Free agency hasn’t started yet, but the Bucks just suffered a significant salary cap hit on Monday with more than $16 million in dead money.
quarterback contract baker mayfield ($2.3 million in dead cap money) and wide receiver Mike Evans ($12.198 million in dead cap money) expired on Monday, as did safety Antwon Winfield Jr.’s rookie contract. ($1,585,600)The Bucks had funds spread over multiple years that were voided in the contracts of these three players to lower the previous year’s cap, which was achieved on February 19th.
So why didn’t the Bucks do more to get Evans, Mayfield and Winfield all signed by February 19th to avoid so much dead cap money? The Bucks hope all three players will be back in 2024 and beyond, but how many times has the team not rushed to sign them nearly a month before the start of free agency on March 13? There is a reason.
Bucs QB Baker Mayfield and WR Mike Evans – Photo by Cliff Welch/PR
First, what Tampa Bay wants to do is of the right deal Evans, Mayfield and Winfield are not rash deals.
Remember, the Bucks have had the good fortune of retaining free agents even after letting them hit the free agent market in years past. This includes cornerback Carlton Davis III in 2022, as well as cornerback Jamel Dean and linebacker Lavonte David from last year. In the case of all three players, the Bucks ended up getting them back for less than most expected. Because there wasn’t a very strong market for these players. As a result, Tampa Bay saved millions of dollars over multiple years between three players.
The Bucks will continue to negotiate with Evans and Mayfield until just before free agency begins. But even if these two hit the market, there’s still a chance Tampa Bay could match those prices or get a bit of a hometown discount.
The second reason the Bucks didn’t feel pressured to sign Evans or Mayfield by February 19th is because that $14.5 million would have to hit this year’s cap or be extended. If you do, you will either be left behind in the future. Both methods need to be considered from a salary cap perspective.
The Bucs absorbed nearly $80 million in dead cap money last year, including the $35 million cap they achieved with Tom Brady’s dead money. And Tampa Bay is continuing to clean up its salary cap bookkeeping this year in hopes of reducing dead money and creating a cleaner cap in 2025. Less dead money means more cap room to spend on free agents.
Bucks GM Jason Licht and assistant GM Mike Greenberg – Photo by Cliff Welch/PR
The Bucks will also have more dead cap money at the start of free agency in less than a month. The contracts of David ($2.668 million), defensive tackle Greg Gaines ($1.9 million) and guard Matt Feiler ($1.032 million) total an additional $5.6 million in dead money for the year.
Combined with the $16 million in dead money from Evans, Mayfield, and Winfield, Tampa Bay’s cap hit this year is $21.6 million in dead money, as well as the expected cap casualty of outside linebacker Shaq Barrett. , dead money will increase further. wide receiver Russell Gage and possibly cornerback Carlton Davis III.
However, as Tampa Bay’s salary cap continues to be consolidated from the post-Super Bowl season, the Bucs’ dead cap money in 2024 will still be less than half of what it was in 2023.
The third reason the Bucks weren’t pressured to make an early deal is because the team could create more cap room with some restructuring.according to OverTheCap.com, The Bucs currently have $36,891,102 in available cap space, the 10th most in the NFL and the most of any NFC South team. Tampa Bay acquired players with high base salaries, including wide receiver Chris Godwin ($18.5 million), defensive tackle Vita Vea ($15.5 million), and cornerback Jamel Dean ($12 million), and those He could restructure his contract to create more cap space for 2024. Adjust the season as needed.
Bucks assistant general manager and team capologist Mike Greenberg has already created $3,752,054 in additional 2024 cap space by rolling over unused 2023 cap space into the 2024 season. Remember that you are creating.
The Bucks will likely use the franchise tag on Antwon Winfield Jr.
Bucks FS Antwon Winfield Jr. – Photo courtesy of USA Today
The Bucks took an additional $1,585,600 in dead cap on Monday when Antwon Winfield Jr.’s contract expired, but the Bucks will save some money on his new contract by using the franchise tag on him this year. can. Although the team hasn’t fully made a decision yet, Tampa Bay appears to be leaning toward using the franchise tag on Winfield rather than signing the All-Pro safety to a contract extension.
According to , the safety’s franchise tag in 2024 is expected to be $16,224,000. overthecap.com. Winfield is coming off an outstanding season in which he recorded 122 total tackles, six sacks, an NFL-leading six forced fumbles, 12 pass breakups and three interceptions, all career highs. .
The 25-year-old star is expected to reset the market at $20 million per season at the safety position. Los Angeles Chargers safety Derwin James is currently the highest-paid player at his position, signing a four-year, $76 million contract worth $19 million per year, which also includes $42 million in guaranteed money.
By using Winfield’s franchise tag, the Bucks would theoretically save nearly $4 million in cap space instead of paying him an average of $20 million. However, if the Bucks were to sign Winfield to a long-term deal, his 2024 cap number could be reduced from $20 million. Winfield and Tampa Bay will have until July 17 to negotiate an extension before the cornerstone of the Bucs’ defense has to play on a franchise tender.
Of course, delaying Winfield’s new contract until 2025 means the Bucks risk inflating the value of his contract, as the price tag on a new contract goes up almost every year.
