Big names in the NFL are suddenly looking for new jobs because of a 'bloodbath' from a shrinking salary cap.
Jackson Thompson
- The NFL saw its first annual salary cap reduction in a decade.
- The cap went from $198.2 million in 2020 to just $182.5 million for this year.
- A handful of veterans have been cut due to the new financial restrictions.
The NFL suffered a salary cap reduction this offseason for the first time since 2011, as it shrunk from $198.2 million in 2020 to just $182.5 million this year.
The reduction came as no surprise, as the COVID-19 pandemic dug deeply into the NFL's revenue by harshly restricting fan attendance and causing overall economic turbulence that's put the league in an unfamiliar place in terms of finances.
With teams now scrambling to get under the new cap, a handful of highly-paid veterans have been, in essence, laid off due to the financial restrictions.
Here's a look at some of the players so far who are now looking for a new job after being a casualty of the league's reduced cap:
Golden Tate
The New York Giants released veteran wide receiver Golden Tate on March 3 after just two disappointing seasons in New York.
The Giants originally signed Tate to a four-year deal worth $36.3 million, with $22.95 million guaranteed in the 2019 offseason. Tate has played in 23 games in the two years since signing that deal and is coming off a season in which he totaled just 388 yards and two touchdowns for the Giants.
Tate was set to count for $11 million against the cap this year, but now the Giants will save $6 million by releasing him.
Tate, 32, could have a harder time finding his way onto another NFL roster after a career-worst year, especially with multiple controversial incidents. These include a postgame brawl with Los Angeles Rams cornerback Jalen Ramsey in Week 4 and a controversial gesture after a touchdown against the Tampa Bay Buccaneers in Week 8, which resulted in his benching the next week.
Kyle Rudolph
The Minnesota Vikings released Pro Bowl tight end Kyle Rudolph on March 2. Rudolph has spent his entire 10-year NFL career in Minnesota, earning two Pro Bowl nods and helping lead the Vikings to three playoff berths.
Rudolph was set to give Minnesota a $9.45 million cap hit in 2021, but now the Vikings will save $5.1 million after his release.
Rudolph was a fan favorite in Minnesota, and he even penned a letter thanking the organization, fans, and community in The Player's Tribune.
Eric Fisher and Mitchell Schwartz
The Kansas City Chiefs lost both of their starting offensive tackles on Thursday, cutting veterans Eric Fisher and Mitchell Schwartz. The two offensive tackles have been bookends on the Chiefs' offensive line together since Schwartz was acquired in 2016, who went on to be a first-team All-Pro in 2018. Before that, Fisher was Kansas City's first overall pick in the 2013 draft and has made two Pro Bowls during his career with the Chiefs.
The Chiefs were $21.5 million over the cap and were seemingly backed into a corner to release Fisher and Schwartz, which cleared up $18.3 million but still wasn't enough to get them under the cap for 2021.
The two tackles were key figures in Kansas City's vaunted high-powered offense over the last three years, helping Patrick Mahomes play at an elite level with top-tier protection on the outside. Mahomes got a glimpse at what life was like without the two tackles in the Super Bowl and had, arguably, the worst game of his career.
Fisher, 30, and Schwartz, 31, are now set to be the two most valuable offensive tackles on the free-agent market.
Kevin Zeitler
The Giants released veteran guard Kevin Zeitler on Thursday, after two seasons in New York as the team's highest-rated offensive lineman, according to Pro Football Focus.
Zeitler, 31, was set to make $14.5 million in 2021, but the Giants opted to save $12 million by cutting him, as they are one of the many teams looking to get under the new cap.
Zeitler's performance over the last two seasons should still make him a valued target for another team, as his 2021 season shows he's still got some football left in the tank.
Kwon Alexander
The New Orleans Saints released Pro Bowl linebacker Kwon Alexander on Wednesday after just half a season in New Orleans.
The Saints traded for Alexander from the San Francisco 49ers on November 10, taking on his four-year $54 million contract. However, by cutting him, the Saints will now save $13 million and won't take on any dead money from the deal.
Alexander suffered a torn Achilles in Week 16, which will surely hurt his value on the free-agent market, but he is expected to be ready by the start of the 2021 season.
Carlos Dunlap
The Seattle Seahawks released Pro Bowl defensive end Carlos Dunlap on Monday after just half a season in Seattle.
Dunlap was acquired via trade from the Cincinnati Bengals on October 28, and even re-worked his contract to take a $2 million pay cut, and racked up 4.5 sacks in eight games for the Seahawks.
However, the Seahawks have opted to release the veteran pass rusher to save $14.1 million against their 2021 salary cap. Dunlap, 32, will now be a viable option on the free agent market for a number of contending teams that are fortunate enough to be under the cap.
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