NEW ORLEANS, LA (WVUE) - The Saints created $4.8 million in cap space by a simple restructure in Cam Jordan's contract, ESPN reports. Jordan's $6 million roster bonus has been converted into a signing bonus and will now spread over the final five years of his current contract.
The move was an obvious one to make. The contract was structured so that it would create present cap space. The Saints are now an estimated $5-$7 million under the salary cap. More cap space will be coming when Drew Brees signs his eventual extension.
Thus far, the Saints have restructured Jordan and Dannell Ellerbe and released Jahri Evans, David Hawthorne and Ramon Humber. An eventual release of Brandon Browner is also likely.
All in all, the moves prove what Mickey Loomis said after the season when he claimed the Saints salary cap situation isn't great but it isn't as dire as it was made out to be.