Dolphins restructure deals to open up more cap space
The Dolphins restructured the contracts of linebacker Bradley Chubb and running back Jeff Wilson Jr. in recent days, primarily to fit all of the team’s recent signings under the salary cap.
And the Dolphins are not done trying to add quality players. They’ve shown interest in at least two players who would command deals more than a bit over the minimum, per sources.
But Miami has only a few million dollars in space under the cap at the moment, and might need to create more space to make competitive bids for those players.
The Dolphins are still looking for a No. 3 receiver, another veteran guard, another edge rusher or two, more backup defensive backs and another defensive tackle.
Chubb’s restructure was achieved by converting $13.75 million in base salary to a signing bonus. That created an extra $11 million in space for Miami and lowered his 2024 cap number from $26.9 million to $15 million, as ESPN’s Field Yates first reported.
As The Miami Herald first reported, Wilson accepted a pay cut from $2.6 million to $1.125 million, a move that dropped his cap hit from $3.68 million to $2.357 million.
In exchange for doing that, Wilson was guaranteed $400,000 that wasn’t otherwise guaranteed ($200,000 of his base salary and a $200,000 signing bonus).
He also can make an additional $100,000 in a workout bonus and can make $255,000 if he’s active every game this season.
He can earn another $550,000 in incentives that involve combined rushing and receiving yards and team performance.
The fact that the Dolphins
restructured Wilson’s deal — instead of releasing him — confirms he’s in the team’s plans. Miami could return in 2024 with the same running back room: Raheem Mostert, De’Von Achane, Wilson, Salvon Ahmed and Chris Brooks. All five are now under contract.
While the Dolphins’ cap space remains modest, they’ll get an additional $18.5 million in space June 1 when much of Xavien Howard’s dead-money hit comes off Miami’s books. And Miami can create significant cap space at any time by restructuring or extending Tyreek Hill’s contract.
Agent Drew Rosenhaus vaguely mentioned a possible Hill extension during his WSVN-Fox segment Sunday, without suggesting there are ongoing discussions.
The Dolphins could create additional space by giving Tua Tagovailoa a long-term contract; the sides are in discussions.
Such a move could lower Tagovailoa’s $23 million 2024 cap hit by $10 million or so.
The restructure with Chubb likely won’t be the last during his time in Miami. He still has very high cap numbers in 2025, ’26 and ’27 (a bit over $29 million each of those three seasons). He has a $2.75 million void year cap hit in 2028, when he will no longer be under contract.
HAYNES VISITS
Phil Haynes, who started at guard in his eight appearances for Seattle last season, visited Dolphins headquarters Monday but did not immediately sign a deal.
Haynes, 28, won the Seahawks’ right guard job last year but went on season-ending injured reserve in November with a toe injury.
He has appeared in 31 games with 13 starts for Seattle over his five NFL seasons.