The Patriots needed to create salary cap space in order to accommodate the addition of wide receiver DeVante Parker. They have reportedly accomplished that.
According to ESPN’s Field Yates, defensive end Deatrich Wise Jr. has agreed to restructure his contract to help the team make room for Parker under the cap. They’ve converted $2.85 million of Wise’s salary into a signing bonus, which can now be spread out over the next three seasons on the cap. The move ultimately created $1.9 million in cap space for 2022.
Parker is on the books for a cap hit of $6.04 million in 2022, and total cash spending of up to $6.25 million. The cash and cap hit for 2023 are both $6.3 million, per Spotrac.
Wise originally signed a four-year deal with the Patriots worth up to $22 million. This restructure doesn’t create any new money for him. It’s essentially a cash advance that pushes cap money down the road.
According to Pats cap expert Miguel Benzan, the Patriots now have about $1.02 million in cap space. They’ll need to create more room to sign all their draft picks. Cutting receiver N’Keal Harry, who seems like the odd man out after the Parker trade, would create about $1.1 million in extra space. So it’s likely more cuts and/or restructures are coming before the draft.
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