4. NY Jets restructure John Franklin-Myers' contract
- Cap Savings: $6.95 million
- Dead Cap: $0
I'd be surprised if the Jets didn't look to restructure at least one player's contract this offseason. The most logical candidate to me is defensive end John Franklin-Myers.
Franklin-Myers' $12.4 million cap hit in 2023 is the fifth-highest on the Jets roster at the moment, and while that's still a pretty reasonable number for him, the team could lower it quite a bit.
The Jets could theoretically opt to simply cut Franklin-Myers with a post-Jun. 1 designation, saving, $6 million in the process (and taking on $6.4 million in dead money), but a better move would be to restructure his contract.
A restructure would free up nearly $7 million in cap space this season, per Over The Cap. Now, restructures don't come for free. Franklin-Myers would still be owed every penny of his contract.
Restructuring a contract simply converts base salaries/roster bonuses into signing bonuses that are prorated across the length of a player's contract. Essentially, it just pushes that money into the future.
Joe Douglas has mostly avoided restructuring player contracts for that reason, with the exception of C.J. Mosley last year, but it might be unavoidable this offseason.
Franklin-Myers makes the most sense to me because the Jets see him as an important part of their defense and someone they'd like to keep around. His contract offers enough flexibility that a restructure is very feasible.
The Jets create some much-needed cap space and keep an important defensive player around at a smaller price while Franklin-Myers receives more guaranteed money in the future. A win-win.