The Tampa Bay Buccaneers freed up a major chunk of revenue ($17,432,000) this past weekend, restructuring Mike Evans newly signed deal. The move will convert Evans’ 2024 roster bonus of 21.79 million into a signing bonus, a move that is common in modern NFL contracts.
Squeezing 53 active player contracts under a set financial number is not always easy when you have superstars making large percentages of the team salary cap with their contract alone, so it is helpful when players negotiate these types of team friendly “safety valve” options when they sign their contracts.
BREAKING: The #Buccaneers restructured Mike Evans’ contract to free up $17.432M in cap space, sources tell @_MLFootball.
Tampa Bay converted his 2024 roster bonus of $21.79M into what is treated as a signing bonus. pic.twitter.com/ahuboc7tZx
— MLFootball (@_MLFootball) March 17, 2024
Evans will not see his APY affected and will receive a larger portion of the guaranteed money earlier than originally planned, so in theory it is better for the player AND the team. Evans recently signed a brand new two-year, $52 million contract essentially making him a “Buc for Life” at the beginning of the month.
Tampa Bay currently has just over $9,000,000 of cap room after the Evans’ restructure heading into the 2024 NFL Draft in April.
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