NFL sources are reporting the New Orleans Saints are clearing $4 million in cap space for the 2020 season with this restructured deal. Could they be freeing up money to lock someone else up long term?
Mickey Loomis and the New Orleans Saints are no stranger to finding ways to make the money work. You need to look no further than the crazy proposed sign-and-trade deal the Saints were trying to pull off for the services of Jadeveon Clowney.
Doing so would have allowed them to bypass cap restrictions the team was currently in. This restructured deal of Rankins allows them to free up some space now.
The #Saints tweaked DT Sheldon Rankins’ contract, adding two voidable years and clearing $4 million in 2020 salary cap space. He still is due about $7.7M this season and can be a free agent in March.
— Tom Pelissero (@TomPelissero) September 12, 2020
The Saints are able to shed this cap space now by adding two voidable years to the end of Rankins’ current contract.
He is on the fifth-year option, which is his final year on his rookie deal. Rankins is due to become a free agent in 2021 and if he chooses to sign with another team, the Saints are still liable for the $4 million they created this season on next year’s cap.
The talented defensive tackle out of Louisville was the Saints’ first-round draft pick back in 2016.
While Rankins has definitely shown flashes of his first-round pick status, he has unfortunately been hit with the injury bug more often than not. He was also rumored to be in trade discussions this past offseason.
The Saints recently extended Alvin Kamara which is likely what Rankins money was used for. A massive five-year, $75 million deal with a $15 million signing bonus is what the three-time Pro Bowl running back was able to lock up.
Loomis has always been able to work wonders with the cap, but now with these voidable years, it’s going to be even more difficult to get players like Demario Davis and Marcus Williams the money they deserve this offseason.