New Orleans Saints salary cap update

Let’s look at New Orleans’ salary cap situation as of March 15th.

The New Orleans Saints came into the offseason so far in the red, many started their offseason tradition of saying the Saints are in “salary cap hell” and “there’s no way they can continue to kick the can down the road.”

Well, they were wrong.

Just a few days into free agency, the Saints have restructured multiple players contracts and now find themselves with $15,097,058 in cap space, which ranks 23rd in the NFL and is more than division rivals such as the Falcons and Bucs.

Here are the contracts the Saints have already redone this offseason to clear cap space:

• Derek Carr, QB – 23M
• Erik McCoy, C – 7.18M
• Nathan Shepherd, DT – 2.78M
• Carl Granderson, DE – 7.2M
• Cesar Ruiz, G – 6.4M
• Cam Jordan, DE – 9.4M
• Ryan Ramczyk, RT – 14M
• James Hurst, OT – 3.5M
• Demario Davis, LB (extension that cleared cap space) – 9.3M
• Tyrann Mathieu, S (extension that cleared cap space) – 5.5M
• Total – Approx. $87M

The Saints have already began spending their new money, making three free agent signings thus far:

• Willie Gay, LB: 1-year, 5M
• Cedric Wilson, WR: N/A
• Stanley Morgan, WR: N/A

There are likely still more restructures to come for the Saints that could clear even more cap space, but as of today, the Saints have just over 15-million dollars to spend.