The Saints opened up some cap space by reworking the contracts of Thomas Morstead and Cam Jordan.
Morstead converted $2.1 million of his base salary into a signing bonus and Jordan did the same by converting $2.735 million of his base salary.
Morstead now has a base salary of $900,000 and a cap number of $3.05 million. Jordan now has a base salary of $765,000 and his cap number drops to $5.812 million.`
Jordan’s cap charges for the life of his contract will rise by $547,000 following this season; Morstead’s charges jump by $700,000.
The Saints now are listed as having more than $3 million in cap space. They had $273,000 before making these moves.
However, the figure does not include defensive tackle Nick Fairley. It should take into account tight end Josh Hill’s new cap figure, which should come in under his $1.67 million tender charge that currently counts against the cap.
Once adding in Fairley’s charge of $1.51 million, which will replace a $525,000 contract within the top 51, the Saints should have around $2 million remaining in cap space.