The Vikings’ Cap Has Some Built-In Pressure-Release Valves
Once the draft class gets signed, the Vikings’ cap is going to get pretty snug. All of the sudden, close to $17 million shrinks down to roughly $5.5 million.
Pretty modest, right?
Minnesota’s decision makers won’t be going on another spending spree. Or, at least, the spending will be far more restrained than what we saw in March. Even still, the Vikings have several options to shake some money loose. Kwesi Adofo-Mensah is working with player contracts that offer several pressure-release valves for Minnesota’s 2024 budget.
The Vikings’ Cap and The Chance to Create More Space
Start with the restructures. In many ways, this option is the simplest.
In theory, Adofo-Mensah could go to Brian O’Neill’s deal. The stud right tackle is working on a 5-year, $92.5 million deal that he signed when Rick Spielman was still the general manager. The current general manager could shrink the nearly $23 million cap charge in the present moment via restructure, shaving off nearly $9 million.
Now, it’s not all upside. At some point, the bill will need to be paid. Restructuring simply kicks money into the future. So, the decision to adjust a deal in this manner can’t be done without any regard for where things are going. The GM will need to do a cost/benefit analysis as he weighs whether to create more wiggle room for 2024.
The right tackle isn’t alone if Minnesota needs a bit more financial freedom for the upcoming months.
T.J. Hockenson could see his $14 million cap charge decrease by $7.1 million. Even players without more years left on their deal could see a similar tactic applied due to the presence of void years. Byron Murphy stands out since his $10.9 million hit could shrink by nearly $6 million.
More likely with Murphy, though, is an extension. That outcome could result in immediate savings that climb to $6.38 million. So, too, could a Harrison Phillips extension toss more money into Adofo-Mensah’s pocket (so to speak). Extending Horrible Harry has the potential to liberate $4.3 million in 2024.
Perched above all other options, though, is the impending Justin Jefferson extension.
Yes, that’s right: attaching the WR1 to Minnesota’s roster for years to come is the single most lucrative move for Minnesota’s 2024 cap, at least in terms of the realistic options. Trading the receiver, something that is not going to happen, would save more money; so, too, would a post-June 1 trade for right tackle Brian O’Neill. Neither option exists within the realm of possibility.
An extension has the potential to clear close to $15 million in cap space.
If the Vikings were to toss roughly $15 million onto the projected $5.5 million leftover after signing the draft class, then Adofo-Mensah would have more than $20 million to navigate the remainder of the offseason/season.
Not a limitless pile of money, the new total would still be a hefty chunk of cap space to take on the curveballs that will arrive.
The Vikings’ cap is a bit like an accordion, expanding and contracting as contracts move things back and forth. Just keep in mind that there are several pressure-release valves if there’s a need for more spending power in 2024.
Editor’s Note: Information from Over the Cap helped with this piece.
4 Potential Vikings Breakout Candidates
K. Joudry is the Senior Editor for Vikings Territory and PurplePTSD. He has been covering the Vikings full time since the summer of 2021. He can be found on Twitter and as a co-host for Notes from the North, a humble Vikings podcast.