Mike Evans’ Projected 2024-25 Salary Cap Hits

News broke on Monday that the Bucs had re-signed prolific receiver Mike Evans to a two-year, $52 million contract that would keep him in Tampa Bay for another couple of years and increase the likelihood that he would remain a Buc for life. While many had Evans collecting somewhere between $23 million to $25 million per year, the Bucs ended up a bit north of that range at $26 million.

Per Adam Schefter’s report the deal includes $35 million fully guaranteed.

Before free agency begins next week, the Buccaneers and five-time Pro-Bowl WR Mike Evans reached agreement on a two-year, $52 million that includes $35 million guaranteed, per his agent @DerykGilmore.

Evans now has a real chance to start and finish his career in Tampa as a Buc. pic.twitter.com/tj68Vk9YpG

— Adam Schefter (@AdamSchefter) March 4, 2024

More recently Aaron Wilson was able to provide more details about the contract that will give us a much better understanding of exactly how the Bucs will manage Evans’ salary cap hits in 2024 and 2025.

Breaking down #Buccaneers Mike Evans’ $52 million max value deal: base value $41M with $35M gtd, 80 pct of base value is gtd, $21.79M roster bonus 2024 for accounting purposes instead of signing bonus, $1.21M fully gtd 2024 base salary for $23M gtd fully in 2024 total comp. Cont.

— Aaron Wilson (@AaronWilson_NFL) March 5, 2024

Mike Evans’ $18M salary 2025, can be $21M salary with likely to be earned $3M escalator if hits 70 catches, 1,000 yds, 10 TDs. To make full $52 million, has to trigger $2 million annual incentive for being ranked in top 10 in catches, yds and TDs, and annual playoff incentive $2M

— Aaron Wilson (@AaronWilson_NFL) March 5, 2024

That information will be crucial in how the Bucs attack the rest of the offseason. They still have four more internal free agents they have identified as priorities. All four (Baker Mayfield, Chase McLaughlin, Lavonte David and Antoine Winfield Jr.) will command sizeable contracts themselves. Winfield was given the franchise tag, which is worth $17.123 million on Tuesday, but will continue to negotiate and work towards a long-term deal before the summer.

With all that said, here is how Mike Evans’ cap hits should shake out over the next few years.

Void Years and Prorated Bonus

The Bucs will use three void years to help spread out the large initial sum of money they are going to actually pay to Mike Evans in the first 12 months following the signing. Per Aaron Wilson’s reporting, it will be a sizeable roster bonus – $21.79 million – that prorates over a total of five years resulting in individual cap hits of $4.358 million in each year.

This also immediately tells us how much of a dead cap hit the Bucs are set to take on in 2026 once the deal voids.

After the actual two years of Evans’ contract are up, all of the prorated bonus cap hits set in 2027 and 2028 will accelerate to 2026 and create a $13.074 million dead cap hit for that year. This number could go up if the Bucs decide to restructure any of Evans’ 2025 salary, which will be significantly large.

Mike Evans’ Salaries In Each Year

Mike Evans’ salary in 2024 will be the league minimum for his service time in the NFL, which is $1.210 million for an 11-year player. In 2025, Evans’ base salary will spike to $18 million. That, combined with the prorated bonus hits, will create salary cap hits of $5.568 million in 2024 and $22.358 million in 2025.

Escalators And Performance Incentives

Bucs WR Mike Evans – Photo by: USA Today

Aaron Wilson notes that if Mike Evans catches at least 70 passes for 1,000 yards and scores 10 touchdowns in 2024 his base salary in 2025 will push up from $18 million to $21 million. It would also escalate his 2025 salary cap charge to $25.358 million.

There are further incentives tied to being in the Top 10 in the league in catches, receiving yards and touchdowns. Based on my understanding of the language this would mean that these are all tied together, meaning he has to hit all three. Evans was ninth in the NFL in receiving yards and tied for first in touchdowns, but his 79 catches was tied for 24th in the league.

This will keep that $2 million performance bonus classified as “Not Likely To Be Earned” for 2024, and so it does not affect his salary cap charge for the 2024 season. If he were to hit all three thresholds the bonus would be charged to 2025’s salary cap while also triggering that incentive as “Likely To Be Earned” for the 2025 season.

In effect if Evans were to hit those thresholds it would increase his 2025 cap charge by $4 million. In this scenario he would undoubtedly hit the 70-catch, 1,000 yards, 10-touchdown escalator and juice his 2025 salary cap charge all the way to $29.358 million.

There is also a scenario where he does not earn that bonus in 2024, but does in 2025. If that were to happen, Evans’ 2026 dead cap charge would increase to $15,074 million. In the event that Evans earns the bonus in 2024 but fails to do it again in 2025, the “Likely To Be Earned” bonus charge that would take affect in 2025 would be credited back to the team in 2026, lessening his dead cap charge to $11.074 million.

The team also gave Evans the opportunity to earn up to $2 million per year in playoff bonuses. Evans will receive $500,000 for each playoff game he is active and plays 65% of the offensive snaps. Any of those bonuses would hit the following year’s salary cap, meaning 2025’s cap charge could increase by up to another $2 million and 2026’s dead cap charge could do the same.

Penalties For Cutting The Deal Short

Bucs assistant GM Mike Greenberg – Photo by: Cliff Welch/PR

In the event that Mike Evans decides to retire after 2024, or if the Bucs wanted to cut him, what would the ramifications be from a salary cap standpoint? The team would still need to account for the four years remaining of his initial roster bonus. That’s $17.432 million.

Additionally, $6 million of his 2025 salary is guaranteed (there is speculation this is a roster bonus that will be paid in early calendar 2025 and makes up the rest of his reported $29 million first year cash flow). That’s $23.432 million in “dead money.” The Bucs would take on an additional $1.074 million in salary cap charges in this scenario. If he hits the Top 10 bonus in 2024 it would increase his dead cap charge for 2025 by another $2 million and actually cost the Bucs over $3 million more to cut him.

The team could always opt for a post June 1st designation on the cut/retirement which would lessen their 2025 cap charge by spreading it over two seasons. In the event that happens the team would still be on the hook for a $10.358 million dead cap charge in 2025 but would save $12 million off of what his charge would be if they keep him. They would then still have to account for the original $13.074 million dead cap charge for 2026.

The Deal Is Very Good For Both Parties

Bucs WR Mike Evans – Photo by: Cliff Welch/PR

While the initial reporting of the deal made it seem like Mike Evans was set to be one of the five-highest paid receivers in the NFL on an APY basis, he really came in at 12th when accounting for franchise tag players. For a 31-year-old receiver that’s a hell of a bag to get.

Evans also now ranks fifth all-time among receivers in cash paid in the first year of their deal. Only Davante Adams, D.K. Metcalf, Cooper Kupp and Terry McLaurin have outpaced Evans’ $29 million mark.

For Evans he becomes the highest paid receiver on the Bucs by APY again, clearing Chris Godwin by $500,000 per year. Many of the incentives attached to his deal are achievable (70 catches, 1,000 yards and 10 touchdowns are all marks Evans hit just last year), and gives him a legitimate chance for $4 million in additional upside. And as we all know Evans has proven himself to be a guy who enjoys proving he can hit milestones.

From a salary cap perspective, the Bucs have set themselves up to have plenty of room in 2024 to continue to sign their priority free agents. Some external free agents as well.

And 2025’s cap number is still very reasonable, especially considering the salary cap next year could be upwards of $275 million. The 2026 dead cap number as it currently stands would be just $1 million more than the Bucs took on this year for Evans’ last contract.

All parties did well here in a relationship that has been mutually fruitful for going on 11 years and counting now.