Eagles revise Lane Johnson, Jake Elliott contracts to create cap space: report
The Eagles went into business Thursday, finishing last in the NFL in terms of available cap space.
Lane Johnson and Jake Elliott to the rescue.
According to ESPN’s Field Yates, Johnson and Elliott have agreed to commission restructuring so the Eagles can create much-needed space in the cap.
MORE: A deep dive into the Eagles’ contracts, salary cap
As of Wednesday, the Eagles had just $1,222,942 available under their adjusted 2022 cap of $226,890,095, according to OverTheCap. They also had one vacancy in the 53-man squad.
According to Yates, the Eagles converted large portions of Johnson and Elliott’s 2022 base salary into signing bonuses, creating about $6.9 million in cap.
After the reorganizations, the Eagles were $8,098,942 million under the cap, according to the OverTheCap database.
This would bring the actual cap space created to $6.876 million.
Yates tweeted that the Eagles converted $5.88 million of Johnson’s base salary and $2.715 million of Elliott’s salary into bonuses.
Because base salaries are fully under the current year cap and signing bonuses are spread over the life of a contract, the conversion of base pay into bonus funds creates immediate cap space while increasing the cap for future years.
Players have to agree to their contracts being restructured, but there’s no reason not to as they end up making the same amount of money, they just get a large chunk of it right away rather than spread over the next 18 weeks.
Before the salary adjustments, Johnson had a base salary of $7 million and Elliott a base salary of $3.75 million that year.
According to OverTheCap, the Eagles have the 10th-highest salary cap spot in the NFL after the reorganizations.