03-24-2024, 09:48 PM
For the second consecutive year, the Vikings restructured safety Harrison Smith's deal to save salary cap space while bringing the veteran player back. With this year's reworked deal, they virtually ensured they won't have to broach another series of negotiations with their longest-tenured player if he wants to play in 2025.The team reworked the six-time Pro Bowl selection's contract for both 2024 and 2025, giving him a $7 million signing bonus to go with a $1.49 million base salary in 2024 and a $1.255 million base for 2025. The team added three void years to Smith's deal that will save Minnesota $11.9 million of cap space in 2024 and $15.5 million in 2025.
If Smith were to retire after the 2024 season, the Vikings would incur $5.6 million of dead money on their 2025 cap. If he were to play, he would do so on a cap number of $6.5 million, just $900,000 more than the dead money hit the Vikings would incur if he retires. Essentially, Smith's 2024 restructure means the Vikings have little need to pursue another one in 2025. If he is deliberating after the season about whether to play in 2025, he won't need to weigh whether he wants to negotiate with the Vikings on a contract again.
Though the full contract details of free-agent additions such as defensive end Jonah Williams, cornerback Shaq Griffin, edge rusher Jihad Ward and linebacker Kamu Grugier-Hill weren't yet available, the Vikings had roughly $24.8 million in salary cap space Sunday, according to NFL Players Association data. Smith's restructure was one of at least six instances in which the Vikings used void years to defer cap charges from 2024 into future years.
Quarterback Sam Darnold's one-year, $10 million deal includes four void years, pushing $5 million of his $6.25 million signing bonus into 2025. Running back Aaron Jones and linebacker Andrew Van Ginkel each have four void years in their contracts, while linebacker Blake Cashman has three and linebacker Jonathan Greenard has two. It means none of the five free-agent additions have a cap number higher than $5.74 million for 2024.
While the void years push cap charges into future years, the Vikings are projected to have more than $90 million in available cap space in 2025, and could have even more to spend if NFL revenue increases lead to further jumps in the salary cap like the $30 million raise the league announced for 2024.
https://www.startribune.com/vikings-harrison-smith-restructured-deal-saves-12-million-salary-cap-space/600353726/
If Smith were to retire after the 2024 season, the Vikings would incur $5.6 million of dead money on their 2025 cap. If he were to play, he would do so on a cap number of $6.5 million, just $900,000 more than the dead money hit the Vikings would incur if he retires. Essentially, Smith's 2024 restructure means the Vikings have little need to pursue another one in 2025. If he is deliberating after the season about whether to play in 2025, he won't need to weigh whether he wants to negotiate with the Vikings on a contract again.
Though the full contract details of free-agent additions such as defensive end Jonah Williams, cornerback Shaq Griffin, edge rusher Jihad Ward and linebacker Kamu Grugier-Hill weren't yet available, the Vikings had roughly $24.8 million in salary cap space Sunday, according to NFL Players Association data. Smith's restructure was one of at least six instances in which the Vikings used void years to defer cap charges from 2024 into future years.
Quarterback Sam Darnold's one-year, $10 million deal includes four void years, pushing $5 million of his $6.25 million signing bonus into 2025. Running back Aaron Jones and linebacker Andrew Van Ginkel each have four void years in their contracts, while linebacker Blake Cashman has three and linebacker Jonathan Greenard has two. It means none of the five free-agent additions have a cap number higher than $5.74 million for 2024.
While the void years push cap charges into future years, the Vikings are projected to have more than $90 million in available cap space in 2025, and could have even more to spend if NFL revenue increases lead to further jumps in the salary cap like the $30 million raise the league announced for 2024.
https://www.startribune.com/vikings-harrison-smith-restructured-deal-saves-12-million-salary-cap-space/600353726/