Dolphins' Grier gets started on restructuring contracts to create workable space

Terron Armstead and Jalen Ramsey agreed to restructured deals which will save the Dolphins about $40 million in cap space.

Chris Grier has restructured five contracts as of Monday night putting the Dolphins under the salary cap number of $255.4 million well in advance of Wednesday's 4 p.m. deadline. It means that Stephen Ross will write big checks to players as signing bonuses.
Chris Grier has restructured five contracts as of Monday night putting the Dolphins under the salary cap number of $255.4 million well in advance of Wednesday's 4 p.m. deadline. It means that Stephen Ross will write big checks to players as signing bonuses. / Joel Auerbach/GettyImages
facebooktwitterreddit

Chris Grier broke out his thinking cap and his pencil and paper and went to work on restructuring five player contracts Monday night to get the team compliant with the 2024 salary cap number of $255.4 million, which had to be done by 4 p.m. on Wednesday. Grier is ahead of schedule and will get more space once an additional restructured contract is approved by the league by this afternoon.

Jalen Ramsey, Zach Sieler, Alec Ingold, and Durham Smythe agreed to restructured deals Monday night clearing out a total of $28.78 million according to NFL Network. Terron Armstead also agreed to a restructured deal, but the total savings on his deal has not been announced as of yet as the contract needs to be approved by the league.

Miami was handcuffed on its first day of free agency as it started the day $25 million over the allotted cap figure. Grier's moving contracts around and turning high base salaries into signing bonuses allowed the Dolphins to get compliant. The base salary is charged against the cap in full, but bonuses are prorated over the life of the contract. Therefore, the restructured players will get big bonus checks and smaller base salaries. That translates to more immediate and guaranteed money.

The process is a win-win for both sides as the team gets the restructuring that they need to add players, and the player gets more guaranteed money and a lump sum payment. Players make out better in the long run and most players do not oppose restructuring.

Jalen Ramsey
Dec 24, 2023; Miami Gardens, Florida, USA; Miami Dolphins cornerback Jalen Ramsey (5) reacts on the field before a game against Dallas Cowboys on Christmas Eve. Ramsey agreed to a restructured contract Monday afternoon which saved the Dolphins almost $20 million under the cap. / Sam Navarro-USA TODAY Sports

Ramsey's contract yielded the biggest savings at $19.8 million which was converted to bonuses. Armstead should be in that same neighborhood once the figures are announced or released on Tuesday. According to Spotrac, the Dolphins converted $13. 89 million of Ramsey's salary plus an $11 million roster bonus into a signing bonus and added a voidable season.

Armstead announced on Sunday that he would return for the 2024 season and would agree to a new cap-friendly deal with the Dolphins.

Look for Miami to approach Tyreek Hill and others to restructure deals in the coming days so they can accumulate more cap room and sign more and better players at key positions.

feed