Stephen Lew-USA TODAY Sports
By Ross Jackson
The NFL’s negotiating period opens Monday at 11 a.m. ET, allowing teams and free agents to agree to terms on deals that can become official when the new league year begins Wednesday, March 11. This is the time for big-time players in free agency to catch their big fish and the New Orleans Saints are no exception.
Key Takeaways
- The Saints have nearly $20 million to spend.
- There’s more spending money available to open.
- Voiding contracts are already accounted for.
- Average per year value isn’t the same as cap hit.
- Only the 51 highest-paid players on a team count against its cap.
- Signings will continue to training camp.
The Saints Have Nearly $20 million to Spend
After restructuring some contracts and pulling off an interesting move with running back Alvin Kamara’s deal, the Saints are well-north of $20 million in available salary to spend this offseason.
Per Over The Cap, the Saints have approximately $19.96 million available. That’s more than enough to get them started in the early days of free agency.
New Orleans typically doesn’t get involved in the opening days, but this year could be an exception. The club has a massive need on its interior offensive line with no starting left guard presently identifiable on the roster. The year’s free agency class has a strong pool of talent at the position.
Waiting too long to get into the mix could be of detriment to the team.
There’s More Spending Money Available to Open
The Saints still have several restructures they could execute in order to open more funds in 2026. The team walked into free agency with several levers to pull and have been judicious as the new league year approaches, leaving numerous remaining options.
Among them include a trio of moves that could save more than $6 million apiece if handled as maximum restructures.
- Defensive end Carl Granderson: $8,651,250
- Center Erik McCoy: $6,900,000
- Guard Cesar Ruiz: $6,213,750
Voiding Contracts are Already Accounted for
While the Saints are set to see several contracts void on Tuesday, they will not create a loss of funds against the cap for New Orleans. Their charges are already accounted for and would turn to dead money.
Defensive end Cameron Jordan, linebacker Demario Davis, quarterback Taysom Hill and tight end Foster Moreau will all have a chance to participate in the negation period on Monday if a contract extension is not reached before it opens.
However, their contracts officially void one day later, which would allow them to sign with another team before free agency opens.
A player whose contract voids can still sign back with the same team, allowing the team to eat the dead cap and start anew from a contract standpoint. The Tampa Bay Buccaneers did this last year with wide receiver Mike Evans.
Average Per Year Value Isn’t the Same as Cap Hit
When a player signs a $20 million per year deal, they rarely actually carry a cap hit of $20 million in their first year. Often, teams will give the player a veteran minimum base salary with a larger signing bonus, which is protected over the life of the contract or for up to five years.
That means the player’s cap hit is just their veteran minimum base (a max of $1.3 million this year for the most experienced players) and as little as one-fifth of the signing bonus.
While the Saints have less than $20 million to spend currently, they could sign multiple large deals.
Only the 51 Highest-Paid Players on a Team Count Against its Cap
Teams will build a 90-man roster to carry into training camp later in the summer. Up until the NFL’s cutdown date following the preseason, only the 51 highest-paid players will count against a team’s cap.
The cutoff will change for the Saints as they sign higher-value players, but the current threshold is $1.05 million. Anything above that will count against the cap, pushing lower payments out of the range. Meanwhile, signing less than that will not count against the cap.
Signings Will Continue to Training Camp
This isn’t the only week the Saints, or any NFL team, can add free agent signings. Some veterans will even wait until after the draft with the intent of signing somewhere that hasn’t yet addressed their position or role, guaranteeing playing time.
Inevitably, something will possibly go unaddressed in the early goings of free agency, but that doesn’t mean it won’t be addressed by summer.
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