Patriots needed to create salary cap space to accommodate adding wide receiver DeVante Parker. They would have accomplished that.
According to ESPN’s Yates Field, defensive end Deatrich Wise Jr. has agreed to restructure his contract to help the team make room for Parker under the cap. They converted $2.85 million of Wise’s salary into a signing bonus, which can now be spread over the next three seasons on the cap. This decision ultimately created $1.9 million in cap space for 2022.
Parker is on the books for a 2022 cap of $6.04 million and total cash spends of up to $6.25 million. Liquidity and cap reached for 2023 are both $6.3 million, per spotrac.
Wise originally signed a four-year contract with the Patriots worth up to $22 million. This restructuring does not create fresh money for it. It is basically a cash advance that pushes money from the ceiling down the road.
According to the Pats cap expert Michel Benzan, the Patriots now have about $1.02 million in cap space. They will need to create more space to sign all of their draft picks. Cutting wide receiver N’Keal Harry, who appears to be the odd man out after Parker’s trade, would create about $1.1 million in additional space. It is therefore likely that other cuts and/or restructurings will arrive before the draft.
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