Steelers 2013 Salary Cap Update: Two Restructures Down, Two To Go

Another day and another $3.08 million has been trimmed off of the Pittsburgh Steelers 2013 salary cap as wide receiver Antonio Brown had his contract restructured on Wednesday. When you couple that savings with the $5,343,750 million created on Tuesday by the contract restructure of linebacker Lawrence Timmons, you will see that $8,423,750 million has been trimmed in the last two days.

As of Wednesday evening the Steelers Rule of 51 number currently sits right around $127,478,706 million. If you believe the Tuesday report from Pro Football Talk that stated the 2013 salary cap number could be $123 million, or higher, this puts the Steelers roughly $3,078,706 over a $123 million cap number when you factor in the $1.4 million cap credit they have at their disposal.

As I pointed out on Tuesday, there is still meat left on the Steelers salary cap bone as they will need $4,815,000 million after Rule of 51 displacement to tender their projected five restricted free agents and two exclusive rights free agents. Essentially they still need to trim another $7,893,706 million in cap space to allow for just that.

Remember, the $7,893,706 million only gets the Steelers to an even number of $123 million and there is still the rookie draft class that needs to be accommodated as well as any of their own, or outside, free agents that they wish to sign.

Quarterback Ben Roethlisberger and linebacker LaMarr Woodley are expected to have their contracts restructured as well and those reports should be along by the end of the week. Fully restructuring Woodley should create roughly another $6,187,500 million in cap space, while a full restructure of Roethlisberger should free up roughly another $7 million or so. Factoring in another $13,187,500 worth of cap space that will be created with those two restructures, the Steelers will be approximately $5,293,794 under the cap with four players restructured and seven free agents tendered (5 restricted and 2 exclusive rights).

The Steelers rookie draft pool is estimated to be roughly $4.7 million, so you can clearly see that even more money will be needed to accommodate that, extensions, free agent signings, and enough of a buffer to get them through the 2013 season.

Unless more players are restructured, or agree to have their 2013 salaries reduced, the additional money needed to accommodate the remaining business at hand will have to come in the form of a termination or two between now and the draft.

I will keep you updated with the latest numbers after the next set of restructures are done.

  • zyzak

    Wow this is the worst position this team has ever been in. They will be paying for the last two years forever. Hopefully the cap goes up to about 130 mil the next few years.. Cutting Harrison, Hampton, who else?

  • SteelersDepot

    Hampton is an unrestricted free agent.

  • SOnMyChest

    Dave you are the man! Thanks for taking the time to break all of the cap situations down, this really is awesome work.

    I have a question for you. The Steelers are about as frugal and responsible as it gets in the NFL when it comes to spending in free agency. What do you believe to be the reason for our cap struggles? Are we too good at drafting and unable to pay for all of our talent? Are there poorly structured contracts at a certain position?

  • Mikey Hoje

    Dave and or others please clarify: if restructure means players get paid sooner as in this year, doesn’t that put pressure on this year’s cap numbers instead of worrying about it in future years?

  • SteelersDepot

    It’s the price you pay for having a franchise quarterback for starters. Secondly, other players need to be paid as well. They had to pay Woodley, Timmons, Polamalu & Taylor as well. Contrary to belief, they did not overpay and the contracts were smartly constructed. People are making a much bigger deal out of this than what it is. The roster is slowly getting younger in the process.

  • SteelersDepot

    In a restructure, players are getting the money they are already scheduled to earn this year via signing bonus, which can in turn be accounted for cap wise over the remaining years of the contract instead of this year.

  • Mikey Hoje

    Great concise explanation, Dave. Thanks! Wikipedia’s version is 6 pages long! 🙂

  • walter mason

    I dont like the thought of restructuring Woodley.

  • How confident is everyone that we will resign Keenan Lewis? Also how much could the Steelers gain by trading the 1st round pick? Thanks

  • SOnMyChest

    I don’t think our cap situation is a big deal. Our front office is one of the best in the league, I trust in Khan and Colbert. I wish there was a way to be rewarded for retaining the players you draft

  • zyzak

    Not confident, he will test the open market, not much by trading. Draft picks are cheaper than signing free agents

  • zyzak

    Thanks, but Harrison is the 80# gorilla in the room Figuratively speaking

  • steeltown

    Im somewhat confident.

    Colbert said it best, No ones job is safe, we were 8-8

    I truly could see Harrison, Colon and maybe even Cotchery released. That would free up more than enough to sign K.Lewis, Foote, Will Allen and maybe even Breaston… remember Foote and Allen will be relatively cheap and Lewis and Breaston (if signed) will be given deals with LOW 2013 base salaries

  • SteelerDave

    I wish Khan was in charge of the countries economy. His value is to us is often never understood. Thank you.

  • walter mason

    Yea we could keep borrowing in the present and push the debt to future years..

  • walter mason

    I think that was one of the excuses used for restructuring that the cap would go way up in future years plus inflation. But in this economy, there is no guarantee (the cap will keep going up).

  • SteelSpine

    Other teams over cap been doing this same restructurings, this offseason & during the past offseasons. I too appreciate it but all teams have someone someone who does that same function – hard for me but not for them.

    Interesting thought of whether they could simplify U.S economy, Steelers are on fiscal cliff but will avoid the March 12th falloff, unlike our congress is about to do. Restructuring football bonuses to push back inevitable into down-the-road, might be like our deficit & the recent pushing back of creating a balanced budget. Ahh if our economy were this easy to fix; & at-least Steelers paying just Kahn to fix budget, instead of many congressmen:)