By Mike Grimm
NFL Network is reporting that the Eagles have restructured Jake Elliott’s contract, saving around $2.5 million.
Elliott would have had a cap hit of over $5.8 million in 2023, but just under $4 million of that was base salary. So the Eagles restructured the deal to save cap space by paying out most of that $4 million (up until the minimum base salary) in a bonus that prorates over the length of the contract for cap purposes.
Previous base salary: $3,995,000
New base salary: $1,080,000
Previous cap hit: $5,874,000
New cap hit: $3,382,000
Elliott is under contract through next season. His cap hit in 2024 is scheduled to be $5.952 million.
Before this move, the Eagles were projected to have just over $4 million in cap space, according to OverTheCap. The new league year will begin next Wednesday at 4 p.m.