Analysis: Where Seahawks’ salary cap sits after DK Metcalf’s contract restructure
SEATTLE – The Seahawks entered the weekend in the bottom three in the NFL in available cap space remaining for the 2024 season.
So it was apparent the Seahawks had to do something soon to create some room.
It was revealed Tuesday what they did – converting $11.875 million of DK Metcalf’s $24.875 million salary for this season into a bonus.
That means Metcalf gets the money now as opposed being paid throughout the season.
The Seahawks added three void years to Metcalf’s contract, allowing them to spread out the cap hit of that bonus over four additional years, from 2025-2028.
That cleared $9.5 million in cap space for this year and increased their available cap space to $13.24 million.
By adding the void years, it added only $2.375 million more onto his cap hit for the 2025 season and added hits of that amount for the seasons 2026-2028.
That does not mean Metcalf is under contract with Seattle for those seasons. Adding void years is simply an increasingly common tactic used by NFL teams to spread out cap hits into future years.
Metcalf is still due to be a free agent following the 2025 season, even though the Seahawks will have to account for him on the cap in 2026, 2027 and 2028. Restructures such as this typically do not involve any negotiating with a player and are written into the initial contracts as an option that can be enacted down the road.
Restructures inevitably raise the question of whether another move to add salary is afoot.
But such restructures are common this time of year as teams readjust their caps as the regular season begins.
The Seahawks made a similar move at this time a year ago with safety Jamal Adams to add $6.61 million in cap space.
No other big moves followed as it became apparent the Seahawks cleared out that space to assure they could get through the season and create flexibility in case there were moves to be made down the road.
One item the Seahawks have to account for is the 17-man practice squad, which according to OvetheCap.com counts for just more than $4.1 million (that number could change based on future moves).
While the Seahawks have more space, they rank 15th in cap space among all teams. Seven teams have $23.8 million or more led by the 49ers, who despite continuing to re-sign veterans still have $55.98 million in cap space left for 2024.
The move also doesn’t impact Metcalf’s future other than to reinforce that he will almost certainly be under a new contract with the Seahawks in 2025.
As is common, Metcalf’s cap hit was because of an increase in its final season.
It was set to be $29.5 million and jumps to $31.875 million in 2025.
That is the second-highest cap hit for the Seahawks in 2025 behind only the $38.5 million for quarterback Geno Smith, whose contract was similarly restructured in the spring.
Tyler Lockett’s 2025 cap hit stands at $30.895 million and the deals of Smith, Metcalf and Lockett account for just more than $101 million of the cap expenditures for 2025 of $279.4 million.
That is roughly $19 million over the $260 million 2025 total cap number that is projected.
Only two teams are listed with less cap space for 2025 than the Seahawks – the Saints, who are $98.6 million over the cap, via OvertheCap.com, and the Browns, who are at $68.4 million.
The Seahawks not only have to get under the cap but get under it by enough to make some significant moves to improve the team in 2025.
Seahawks general manager John Schneider knows that better than anyone and surely has it mapped out how the team will make the cap work moving forward. The move with Metcalf this week was surely done with those models in mind.
It’s worth remembering the 2022 rookie class will be eligible for contract extensions following this season.
That’s a group that includes four players who, judging by how they played Sunday, will not only likely want new, far-richer deals in 2025, but will be deserving of them – left tackle Charles Cross, edge rusher Boye Mafe, running back Kenneth Walker III and cornerback Riq Woolen.
Cross’ situation will be among the most interesting.
As a first-round pick, the Seahawks could exercise a fifth-year option on his contract for the 2026 season, which by the estimations of OvertheCap.com would give him a salary of $17.74 million for that year. That number is fully guaranteed once enacted and the deadline to enact those options is May 1, 2025. That number could jump to $21.8 million if Cross makes the Pro Bowl this year, which judging by Cross earning the highest grade of any player at his position from Pro Football Focus in Week 1 isn’t out of the realm of possibility
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Players have generally preferred to get new long-term deals instead of the fifth-year option so they get a bigger payday earlier.
It’s also often preferable for the team for cap purposes, so they don’t have to take that massive leap in salary all in one year.
The Seahawks have not used a fifth-year option since it was introduced as part of the 2011 CBA, declining it on six other first-round picks since, the most recent being linebacker Jordyn Brooks. Brooks became a free agent following the 2023 season and signed with Miami.
That’s a scenario the Seahawks will almost certainly want to avoid with Cross.
And we haven’t mentioned that Smith acknowledged last week his representatives have already asked about an extension.
The Seahawks aren’t going to give him one now, but could after the season, a deal that might double Smith’s average per year of $25 million (or, at least, Smith would likely hope so).
Metcalf is also sure to get a new deal and bring down his 2025 cap hit while assuring he stays with the team long into the future.
The restructure of Adams’ contract and pushing out of some of his cap hit obviously did nothing to assure his future with the team as he was released in March. The Seahawks decided to take all of Adams’ remaining cap charge this year, a $20.8 million dead cap hit.
That’s the largest single-year dead cap hit the Seahawks have taken for a player aside from Russell Wilson in 2022 following his trade to Denver, $26 million, which at the time was the second-largest in NFL history.
Adams’ dead cap hit helped put the Seahawks in the relatively tight cap situation that Metcalf’s restructure was made to help alleviate.
All of which is a long way of saying that the Seahawks will be busy next winter and spring constructing the 2025 roster to make it work well cap-wise.