In addition to reworked contracts with wide receiver Michael Thomas and offensive tackle Ryan Ramczyk, NFL.com’s Ian Rapoport reports that the New Orleans Saints also restructured their deal with Andrus Peat to work towards salary cap compliance. Peat’s restructure freed up about $7.8 million against the 2022 salary cap.
Taken with the $26.2 million wiped out in restructures with Thomas and Ramczyk, and that’s about $34 million taken off the books on a lazy Saturday afternoon in-between Mardi Gras parades. If Saints general manager Mickey Loomis can hurry, he just might get over in time to catch Endymion as it starts rolling.
So how did the Saints do this? Thanks to reporting from the analysts at Over The Cap, we can see that the Saints reduced Peat’s 2022 base salary (which was fully guaranteed already) from over $10.8 million down to the veteran’s minimum of about $1.1 million, converting the difference into a new signing bonus that will count against the remaining years…