Restructured Contracts: Saints, Floyd, Hyde, Barrett

While teams are currently focused on adding free agents, some front offices are looking to carve out some extra cap space. We’ve collected some of today’s restructured deals below:

• The Saints opened up some extra cap space earlier today. According to ESPN’s Field Yates (on Twitter), the team restructured the contracts of defensive tackle David Onyemata and offensive tackle James Hurst. The moves saved the team an extra $7.015MM. Onyemata inked a three-year, $27MM deal with the Saints in 2020, and he already reworked his contract last offseason. A year ago yesterday, Hurst inked a three-year, $9MM extension with New Orleans.
• The Rams opened up $12MM in cap space by reworking Leonard Floyd‘s contract, according to Yates (on Twitter). Floyd signed a four-year, $64MM extension with the organization last year. In two years with the Rams, the edge rusher has collected 20 sacks, and he’s added another four in six playoff games.
• The Bills converted $5.68MM of safety Micah Hyde’s contract into a signing bonus, opening $4.54MM in cap space, per Yates (on Twitter). The veteran signed a two-year, $19.25MM extension with Buffalo last offseason. Hyde has spent the past five seasons in Buffalo, earning a pair of Pro Bowl nods while only missing a pair of regular season games.
• The Buccaneers restructured Shaq Barrett’s contract, per NFL Network’s Ian Rapoport (on Twitter). The move should open up just under $10MM in cap space, according to Greg Auman of The Athletic (on Twitter). After playing the 2020 season under the franchise tag, Barrett inked a four-year, $72MM deal ($36MM guaranteed) with the Buccaneers last offseason.