The New Orleans Saints kicked off their annual salary cap strategy with Pro Bowl center Erik McCoy, agreeing to a contract restructure that guarantees McCoy his money while helping the team’s accountants.
Per NFL Network’s Tom Pelissero, the Saints are saving $7.18 million by restructuring McCoy’s contract — which they’ve done by converting most of his base salary and a $500,000 roster bonus due in March into a new signing bonus, adding a void year to spread out the signing bonus proration. The end result: McCoy’s salary cap hit drops from $13.7 million to about $6.5 million for 2024. He’s under contract through 2027.
McCoy earned his first trip to the Pro Bowl Games in 2023 as an injury replacement, and he was the Saints’ steadiest offensive lineman during their recent tumultuous season. They’ll be counting on him to anchor the middle of the line from the pivot spot for the foreseeable future. With Derek Carr returning at quarterback and Klint Kubiak installing his offense, having McCoy at the point is going to be good for all involved.
