The Patriots have opened up some much-needed cap space prior to the NFL’s trade deadline. NFL.com’s Tom Pelissero reports (via Twitter) that the team restructured cornerback Stephon Gilmore’s contract, opening up $3.7MM of cap space in 2018.
ESPN’s Mike Reiss has some more info on the reworked contract (via Twitter), noting that $4.95MM of Gilmore’s base salary was turned into a fully guaranteed roster bonus, which is prorated over four years. Gilmore is still due his full $9MM for 2018, and the move will add an extra $1.2375MM to the cornerback’s cap numbers between 2019 and 2021 (via Ben Volin of the Boston Globe on Twitter).
The move will provide the Patriots with a bit more flexibility as they approach the October 30th trade deadline. While the organization was previously rolling with a bit more than $1.6MM in cap space, today’s move increases that number to around $5.3MM in space. This will allow the front office to fill a number of holes, with Volin pointing to needs at running back, linebacker, and defensive end.
After spending the first five seasons of his career with the Bills, Gilmore joined the Patriots on a five-year, $65MM deal ($31MM guaranteed) prior to the 2017 season. The former first-rounder had an up-and-down campaign during his first season in New England, finishing with 50 tackles, nine passes defended, and two interceptions in 13 games. In six games this season, the 28-year-old has compiled 22 tackles, eight passes defended, one interception, and one forced fumble.