Buffalo Bills restructure Josh Allen’s contract for 2024 NFL season, per report

The move creates much-needed space for the cap-strapped Bills

The move many were expecting the Buffalo Bills to make finally happened on Monday evening by way of a restructured contract for quarterback Josh Allen.

Field Yates was first to break the news, sharing that the bulk of Allen’s 2024 compensation has been converted into a signing bonus, thus creating $16.7 million in cap space for the 2024 NFL season.

Per Yates, “Allen’s updated 2024 cap charge is now $30.356M.”

While the cap room is a welcome and necessary relief, it doesn’t represent the maximum of what general manager Brandon Beane could have done for the upcoming season. That would lead one to believe that Beane is being mindful about minimizing future cap hits.

That $16.7 million savings in 2024 is spread out over the next four seasons in equal chunks. With all the different restructures, the Bills have a total of $74 million they’ve paid Allen that has yet to be accounted for on the cap.

Prior to the restructuring Allen’s contract, the Bills were somewhere in the neighborhood of $13 million over the 2024 salary cap of $255.4 million. This move alone moves them to the proper side of cap compliance ahead of the start to the new league year and beginning of free agency, both arriving on Wednesday, March 13 at 4 p.m. EDT.

Given the frenetic and ultra-competitive nature of the NFL, it’s likely Brandon Beane looks to see where else he can create some spending money to begin the 2024 season.

Here are the updated numbers going forward:

2024
2021 signing bonus: $3.3 million
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Workout bonus: $500,000
Base salary: $8.625 million (fully guaranteed)

Total cash: $30 million
Cap hit: $30.4 million

2025
2021 signing bonus: $3.3 million
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $25 million ($16.5 million fully guaranteed already)
Workout bonus: $500,000
Base salary: $14 million (fully guarantees 3/17/2024)

Total cash: $39.5 million
Cap hit: $60.7 million

2026
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $15 million
Workout bonus: $1 million
Base salary: $22.5 million

Total cash: $38.5 million
Cap hit: $56.431 million

Dead cap if cut: $19.04 million
Cap savings if cut: $37.3 million

2027
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $25 million
Workout bonus: $1 million
Base salary: $14 million

Total cash: $40 million
Cap hit: $49.5 million

Dead cap if cut: $13.6 million
Cap savings if cut: $35.9 million

2028
2024 restructure: $4.175 million
Roster bonus: $25 million
Workout bonus: $1 million
Base salary: $15.55 million

Total cash: $41.55 million
Cap hit: $45.725 million

Dead cap if cut: $4.175 million
Cap savings if cut: $41.55 million

* There are up to $30 million in additional incentives for production and winning but we don’t know details.