The past 24 hours has been busy for the Ravens. Since the start of free agency, they have been trying to create Cap space. We have no idea what the Ravens have up their sleeves, but the moves they’ve made would indicate that they are looking to sign someone.
Here is what has happened so far.
Jimmy Smith
The latest move was to restructure CB Jimmy Smith’s contract. The deal reduces his 2016 base salary from $7M to $1M. He will receive a bonus of $6M, which is prorated over the course of four years. The move creates $4.5M in additional Cap space.
JimmySmith reduced his '16 base salary of $7M down to $1M. Gets a bonus of $6M, which is prorated over 4 yrs of deal. Creates $4.5M for 2016
— Brian McFarland (@RavensSalaryCap) March 10, 2016
Another restructure 4 Ravens, CB JimmySmith has reduced his $7M base salary to $1M. New Cap # = $5.1M. Creates $4.5M in add'l 2016 Cap space
— Brian McFarland (@RavensSalaryCap) March 10, 2016
Here is Smith’s restructured deal:
Marshal Yanda
Yesterday, Marshal Yanda restructured his contract. He converted $5.3M of his 2016 base salary to bonus money, which will be prorated over four years. The move creates $3.975M in additional Cap space.
Ravens G Marshal Yanda converted $5.3M of his $6.19M base salary of 2016 into a signing bonus, creating $3.975M of cap space, per source.
— Field Yates (@FieldYates) March 9, 2016
Here is Yanda’s restructured deal:
The ~$8M in Cap space created by Yanda & Smith restructures are now pushed into future yrs. Raises Cap #'s for both for remainder of deals.
— Brian McFarland (@RavensSalaryCap) March 10, 2016
Kyle Arrington
The details of Kyle Arrington’s pay cut aren’t known. But at this point, we expect that the deal could save up to $1.1M.
Kyle Arrington's pay cut included a salary reduction from $2.1M to $900K. No other details (incentives?) available. Could save up to $1.1M.
— Brian McFarland (@RavensSalaryCap) March 10, 2016
In total, the three deals should save the Ravens approximately $9.5M in Cap space.
Ben Watson
Those savings are slightly mitigated by the signing of Ben Watson. That signing cost $3M against the Cap minus the Rule of 51 offset for a Cap charge of $2.4M.
So, '16 Cap # of $3M. April 1 Roster Bonus would allow them to prorate if choose to – if so, gain $500K space in '16 https://t.co/orJaYSc1ub
— Brian McFarland (@RavensSalaryCap) March 9, 2016
Conclusion
After considering the Smith restructure, the Yanda restructure, the Arrington pay cut, the Watson signing, and the RFA/ERFA tenders, the Ravens sit at approximately $11.147M UNDER the Cap.
For the latest on the Cap, follow @RavensSalaryCap on Twitter.
[cardoza_wp_poll id=”1429″]
