Locked On Titans - Daily Podcast On The Tennessee Titans - Tennessee Titans Cap Situation: Current Cap Space, Salary Cuts & Restructure Candidates
Episode Date: February 18, 2022The Tennessee Titans are in a sticky spot when you look at their current cap space situation, BUT have no fear because Tyler is here to outline exactly how they can create anywhere from $0-$84 million... in cap space!! First, what is the Titans cap space number right now? What are potential options to increase the number and what do they need the money for! Next, who can be cut, how much money would it save and who SHOULD be cut? Finally, what contract restructure options are available, who should be restructured and how much cap would that realistically create?? Tons of financial answers on today's show!!Follow Tyler on Twitter @TicTacTitansFollow the show on Facebook @LockedOnTitansPodSubscribe to the Locked On Titans YouTube channel:https://www.youtube.com/channel/UCP3332GMOh4y5PX3q9NFybwSupport Us By Supporting Our Sponsors!Built BarBuilt Bar is a protein bar that tastes like a candy bar. Go to builtbar.com and use promo code “LOCKED15,” and you’ll get 15% off your next order.BetOnlineBetOnline.net has you covered this season with more props, odds and lines than ever before. BetOnline – Where The Game Starts!Rock AutoAmazing selection. Reliably low prices. All the parts your car will ever need. Visit RockAuto.com and tell them Locked On sent you. Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Welcome to the Locked on Titans podcast.
I am your host, Tyler Rowland.
Titans fans, it is a Financial Friday edition of the Locked on Titans podcast.
On today's show, we are going to take a look at the Tennessee Titans financial situation
heading into the 2022 offseason.
How much cap space do they have right now?
How much cap space do they have right now? How much cap space can they create? And how exactly can they not only create more cap space,
but utilize that cap space in the most efficient way possible?
It's all about the money on a Friday edition of the Locked on Titans podcast.
Let's get it!
You are Locked on Titans, your daily Tennessee Titans podcast.
Part of the Locked On Podcast Network, your team every day.
Titans fans, it is a financial Friday edition of the Locked On Titans podcast.
We are going to talk about the Titans salary cap situation, how they can create more, how
they can use it, all of that on today's show.
If it ain't about the money, then we ain't talking about it today.
So we are going to dive into all of that.
Before we do, I want to thank you guys for making the Locked on Titans podcast your first
listen every day.
If this is your first ever listen to the Locked on Titans podcast, I am your host, Tyler Rowland,
been a Tennessee Titans fan since the team moved to Nashville.
I have a focus on the X's and O's.
I'm always breaking down the tape, breaking down the scheme, but we also focus on all
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And I'm going to be pumping out daily, Monday through Friday,
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But it's a fantastic Friday here on the Locked on Titans podcast.
Let's get into some money talk.
To begin this talk and begin this conversation,
we have to start from where the Titans are financially right now.
And a lot of great websites out there to track this stuff.
You got places like SpotTrack.
You got places like OverTheCap that do a great job
of not only giving you the information,
but allowing you to mess with it.
So that's exactly what I've done to kind of create a path here
for the Tennessee Titans to maximize their cap space,
but in a smart way,
because right now,
if you take a look at the Titans situation,
they have negative $8.7 million in cap space.
That's right.
They are in the negative.
So obviously moves are going to be going to be
made to fix that issue, but it's not just about getting back to good and getting back to having
some cap space. It's about maximizing that cap space because the reality here is the Titans have
a lot of holes that they need to fill. If they want to make a Superbowl run in 2022, they got
a lot of moves that need to be made. If they want to get back to how well they played in 2021.
You look at holes like wide receiver three,
tight end one, the right tackle position,
depth on the defensive side of the ball in the front seven.
All of that will require cap space.
And not only that, but the Titans have to sign their draft class,
which will take anywhere from $7 to $11 million.
So they have to carve out a significant amount of space between now and the beginning of free agency
in the middle of March.
How can they do it?
Well, yesterday's episode with the esteemed,
as he enjoyed being called Will Lomas,
we talked about six cut candidates for the Titans
and kind of worked through what the
Titans would do with those positions if they made those cuts.
And we talked about how the Titans would go about filling those needs that they would
have after these cuts, who should be cut.
If you want a deep dive on that, check out yesterday's show.
But today I want to focus solely on the money and how to create more cap space.
on the money and how to create more cap space.
And the cut candidates, Taylor LeJuan, Roger Saffold,
Zach Cunningham, Jack Rabbit Jenkins, Brett Kern, and Kendall Lamb.
But it doesn't just stop with the people who are able to be cut and the money that can be saved that way.
There are also ways to restructure the contracts of players
that you already have on the roster
and under contract that can carve out more cap space as well.
And that restructure process has become in vogue in the NFL in recent years.
So just to say this, the Titans do have the ability to save themselves $92 million
and create $84 million of cap space this offseason.
Now, I got to tell you, I think that that is a bit unlikely.
I think the Titans would put themselves in a tough spot if they did so.
What would that require?
Well, the Titans would have to cut all six of the salary casualty
candidates that we talked about yesterday that I just mentioned. LeJuan, Saffold, Zach
Cunningham, Jackrabbit, Jenkins, Brett Kern, and Kendall Lamb. If they were to do that,
that would carve out $47 million in savings. That would bring the cap space to $38.4 million.
in savings. That would bring the cap space to $38.4 million. Then they have the ability to restructure six different players, Ryan Tannehill, Bud Dupree, Kevin Byard, Derek Henry, Julio Jones,
and Danico Autry. And if they were to restructure all of those players, that would carve out an about an additional $44 million in cap space.
So that's $92 million in savings, $84 million in cap.
Now, as I said before, if they were to do all of that,
not only are they putting themselves in a tough spot from a roster standpoint,
having talented players, that's too many players to cut and replace.
But when you restructure these players,
you're pushing money into the future.
You're basically, it's like getting drunk.
You know, you're having a good time today,
but the bill will come due tomorrow.
So just how hungover do the Tennessee Titans want to be
from a cap space standpoint?
Well, I don't think that they're going to do all six cuts.
I don't think they're going to do all six restructures. But now that we know what the possibilities are in the
$84 million in cap space, let's go about this in a more responsible way that doesn't completely
decimate the roster and decimate future cap situations. We're going to talk about that
as we go through today's show. But here's the basis.
We know the six players that can be cut, the six players that can be restructured.
We know the Titans hit it minus $8.7 million in cap space. So let's talk about what I think they
actually should do to create enough cap space to make the team better while also keeping the pieces
and keeping their financial future intact.
So we're going to get to that as we continue talking on this Financial Friday edition of
the Locked on Titans podcast.
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Titans fans, let's continue this Financial Friday edition of the Locked on Titans podcast.
We just set the foundation.
We set the basis of the conversation.
The Titans are in the negative when it comes to cap space, $8.7 million, but they have
avenues to create $84 million in cap space.
Now, as I mentioned before, doing that would pretty much decimate the team
and really hurt the Titans financial future. So what are some responsible ways to go about
creating enough cap space for the Titans to improve without taking too many steps back?
Well, let's dive back into the conversation about cuts. Now, yesterday, as I mentioned,
we talked about the roster ramifications of making cuts,
how to replace the talent that you're losing,
because we can look at this as simple numbers and money,
but the Titans can't just cut all of these players
because they're going to be in a tough spot from a roster standpoint.
Too many holes to fill, even if you create the cap space.
So, going back over the cut candidates for the Titans.
Roger Saffold.
The Titans could create $10.5 million in cap savings
from cutting Roger Saffold.
Taylor LeJuan.
The Titans could create $12.9 million in cap savings
by cutting Taylor LeJuan.
But again, this is one of those crossroads points
as I talked with Will yesterday.
I do not believe that it would be responsible to cut both of those players.
One, you got Aaron Brewer, who can replace Roger Saffold.
Yeah, some people think you could slide Dylan Radins over to left tackle,
but I don't think going with that pairing on the left side is the right move for 2022,
the last year of the Titans' Super Bowl window with the core of this
roster. Now that's my opinion that the window would close after this season, but with that
being my opinion, when I create this responsible path to cap space, that's going to be part of my
decision making. So I don't think you could do that even though it would save you $23 million
in cap. You would have to dip into a lot of that cap space
to replace one of those guys with a valuable veteran.
So I don't think it makes sense to cut both of them.
With that in mind,
I think that you do cut Roger Saffold.
Save that $10.5 million there.
That way you could slide Aaron Brewer into that spot.
Maybe you slide Dylan Radins into that spot.
Maybe you draft an interior offensive lineman early in the draft that can compete for that spot, maybe you slide Dylan Radins into that spot, maybe you draft an interior offensive lineman early in the draft
that can compete for that spot, that's all possible,
and that would give you big-time savings as you got a guy on a rookie contract
filling that left guard spot.
And then you have Taylor LeJuan, a veteran, who can help that young guy out
and have him at left tackle.
And yeah, as we said yesterday, some people want Taylor LeJuan going,
but he's coming off an ACL surgery.
Guys always play better when they're a season removed from that injury.
And Taylor LeJuan is only the 14th highest paid offensive tackle in the NFL right now.
And I think if you're honest with yourself,
he is 14th or most likely better when it comes to ranking left tackles in the NFL.
So it makes sense to hold on to LeJuan,
but we'll talk about things to make LeJuan's money a little more palatable later in the NFL. So it makes sense to hold on to LeJuan, but we'll talk about things to make LeJuan's money
a little more palatable later in the show.
So for me, you got Taylor LeJuan and Roger Saffold.
I'm only cutting Roger Saffold.
That saved the Titans 10 million right there.
Jack Rabbit Jenkins, I think he's an easy cut.
His cap hit's going to be 10 million.
The Titans can save 7 million by cutting him,
so you cut Jackrabbit Jenkins.
Kendall Lamb as an offensive tackle didn't play well
when he was given opportunities to step in there.
And now the Titans have Dylan Raines.
I'd rather have David Questenberry back even as a role player and a backup
than keep Kendall Lamb for $4 million.
So you cut Kendall Lamb.
That gives you about $3.2 million in savings there.
And then this is an emotionally tough one to stomach, I know.
But the Titans need to cut bait with Brett Kern,
who is like the third highest paid punter in the NFL.
As mentioned yesterday, he has declined in yards per punt
five straight years in a row.
He's in his late 30s.
It's time for the Titans to create a new plan with their punter.
And you just can't simply pay your punter $3.2 million
with the situation the Titans have right now.
So I say you cut Brett Kern.
You look at those four cuts.
Saffold, Jackrabbit, Kendall Lamb, and Brett Kern.
You have just saved yourself $23 million.
You replaced Jack Rabbit Jenkins with Caleb Farley.
You replaced Roger Saffold with Aaron Brewer or Dylan Radins or a drafted rookie.
You replaced Brett Kern with a cheaper punter.
You could even bring Brett Kern back after you cut him if he really wants to be in Nashville.
You draft a punter.
You got an undrafted free agent guy in there. Kendall Lamb, his replacement is already available however you
want to look at it. So you're saving yourself $23 million while also not putting yourself in a
terrible spot from a roster and talent standpoint. So I really like those avenues right there. Now
as I mentioned before, if you did cut all six of those players,
including Taylor LeJuan and Zach Cunningham,
you are saving yourself $47 million,
getting you to $38.4 million in cap space.
But it's just my opinion that you put yourself in a tough spot when you do that.
You would have to go out and sign a veteran linebacker
worth $5, $6 million for depth purposes.
I don't think you can rely on Monte Rice just now.
You would have to go out and totally replace the left side of your offensive line
while you're already going to have to replace right tackle
when there's potential that you have to replace center.
The Titans don't want to go into next season having to replace four of their five offensive linemen.
So I don't think the route that they would go is to make all six of those cuts.
But I do think, as I said, you cut those four guys,
Roger Saffold, 10.5, Jackrabbit Jenkins, 7, Kendall Lamb, 3.2,
Brett Kern, 3.2, that carves you out $23 million in savings
and it gets your cap space to $19 million.
So I think that is a very shrewd move for the Titans
to cut those four guys out of the six people that make sense.
What we do have to discuss, which is even more in detail,
is the restructures.
What is a contract restructure?
What does that look like?
Why would a player do that? Why would a player do that?
Why would the team do that?
And who are the available candidates?
And who do I think makes sense to do that?
We are going to talk about that to cap off today's Financial Friday.
But what we've just done is we've cut four players and we've saved the Titans $23 million.
So going from there, we're going to dive into the restructure options for the
Titans, what they have on the table, what I think they should do and what it all means. Before we
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Titans fans, let's cap off this Financial Friday edition of the Locked on Titans podcast.
Looking at the restructure possibilities that the Titans have.
What does that mean?
What is a restructure?
Who's available?
And ultimately, based on my opinion,
who should they restructure? Because there are downfalls? Who's available? And ultimately, based on my opinion, who should they
restructure? Because there are downfalls
and there's upside, of course, to
that process. Before we get into that, I do
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But the first question, what the heck is a restructure?
Okay, well, like I said, it's like drinking alcohol.
You're sacrificing tomorrow's happiness for today.
So what happens with a restructure?
It has to be done with a person that has more years on their contract.
That's the number one thing.
You have to have more years on your contract.
What you do is, you take a player's salary.
So let's say, just for mock purposes,
these aren't true, but for mock purposes,
Ryan Tannehill's salary
is $15 million.
Okay. So what
you would do is, you would
take a big chunk of that,
let's say $10 million,
of Ryan Tannehill's $15 million
salary. You would convert
that salary
into bonus money,
into signing bonus money. Okay. And what happens in the NFL with
signing bonus money or any kind of bonus money is that dollar figure gets spread out over the
remaining years of the contract. So remember for mock purposes, let's say Ryan Tannehill has two
more years on his deal.
The Titans take $10 million
of his $15 million
salary and convert it
to signing bonus.
That means his salary is going to drop
to $5 million
which helps his cap hit for
the year, but then that bonus
money gets spread out
over the final two years of his contract.
So what the Titans are doing is they're lowering his cap hit this year,
but they're raising his cap hit in the following years
as that bonus money goes from being on the cap this year
to being spread out over the cap over the next few years.
So remember, that's not the exact numbers for Ryan Tannehill.
That is a mock situation, but that is so that you guys understand what they're doing.
They're taking salary for this season, converting it to bonus money
so that they lower the salary for this season and lower the cap hit,
and then that bonus money is spread out over the remaining years of the contract,
meaning that they're paying more for the player in future years,
but paying less for the player this year.
So the Titans have done this before.
They did it with Julio Jones last year after he was brought on board.
They've done it with Kevin Byard in the past.
Those things have happened.
So with that being said, with an understanding of what restructuring is,
the good and the bad,
who is available to be restructured for the Titans
and how much money would it even save?
Well, let's go through it here.
Ryan Tannehill, if you restructure his contract,
it would save the Titans $13.9 million.
If you restructure Bud Dupree's contract,
it would save the Titans $11 million.
If you restructured Kevin Byard's contract,
it would save the Titans $7.3 million.
If you restructured Derrick Henry's contract,
it would save the Titans $5.4 million. If you restructured Julrick Henry's contract, it would save the Titans $5.4 million.
If you restructured Julio Jones's contract,
it would save the Titans $5 million.
If you restructured Danico Autry's contract,
it would save the Titans $2 million.
Now, worth mentioning here,
there are other candidates that were cut candidates as well. Instead of cutting Taylor LeJuan and saving $12.9 million, the Titans could restructure his contract and it would save them $5.8 million.
would get if they cut him. Zach Cunningham's contract could be restructured and instead of cutting him and saving 10 million, it would save them $6 million. So if the Titans just restructure
the first six guys I mentioned, that saves them $44 million. So the possibilities here
are essentially endless, quite frankly. And like I said at the beginning of the show,
if the Titans were to restructure all six
and cut all six of the candidates that we discussed,
it would get them to $84 million in cap space.
Now, they're not going to do that
because, one, you're pushing a lot of money into the future then,
and you're getting rid of six players
that are going to be hard to replace as a totality.
So with that all in our minds,
what should
the Titans do?
Pretty
simple for me.
You cut Roger Saffold,
Jack Rabbit Jenkins, Kendall Lamb,
and Brett Kerner. That gives you
$23 million in savings.
You restructure
Kevin Byard,
Taylor LeJuan, and
Zach Cunningham.
You put all that together,
that saves you
$43 million
total. Now, you might be asking, Tyler,
why wouldn't they just restructure everybody?
Well, again, when
you restructure, you're basically
robbing Peter to pay Paul that money
will come due and it'll come due in
later years you're kicking the
can down the road financially
why do I not want to do that with Ryan
Tannehill one the Titans
need to give themselves avenues to get out
of Ryan Tannehill's money they don't need
to make it harder for them to get
rid of Ryan Tannehill in the future
that's not what they need to do after harder for them to get rid of Ryan Tannehill in the future.
That's not what they need to do.
After this season, the Titans have a chance to get out from Ryan Tannehill's contract with minimal dead money.
You're increasing the dead money you've got to take on in future years
by restructuring his contract.
So don't do that.
Eat the hit.
Take the dead hit with Tannehill.
Take his salary and just eat it.
Okay?
So you can get ready to go. I feel the same way about Bud Dupree.
And I feel a Rollins rant coming in the near
future on Bud Dupree's contract. The Titans can get out from
under Bud Dupree's contract with about $9 million of dead money
after this season coming up. And I think that would be the smart move.
So what you don't want to do is make it more punitive on you.
To get rid of Bud Dupree after this year.
By adding dead cap.
By pushing the bonus money.
You don't want to do that with Tannehill and Bud Dupree.
Because I think the Titans should look to get rid of those people entirely.
After this season.
Same thing
with Derrick Henry.
The reality is here, there is
plenty of data that shows after you have
1,500 carries in the NFL,
you decline
rapidly. We saw
Derrick Henry break his foot last year.
That's a load-bearing injury.
And it makes you nervous already.
What you don't want to do is,
you don't want to be stuck having dead money for a running back
after they're off your team.
So I don't think that you restructure Derrick Henry.
Same with Julio Jones.
You don't want to pay for Julio.
If you get rid of Julio Jones after this season,
you don't want his dead cap to go up for the years that you don't have him.
Just bite the bullet and deal with this one year,
and then you can move on after that.
Same thing with Danico Autry.
I don't think you do that because you're only saving $2 million
if you restructure Danico Autry.
Pushing bonus money and dead cap into the future
to only get $2 million doesn't make a lot of sense anyways.
So my point is here,
Ryan Tannehill, Bud Dupree,
Derrick Henry, Julio Jones,
you don't want to be paying for all those guys
after they're off your team in two or three seasons.
So the penalty for those guys
is not worth the savings.
Whereas Kevin Byard, $7.3 million, Taylor LeJuanuan, 5.8 million, Zach Cunningham, 6 million.
Those are guys who I think will be on the team past next year.
And with Taylor LeJuan's situation, he has zero, zero dead cap in 2023.
So you'd only be making his dead cap situation about $4-5
million.
And that's not that bad to eat if you move on
from Taylor after this year anyways.
The other guys that I mentioned that I
don't want to restructure,
their dead cap
would be significantly higher by doing
a restructure and it's already
pretty high. Julio's like $9 million.
Bud Dupree's like $9 million.
So you don't want to tack on to that $9 million by restructuring them when you might not have
them on their team and have their dead cap be $14-15 million. You could do that with Taylor
LeJuan because his dead cap with no guaranteed money in 2023 would be significantly lower and
basically just the bonus money that you roll over would be his dead cap hit and that is manageable.
That is stomachable.
So, to put a bow
on all this,
you cut
Saffold, Jackrabbit,
Kendall Lamb, Brett Kern.
Save yourself $23 million.
You restructure
Kevin Byard,
Taylor LeJuan, and Zach Cunningham. Which means you keep KB, Taylor LeJuan, and Zach Cunningham,
which means you keep KB, Taylor LeJuan, and Zach Cunningham on the team,
which I think is important from a roster standpoint.
Obviously, Kevin Byard is important to keep around.
That's, you know, whatever there,
but I don't think you go into the next year with a brand new left tackle and left guard.
I just don't think that's the move,
and I don't trust Monty Rice in year two to be with David Long to make me
feel good about the Titans linebacker situation without Zach Cunningham.
So, you cut those four, you restructure those three,
that saves you $43 million, 43 and some change.
With the negative eight, you get yourself to about 34 and some
change in cap space.
So the Titans could make those seven moves and create $34 million in cap space.
From there, you re-sign Harold Landry.
You do salary manipulation with the bonus money, with the salary.
Like last year, the Titans signed Bud Dupree essentially
to a two-year $35 million contract.
But his cap hit last year was only $5 million.
How is that possible?
Through the structuring of contracts.
So you do the same thing with Harold Landry.
Pay him his $18, $19 million a year.
Give him a fat bonus. keep him on the team,
but structure the contract in a way to where his cap hit is only six,
$7 million for 2022.
Now you're at about $27 million in cap space.
After bringing back Harold Landry,
you pay,
you know,
5 million.
You give a Ben Jones,
the Jay on Brown deal where you have two void years at the end
that allows you to stretch out the bonus money,
and you give Ben Jones a salary of like $3 million,
even though he gets $5 million up front,
and you keep Ben Jones back.
Now you're at about $24 million in cap space,
which gives you the ability to sign a tight end one,
to get a new right tackle,
to sign a cheap veteran cornerback for depth purposes.
Maybe it gives you the ability to bring back Deonta Foreman.
Also, you got to think about the end of the roster guys
that are worth all under a million dollars.
And you got to think about the $7 million to $11 million draft class cost.
So I think having $34 million in cap space,
bringing back Harold Landry,
bringing back Ben Jones,
still gives you the ability
to add talent to the team
without sacrificing the roster
and the talent that you already have.
So cut Saffold, Jackrabbit, Lamb, and Kern.
Restructure Bayard, LeJan, Zach Cunningham.
Give yourself $34 million in cap.
Give Harold Landry a deal that's backloaded
with a low cap hit in 2022.
Give Ben Jones a similar deal
that you gave Jayon Brown last year.
And then use that extra $24 million
to sign everybody else.
There we go.
That's the Tennessee Titans financial plan in my eyes.
Now the last thing that I want to speak to here,
why would a player restructure?
Because they get more money up front.
Although that bonus money is paid
throughout the next few years of the contract,
when money is converted to bonus,
it is owed to the player in that season.
So the players are going to get more money quicker.
And that makes sense for them.
The team gets financial relief for this season.
And technically, the Titans can do that without consulting the player.
But what player would object?
There's no reason to object.
So the team has carte blanche
to restructure the contract as they like,
and no player is going to decline that.
The player wants more of their money right now.
Absolutely.
It's my money and I want it now.
So it's a win-win for both sides.
And it just makes sense.
And Titans players
have a really great culture in their locker room.
So, you know, I don't see this as any kind of problem whatsoever.
It all makes sense. It all works out perfectly.
So that's what I think the Titans should do
with their financial situation going forward.
These cuts and these restructures are going to start coming through here
in the next, you know, three weeks or so
because free agency starts in the middle of March.
We're basically less than a month away from when the tampering period begins.
So these cuts are going to start coming.
These changes are going to start coming.
We're going to get a better idea of what things look like.
But that is my plan and that is my path for the Tennessee Titans from a financial aspect
going forward.
But that's going to do it for me today, folks.
I hope you guys enjoyed this in-depth financial breakdown.
This is why you listen to the Locked on Titans podcast,
the number one Tennessee Titans podcast in the world.
Boom.
Have a good weekend, everybody.
It's been a great week.
Can't wait for next week.
As always, I am your host, Tyler Rowland,
and this was Locked on Titans.