It’s taken a while, but the New Orleans Saints finally aren’t ranking among the NFL’s dead money leaders. They aren’t top-5. They aren’t even top-10. For once, the Saints have a very manageable sum of salary cap resources left over from past contracts.
Per Over The Cap’s estimates, the Saints rank at No. 12 around the league with $24.5 million tied up in defunct deals with their former players — the bulk of it accounted for past restructurings with defensive linemen David Onyemata ($10.1 million) and Marcus Davenport ($7.6 million). There are also a couple of recent draft picks who left dead money hits behind, like quarterback Ian Book ($336,790), tight end Adam Trautman ($208,073), and defensive lineman Jordan Jackson ($132,516).
Now, let’s be clear: $24.5 million is a lot of money. Getting better production out of those draft picks and managing contract situations with veterans would have curbed costs. But it’s a steep drop from where they’ve been before (and it should be noted that it’s 10.8% of the 2023 salary cap). This time last summer, in the wake of defensive back Malcolm Jenkins’ retirement, New Orleans held a staggering $33.3 million dead money charge which ranked sixth-highest in the NFL (15.9% of the 2022 salary cap). That was comparable to the $33.7 million they shouldered in 2021 (taking up 18.4% of the 2021 salary cap).
The Saints have expressed a desire this offseason to begin managing the salary cap more responsibly so they aren’t paying so much money towards guys who aren’t on their roster. This is a positive step in the right direction, and it’ll pay off in a big way in the years ahead. New Orleans currently sits under the 2023 salary cap by about $11 million, give or take a couple hundred thousand dollars, and they’re in good shape to add more experienced talent as the offseason continues.
