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New Orleans Saints draft class signed, Marshon Lattimore restructured per reports

3 min read
<div><figure> <img alt="2021 NFL Draft" src="https://cdn.vox-cdn.com/thumbor/SlajXD1wnSDuo-gWY7HzSYQUgyg=/0x0:4953x3302/1310x873/cdn.vox-cdn.com/uploads/chorus_image/image/69424537/1315305615.0.jpg"> <figcaption>Photo by Gregory Shamus/Getty Images</figcaption> </figure> <p>Now we await the assumed corresponding move to make it possible.</p> <p id="Mzoxhk">According to Nick Underhill of <a href="https://neworleans.football/">neworleans.football</a>, the <a href="https://www.canalstreetchronicles.com/">New Orleans Saints</a> have signed their draft class.</p> <div id="bp1sZ8"> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">The Saints have signed their draft class</p>— Nick Underhill (@nick_underhill) <a href="https://twitter.com/nick_underhill/status/1402356613047111681?ref_src=twsrc%5Etfw">June 8, 2021</a> </blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <p id="pP5wKF">This is obviously a big update for the team, however, the bigger news however comes in addition. As of this morning, according to the NFL Players Association website, the Saints sit at only $348K of salary cap space.</p> <p id="3CpBEI">Earlier projections expected that New Orleans <a href="https://twitter.com/nick_underhill/status/1400094800431378432?s=20">would need around $2.5M</a> in order to get their six-player draft class under contract.</p> <p id="td6qDA">Now that the league is beyond June 1st, the Saints could have made Drew Brees’ retirement financially official. However, that would not have opened up the necessary funds for these moves to be made.</p> <p id="OAAPA7">As it turns out, in order to make the room, the Saints restructured starting cornerback Marshon Lattimore’s contract.</p> <div id="mfNLY3"> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">To create room, the <a href="https://twitter.com/hashtag/Saints?src=hash&ref_src=twsrc%5Etfw">#Saints</a> converted CB Marshon Lattimore‘s $10.2M fifth year option to a $990K base salary and the rest in a roster bonus with voidable years. They’ll keep working on an extension. <a href="https://t.co/LmOn2MlnZv">https://t.co/LmOn2MlnZv</a></p>— Ian Rapoport (@RapSheet) <a href="https://twitter.com/RapSheet/status/1402359882947436549?ref_src=twsrc%5Etfw">June 8, 2021</a> </blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <p id="qJi9h8">This is an interesting choice as opposed to landing on an extension. But it looks like the restructure opens up a much larger sum than an extension would have while making sure Lattimore still gets his money. Potentially in addition could be more on the way, as Rapoport mentions.</p> <p id="9qtgT4">Regardless, getting the rookie class under contract is great for New Orleans as they head into mandatory minicamp next week, <a href="https://twitter.com/JohnJHendrix/status/1402328950848753666?s=20">expecting 100% attendance</a>. </p> <div id="Z178Ds"> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Might not seem like much since Lattimore still gets his money, but this is extremely helpful to the team and puts some moves back on the board when it looked like there was no way to create space except through extensions. <a href="https://t.co/4Kpfwwoqrl">https://t.co/4Kpfwwoqrl</a></p>— Nick Underhill (@nick_underhill) <a href="https://twitter.com/nick_underhill/status/1402360836996411415?ref_src=twsrc%5Etfw">June 8, 2021</a> </blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <p id="HFUCwN"><strong>Update: June 8 - 3:45 PM CT</strong></p> <p id="JVTTdY">As Brad Spielberger lays out below, a max restructure would create about $7.4M for the Saints to have in their coffers before the rookie class signing amount is subtracted. Here’s how this works if the Saints indeed went for a maximum restructure. </p> <p id="fRUvBS"><em>Note: Figures can vary depending upon the number of void years added</em></p> <p id="bzBmHG">Lattimore’s 2021 salary is reduced from $10.244M to $990K </p> <p id="19ptsJ">The remaining $9.254M then spread out over five years (2021 + four void years).</p> <p id="TCjs4b">That means that in 2021, the Saints pay the $990K new base salary plus the prorated amount of roughly $1.85M. </p> <p id="6yGjCy">That effectively reduces Lattimore’s cap hit from $10.244M to 2.84M, leaving roughly $7.4M in savings.</p> <div id="XUBwdH"> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Saints get Marshon Lattimore to agree to same construct as Sheldon Rankins last year on 5th-year option, converting into minimum base salary & the rest as prorated bonus money<br><br>If a max restructure with 4 void years, would clear $7.4M<br><br>2021 cap hit - $2.84M<br>2022 dead cap - $7.4M <a href="https://t.co/fC6KCoqC1o">https://t.co/fC6KCoqC1o</a></p>— Brad Spielberger (@PFF_Brad) <a href="https://twitter.com/PFF_Brad/status/1402361236436697091?ref_src=twsrc%5Etfw">June 8, 2021</a> </blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <hr class="p-entry-hr" id="AGdGeB"> <p id="0qXhv9"><em>Make sure you follow Canal Street Chronicles on Twitter at </em><a href="http://twitter.com/saintscsc"><em><strong>@SaintsCSC</strong></em></a><em><strong> </strong></em><em>, “Like” us on Facebook at </em><a href="https://www.facebook.com/CanalStreetChronicles/"><em><strong>Canal Street Chronicles</strong></em></a><em>, and make sure you’re subscribed to our </em><a href="https://www.youtube.com/saintscsc"><em><strong>new YouTube channel</strong></em></a><em>. As always, you can follow me on Twitter </em><a href="http://twitter.com/rossjacksonnola"><em><strong>@RossJacksonNOLA</strong></em></a><em> and subscribe to my daily Saints podcast, </em><a href="https://podcasts.apple.com/us/podcast/locked-on-saints-daily-podcast-on-the-new-orleans-saints/id997872651"><em><strong>Locked On Saints</strong></em></a> and checkout the <a href="https://www.youtube.com/channel/UCvovqdIpy0yua8lfYQqvOOQ"><em><strong>Locked On Saints YouTube channel</strong></em></a>.</p></div>
   
Photo by Gregory Shamus/Getty Images

Now we await the assumed corresponding move to make it possible.

According to Nick Underhill of neworleans.football, the New Orleans Saints have signed their draft class.

This is obviously a big update for the team, however, the bigger news however comes in addition. As of this morning, according to the NFL Players Association website, the Saints sit at only $348K of salary cap space.

Earlier projections expected that New Orleans would need around $2.5M in order to get their six-player draft class under contract.

Now that the league is beyond June 1st, the Saints could have made Drew Brees’ retirement financially official. However, that would not have opened up the necessary funds for these moves to be made.

As it turns out, in order to make the room, the Saints restructured starting cornerback Marshon Lattimore’s contract.

This is an interesting choice as opposed to landing on an extension. But it looks like the restructure opens up a much larger sum than an extension would have while making sure Lattimore still gets his money. Potentially in addition could be more on the way, as Rapoport mentions.

Regardless, getting the rookie class under contract is great for New Orleans as they head into mandatory minicamp next week, expecting 100% attendance.

Update: June 8 – 3:45 PM CT

As Brad Spielberger lays out below, a max restructure would create about $7.4M for the Saints to have in their coffers before the rookie class signing amount is subtracted. Here’s how this works if the Saints indeed went for a maximum restructure.

Note: Figures can vary depending upon the number of void years added

Lattimore’s 2021 salary is reduced from $10.244M to $990K

The remaining $9.254M then spread out over five years (2021 + four void years).

That means that in 2021, the Saints pay the $990K new base salary plus the prorated amount of roughly $1.85M.

That effectively reduces Lattimore’s cap hit from $10.244M to 2.84M, leaving roughly $7.4M in savings.


Make sure you follow Canal Street Chronicles on Twitter at @SaintsCSC , “Like” us on Facebook at Canal Street Chronicles, and make sure you’re subscribed to our new YouTube channel. As always, you can follow me on Twitter @RossJacksonNOLA and subscribe to my daily Saints podcast, Locked On Saints and checkout the Locked On Saints YouTube channel.


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