The New Orleans Saints have begun their yearly cap-clearing process, aided slightly by the NFL’s record $279.2 million salary cap for the 2025 season. However, the team still found itself more than $40 million over the cap and is now working to reduce that figure.
On Wednesday, the Saints restructured veteran center Erik McCoy’s contract, freeing up just over $7 million in cap space. This move brings their cap overage down to $39.5 million, but with the new league year set to begin on March 12, they still have significant work ahead to clear the remaining amount.
Saints restructure Erik McCoy’s contract
McCoy’s restructure will clear more than $7 million in cap space for the Saints, according to a source. https://t.co/tIatApBMrY
— Nick Underhill (@nick_underhill) March 6, 2025
McCoy was an obvious candidate for a contract restructure in New Orleans. The veteran center, coming off back-to-back Pro Bowl seasons, remains a key piece of the team’s future. With three years left on his current deal, the Saints had flexibility to shift money around and lower his cap hit for 2025.
However, the team won’t have many more easy restructures like this. Much of their cap space is tied up in high-paid veterans nearing the end of their careers. Since New Orleans doesn’t appear to be planning any major cuts or extensions for these players—and pay cuts seem unlikely—it remains unclear how they will free up the remaining cap space.
That said, the Saints always seem to find a way. Every offseason, their cap situation looks dire, yet they manage to get compliant before the deadline. With GM Mickey Loomis expressing a desire to be more active in free agency this year, the front office will have to work even harder to create room for potential signings.
It’ll be interesting to see what other moves the Saints make in the coming days as they try to clear space without jeopardizing their long-term financial flexibility.
