Happy New Years.
Well, at least for the NFL. Tuesday is the final day of the 2013 league year and the beginning of the 2014 league year. But what does that mean, exactly?
Here's a rundown:
By 4 p.m.:
All teams must be under their adjusted 2014 salary cap. The Bills' adjusted cap is $150.8 million. As of Monday, the Bills were $23.1 million under that figure.
Teams have the option to tender contracts to their restricted free agents (players with three years of experience whose contracts are expiring). The Bills have two restricted free agents -- offensive tackle Thomas Welch and tight end Mike Caussin -- and they have yet announce tenders to either. If restricted free agents are not tendered contracts, they become unrestricted free agents at 4 p.m.
Teams have the option to tender contracts to their exclusive-rights free agents (players with less than three years of experience whose contracts are expiring). The Bills have already re-signed cornerback Brandon Smith, who was set to become an ERFA, while they tendered contracts to their other three: FB Frank Summers, WR Chris Hogan, and OL Antoine McClain.
At 4 p.m.:
Players with expiring contracts are officially free to sign with other teams. This includes all six of the Bills' unrestricted free agents: S Jairus Byrd, TE Scott Chandler, K Dan Carpenter, LB Arthur Moats, DL Alex Carrington, and S Jim Leonhard.
Teams can begin trading players for the first time since the mid-season trade deadline.
Want to follow along with it all? Starting at 2 p.m., we'll have a live chat on ESPN.com with our ESPN NFL Insiders and our ESPN NFL Nation reporters. That will continue into the night.