The New York Jets salary cap strategy this offseason makes it clear they’re going all-in for 2024. However, they still have some moves to make to maneuver around the cap.
According to Over the cap, the Jets cap room currently stands at $1,433,076. Now, two key factors are missing.
The first is a big one, from a contract perspective. Right now, it is unknown exactly how the incentives are being handled for 2024 for Tyron Smith.
The second is that, according to Jason Fitzgerald of Over the Cap, it is likely that the Haason Reddick contract will be reworked to help the Jets.
My assumption is they will redo the deal and bring his salary down to the minimum and add 4 void years. So probably will wind up being around $4M
— Jason_OTC (@Jason_OTC) March 29, 2024
If it is reworked in that way, the Jets would save $10.432 million in cap space. That said, if the Smith incentives are handled the expected way, the Jets would have $6,115,076 in cap space.
They still need to make room for the draft picks and undrafted free agents. They also need to have room for practice squad elevations and injury replacements during the season.
So, what’s left for the Jets to do? Let’s dive in.
Jets Salary Cap Strategy Heading into 2024 NFL Draft
What are restructures?
There are two different types of restructures at the Jets’ disposal.
A maximum restructure involves changing the language of a contract. Since the contract is changing (mostly due to void years), a player must approve and sign the new contract.
There’s also a simple restructure. That’s something unilaterally at the team’s disposal and doesn’t require a player’s consent. This is because it’s a one-year thing where the team is just shifting base salary to a signing bonus so the hit can be spread out over the length of the contract (up to five years). The player would get the money up front instead of game checks.
Who should the Jets restructure?
For the Jets salary cap situation in 2024, there are two prime candidates for restructure: John Franklin-Myers and Quinnen Williams. For both of them, the minimum salary is $1.125 million with their accrued seasons. The Jets would not be allowed to restructure below that number.
Williams’s base salary is $14.4 million in 2024. So, if the Jets were to reduce that salary to $1.125 million, they would convert $13.275 million into a signing bonus. This would make his cap number $9.78 million. That saves the Jets $10.62 million, bringing their likely cap number to $16,735,076.
Franklin-Myers has a base salary of $13.3 million. That means if the Jets reduced his salary to $1.125 million, they’d convert $12.175 million of his salary into a signing bonus. Since he has four years left on his contract, it would cut his 2024 cap hit to $7,232,750. That saves the Jets $9,131,250. All in all, this brings the Jets cap space to $25,866,326.
One More Option
The Jets could use an extension the same way they do a restructure. D.J. Reed has three void years on his contract. His base salary for 2024 is $10.5 million. He also has a $1.125 million base salary minimum. If they also extend him and guarantee this year’s base salary and a huge chunk of next year’s raise, that would get things done. That would save the Jets another $7,031,250. That finally brings the number to $32,897,576.
That number is much more workable, proving the Jets still have a lot more work to do before the draft.
Main Image: Jets Salary Cap Strategy Heading into 2024 NFL Draft
