Jaguars clear $26.14 million in cap space with 3 restructures

The Jacksonville Jaguars are under the $224.8 million salary cap for the 2023 season after restructuring the contracts of wide receivers Christian Kirk and Zay Jones, and guard Brandon Scherff.

According to Field Yates of ESPN, the Jaguars converted $32.657 million worth of base salary in the three contracts into signing bonuses, clearing $26.14 million in cap space.

Jacksonville entered the offseason more than $20 million in the hole, but previously found a good chunk of savings by restructuring the contract of linebacker Foye Oluokun. The team also signed defensive lineman Roy Robertson-Harris to an extension, which is expected to lower his salary cap hit for the 2023 season.

The flurry of moves is expected to put the Jaguars more than $13 million under the cap. The team can save another $13 million with the likely release of cornerback Shaquill Griffin, but it’s also expected to spend a chunk to retain Evan Engram. The Jaguars will also carry an $11.1 million cap hit from wide receiver Calvin Ridley if he’s reinstated from suspension.

While the newly freed up cap space means the Jaguars have flexibility to retain Engram and possibly some other pending free agents, a spending spree in March still isn’t happening.