The NFL notified teams Wednesday that it expects this year's salary cap to be between $140 and $143 million, according to ESPN NFL Insider Adam Schefter -- up nearly $10 million from last year, and slightly higher than the league previously projected.
That’s obviously good news for the New Orleans Saints, who are further over the cap than any team in the NFL right now. According to ESPN Stats and Information, the Saints’ top 51 salary-cap costs add up to $166.3 million, which means they will have to trim at least $27 million by March 10 -- plus more if they want to make room for free-agent signings.
But as I’ve written often in recent months, it's not nearly as bad as it sounds.
The Saints can easily trim more than $20 million of that cap space by converting a handful of roster bonuses into signing bonuses. That’s part of the "plan" that Saints general manager Mickey Loomis referenced once again on Wednesday. As Loomis has explained, the Saints planned ahead for this and had "mechanisms" built into recent contracts they signed with guys like Junior Galette, Jairus Byrd, Jimmy Graham, and Curtis Lofton.
As of now, their full roster bonuses are counting against the 2015 cap. By converting them to signing bonuses, they can be spread out over the remainder of their contracts.
Here is a more detailed breakdown of how it will work:
Galette: Due a $12.5 million roster bonus. By converting to signing bonus, it will save $10 million against the 2015 cap by spreading it out over five years.
Byrd: Due a $6 million roster bonus. By converting to signing bonus, it will save $4.8 million against the 2015 cap by spreading it out over five years.
Graham: Due a $5 million roster bonus. By converting to signing bonus, it will save $3.33 million against the 2015 cap by spreading it out over three years.
Lofton: Due a $4.5 million roster bonus. By converting to signing bonus, it will save $2.25 million against the 2015 cap by spreading it out over two years.
Total savings: $20.38 million
That leaves another $6 million-plus the Saints must trim by March 10 by either releasing players, working out pay cuts or restructuring current deals. They have plenty of options, though, many of which I’ve been discussing in my series of Saints' burning questions.