Where Dolphins stand with cap — after latest big moves last night — and free agent nuggets
The Dolphins — $16 million over the salary cap just two days ago — now find themselves $29 million under the cap, after restructuring the contracts of two of their best players in the past 24 hours. And they still have the potential to clear out another $20 million or so if they wish in the days ahead.
The team restructured Terron Armstead’s contract late Thursday, freeing up $11.9 million in space and moving the Dolphins from $1 million over the cap to $11 million under.
And then they freed up about $18 million by restructuring Tyreek Hill’s contract Friday morning, pushing their currently available cap space to $29 million under.
There’s much work to do. The Dolphins have 27 free agents and need to sign two cornerbacks, two running backs, a veteran tight end, several backup offensive linemen, at least one safety, two backup edge players and a backup quarterback.
The Dolphins, last year, cleared out space as they went along, so they might not feel the need to clear out any more immediately.
But how could the Dolphins clear out more than the $29 million they have now?
Restructuring Emmanuel Ogbah or Jerome Baker could push the cap space above $40 million.
More room could be created with an extension for center Connor Williams, which would lower his $8.4 million cap hit.
Giving Christian Wilkins a longterm deal, which the team wants to do, could lower his $10.7 million cap hit.
So with Ogbah/Baker restructures and a Wilkins extension, Miami could potentially clear out more than $45 million in space, not including Byron Jones’ cap savings in June.
Cutting tight end Durham Smythe and fullback Alec Ingold would carve out $6.5 million in space, but I wouldn’t recommend that; both are solid players. Keion Crossen’s entire $3.2 million cap hit would be eliminated if he’s cut; that could be a consideration.
One other possibility would be trading receiver Cedrick Wilson Jr.; Miami likes Wilson — and sees a role for him next season — but certainly will listen if presented with a trade proposal, according to a source briefed on the matter. That makes sense, considering the big cap hit.
Keep in mind that his $8 million cap hit shrinks to only $7 million if he’s cut before June 1, so cutting him is pointless.
Trading him before June 1 creates $6 million in cap space; trading him after creates $7 million.
Also keep in mind that former Miami Hurricanes receiver and skilled returner Braxton Berrios, who was released by the Jets on Friday, likes the Dolphins, and the Dolphins pursued him last March before he signed a two-year, $12 million deal with the Jets. Wilson was the Dolphins’ returner during the second half of the season.
As for Armstead, his restructuring cut his 2023 cap number from $21 million to just more than $9 million.
As for Hill, his $16 million base salary and $10 million roster bonus were converted into mostly bonus money, with a low base salary of just more than $1 million. That freed up $18 million.
Teams must be under the cap by 4 p.m. Wednesday; legal negotiations with other teams’ free agents can begin at noon Monday, but nobody can sign until after 4 p.m. Wednesday.
And keep in mind that cap space can go quickly.
A backup quarterback alone could take up more than a fifth of the space if Miami stays at $29 million (not including the $13.6 million in cap savings on Byron Jones — which cannot be used until June 1.)
That’s why not every need is necessarily going to be filled next week.
Perhaps the Dolphins will need to wait until the draft, or pluck from summer free agent leftovers, to add another tight end, or a second or third running back or even a safety. Remember, $13.6 million becomes available June 1 when the Jones release offers additional cap relief.
So the Dolphins need to prioritize. I will be surprised if next week passes without Miami adding a veteran cornerback, a quality inside linebacker and a backup quarterback.
Other positions could require patience. With some free agents the Dolphins want back, the lack of cap space could factor in.
For example, Drew Rosenhaus said on his WSVN-Fox 7 segment last week that there’s mutual interest between the Dolphins and running back Jeff Wilson Jr.
An agent for a free agent running back with an NFC team said Wilson should have a good market; if he can command a contract similar to Chase Edmonds’ last season (two years, $12 million), then the Dolphins might not be able to afford that.
The Dolphins have interest in keeping free agent receiver Trent Sherfield and have said they would be happy bringing back their top backs (Raheem Mostert and Wilson). The question is whether another team offers more to any of these players than Miami wants to allocate for those jobs.
Under any scenario, there’s not enough money to sign extremely pricey players at every position of need — cornerback, inside linebacker, running back, tight end, backup offensive line (some might say right tackle), backup quarterback, a third safety or a starter to play alongside Jevon Holland.
Can Miami spend big money on several of those positions? Absolutely. But all of them? That’s not realistic.
So if every need isn’t filled next week, be patient, Dolfans. The cap space war chest grows by nearly $14 million in June, and there will be decent free agents who fall through the cracks who will be available in June and July. Miami also can wait until June 1 to sign its draft class.
▪ If the Dolphins don’t tender Salvon Ahmed at the lowest amount ($2.8 million), they could try to keep him on a cheaper deal; that’s what I would expect. They’ve shown some interest in retaining Justin Bethel.
I expect offers for their top running backs (Mostert and Wilson), among others. Nik Needham said in January that Miami wants him back.
Most fascinating will be how inside linebacker unfolds. People who have spoken to the Dolphins expect them to aggressively pursue an inside linebacker; the question is whether that player replaces Elandon Roberts or Jerome Baker or supplements both.
This story was originally published March 10, 2023 at 9:28 AM.
