As the 2024 NFL season approaches, the Las Vegas Raiders are facing an important offseason with roster needs and upgrades on both sides of the ball.
With a projected 2024 NFL salary cap of $240 million, the Raiders need to make smart decisions to optimize and improve their roster.
Let’s take a look at the Las Vegas Raiders salary cap status, including potential cuts, crucial signings and overall potential financial moves that could set them up for success next season.
Las Vegas Raiders current salary cap situation
Heading into the 2024 season, the Las Vegas Raiders have a salary cap of $249 million. After considering existing contracts, they currently have $213 million in cap liabilities leaving them with $36 million in available cap space, all according to OverTheCap.com.
Those numbers don’t include the 15 Raiders who are eligible for free agency. Some names on that list include running back Josh Jacobs, starting center Andre James, cornerback Amik Robertson, offensive lineman Jermain Eluemunor and defensive tackle Bilal Nichols.
Potential contract restructuring and releases for Las Vegas Raiders
Restructuring contracts is one way for the Las Vegas Raiders to clear cap space and they’ve used it effectively in recent years. Just last season, before he even took a snap, the Raiders restructured Jimmy Garoppolo’s contract to free up $17 million. They also restructured Jakobi Meyers’ deal in 2023 to free up another $3 million.
In Garoppolo’s case for 2024, his contract carries a cap hit of $28.3 million. The team may explore options such as releasing or restructuring his contract to free up an amount of cap space.
If Garoppolo is released before June 1, it would save the Raiders only $19,000. After June 1, that number jumps to $12.8 million and a pre-June 1 trade would save Las Vegas just over $11 million. Not a great position to be in for the mistake made by former GM Dave Ziegler and fired coach Josh McDaniels. It’s unlikely the Raiders will attempt to restructure his contract as they are surely ready to move on.
Another player worth evaluating is Hunter Renfrow. He currently counts for $14 million against the cap. The team must decide whether to trade him, release him or keep him on board while considering savings of $8.2 million against their salary cap if they release him by June 1. If they trade him before that date, Las Vegas would free up the same amount. Renfrow didn’t generate much trade interest last season and wasn’t utilized enough to increase his value in 2024. That all points to the Las Vegas Raiders releasing him.
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Las Vegas Raiders free agents and their impact on salary cap
The Raiders also have key players who will become free agents this offseason.
Decisions regarding players like Jacobs, James, Robertson and Eluemunor all could change the outlook of available cap space. The Raiders must find a balance between re-signing talent and managing the team’s cap space delicately.
Jacobs is particularly of interest as new head coach Antonio Pierce has a close relationship with him. Jacobs held out after being franchise tagged last year and signed a new contract for $12 million in 2023 which gives him the right to explore free agency. Depending what Jacobs demands on the market, he could outprice himself, meaning the Raiders would need to walk away from the player who ranks third all-time on the franchise rushing list with 5, 545 rushing yards and second all time with 46 rushing touchdowns.
Maintaining cap flexibility and exploring opportunities
With roughly $50 million in available cap space after accounting for potential cuts or trades, the Las Vegas Raiders will have some room to maneuver. Yet, with the NFL Draft approaching, and the team’s needs on both sides of the ball, here are ways they can work to free up more cap space:
1. Restructuring contracts
By converting base salaries into bonuses, they can spread out the cap hit over time and create cap space. If the two highest paid Las Vegas Raiders — Davante Adams and Maxx Crosby — agree to a restructured contract, they could realize another $25 million in cap space. With the need to select a young QB high in the draft, and possibility of signing both free agents on the offensive and defensive lines, this would help significantly.Â
2. Extending key Players
Offering contract extensions that are manageable in terms of the salary cap in the short term will help secure core talent. With Maxx Crosby continuing to dominate, and along with Adams being the face of the franchise, they could work out an extension to the four year, $94 million contract he signed with the Raiders in 2022 which would save the team nearly $14 million in 2024.
Right tackle Kolton Miller is also a candidate for an extension as he has just two years remaining on his three year, $54.015 million contract extension he inked in 2021. By extending Miller, the anchor of their offensive line, they would save another $9 million.
3. Draft considerations
While you see big bonuses and contracts dolled out to first-rounders, most of that is signing bonuses which don’t count against the cap. Considering the Las Vegas Raiders draft class may cost around $5 million against the 2024 salary cap, the Raiders can strategically fill roster spots with promising young talent ensuring a blend of experienced veterans and impact rookies.
The Raiders salary cap situation for 2024 is like solving a puzzle with moving pieces. Through cuts, savvy signings and careful attention to the draft process, they can navigate the challenges posed by salary constraints while building a competitive team that remains financially sustainable. The decisions made in the months will be pivotal in shaping not only their on-field performance but also their financial stability.