Saints restructure Erik McCoy’s contract, free up $7.18 million in cap space

Ladies and gentlemen, it’s that time again…

The first of many offseason contract negotiations is officially on the books for the New Orleans Saints and General Manager Mickey Loomis.

NFL Network’s Tom Pelissero was the first to report that Saints center Erik McCoy’s contract was restructured early Thursday morning. According to Pelissero, the Saints converted McCoy’s salary and roster bonus to free up $7.18 million in 2024 cap space.

This restructure focused on McCoy’s $500,000 roster bonus due in March and his base salary. In short, McCoy’s salary cap hit falls from $13.7 million to roughly $6.5 million in 2024.

The classic Loomis restructurings have been a staple of the early offseason over the past decade. McCoy’s contract comes as no surprise, but a $7.18 million cost saving is an impressive deal.

This restructure will take New Orleans’ roughly $82 million cap space issue to $75 million. They are still the most over-cap in the league followed by the Miami Dolphins at $51.8 million.

McCoy was drafted by New Orleans in the second round of the 2019 NFL Draft. He will be playing his sixth season with the franchise this year. He was voted a team captain by his teammates last season and was the only offensive lineman who played all 17 games. His current contract extends through the 2027 season.