end, parting ways with Watson may make sense. It would give the team some relief.
Marques Colston, WR: Savings of $4,300,000
This one hurts to write about and I hope it doesn’t come to fruition. Colston’s current cap value of $9,700,000 is not sustainable, though. The way he’s playing the Saints just can’t afford to have him tying up that much of their finances. Cutting Colston would give the Saints $4.3 million of cap savings, but would also incur a massive $5.4 million in dead money. It’s in the interest of both parties to restructure this deal and keep Colston on the Saints. The Saints can get cap relief and production from Colston in 2015 at a reduced salary and that’s the ideal scenario. It all depends on how willing Colston is to take a pay cut. Because of the dead money involved, I believe Colston staying is more likely than the two players listed above, but ultimately it is still contingent on a player agreeing to take less money to stay.
Jahri Evans, G: Savings of $6,000,000
The Saints can save $6 million of the $11 million Evans has against the cap by cutting him. That’s a lot of money. It’s also $5 million in dead money like Colston. A restructure and possible pay cut makes a lot of sense here too. Imagining the Saints without Colston and Evans is crazy to think about. It has to happen eventually, I’m just not ready for it.
Ben Grubbs, G: Savings of $3,600,000
Grubbs has an unsustainable $9,600,000 figure against the cap, but 6 million in dead money would really hurt. That’s why I believe both guards will be back with restructures. Financially, if the Saints were to cut one, Evans makes more sense. In terms of production, though, I’d rather see Evans stay between the two.
Pierre Thomas, RB: Savings of $1,735,000
The Saints almost cut Thomas last year before agreeing to a new deal. I believe that makes him safe, but as the season wore on he was less and less involved. The Saints could save on most of his $2,500,000 cap figure.
Curtis Lofton LB: Savings of $4,250,000
Even with his $9,250,000 cap figure, I just don’t see the Saints parting ways with their best defensive player. I could be wrong, but he’s one of the only ones that has earned his keep.
Cam Jordan, DE: Savings of $6,969,000
He’s not a cut candidate at all but I’m including him. Jordan represents a massive opportunity for the Saints to get cap room. Giving Jordan a massive new deal will allow the Saints to wipe this $7 million 1 year deal off their books. Take Junior Galette’s deal, for example. He only counted just less than $3 million against the cap in 2014. Yes, he signed a massive contract that would be significant down the road, but it year one you get relief. If Jordan received the exact same contract as Galette, he would save the Saints $4 million in cap money for 2015. Signing Jordan to a long term deal now might be a good move.
Junior Galette, DE/OLB: Savings???
He is only on this list because of his legal issue. Without a legal clause rendering his contract non guaranteed, there is no financial way the Saints could cut him this offseason. I don’t know what the exact clause in his contract says, but media and Galette himself during his arrest mentioned this clause that makes his contract no longer guaranteed if he gets arrested. I have no idea if this necessitates a conviction or what, but if he gets suspended and the Saints feel they can benefit from getting his contract off the books with no penalty, there’s an outside chance they would go for that.
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