This week, the spotlight shone on Aaron Rodgers as he made waves with a monumental restructuring of his contract. By agreeing to reduce his salary by a staggering $35 million over the next two seasons, Rodgers demonstrated his commitment to helping his new team, the New York Jets, build a competitive roster. While Rodgers’ deal garnered attention for its magnitude and potential implications for his illustrious career, it is not the first time such contract restructuring has taken place. In fact, star quarterbacks and their teams have engaged in mutually beneficial restructures in recent years, setting a trend in the NFL. Let’s explore some of the most notable deals that quarterbacks have inked in recent memory.
Undoubtedly, Tom Brady’s on-field accomplishments during his tenure with the New England Patriots were nothing short of remarkable. However, he also found success in managing his team’s salary cap situation. According to Spotrac, Brady’s active contract underwent multiple restructures, nearly matching the number of his Super Bowl victories. Whether with the Patriots or the Tampa Bay Buccaneers, Brady’s willingness to negotiate on his contracts created substantial cap space for his teams, spanning his lengthy career.
Drew Brees, renowned for his 20-year career in the NFL, with 15 of those years spent with the New Orleans Saints, solidified his reputation as a consummate professional. Before bidding farewell to the Saints, Brees executed a contract restructuring, saving the team almost $24 million in cap space ahead of the 2021 offseason. This act served as a valuable parting gift, considering the dire cap situation the Saints faced at the time.
Patrick Mahomes, throughout his career, has consistently expressed his willingness to sacrifice a larger paycheck in order to facilitate the construction of a stronger team around him. In 2021, Mahomes underwent a restructuring that freed up a substantial $17.3 million in cap space, paving the way for the Kansas City Chiefs’ successful run to the Super Bowl in 2022. Additionally, in preparation for the 2023 season, Mahomes restructured his deal once again, allowing the Chiefs to save $9.6 million in cap space.
For years, the Dallas Cowboys have strived to find the winning formula with Dak Prescott leading their offense. Prescott, however, has made significant contributions off the field as well. Over the past three years, the seven-year veteran has engaged in three contract restructurings, ultimately saving Dallas a combined total of approximately $41 million in cap space. Out of these restructures, Prescott’s most recent one in March provided the most substantial relief, clearing $22 million worth of cap space.
Few players in the NFL carry the weight of guaranteed money like Deshaun Watson does. However, he and the Cleveland Browns reached an agreement during the offseason to restructure his colossal deal, ultimately setting the stage for the team’s free agency plans. While Watson’s return from suspension failed to revitalize the squad, with the Browns only managing a 3-3 record in their final six games, his new deal saved the team over $35 million in cap space. This significant sum will be instrumental in building a revamped roster for the Browns’ campaign in 2023.
Josh Allen’s emergence as a star signal-caller for the Buffalo Bills has coincided with the team’s journey from being mere contenders to top-tier challengers in the AFC East. However, the Bills are yet to reach the coveted Super Bowl stage with Allen at the helm. To bolster the team’s chances, Allen’s contract underwent a successful restructuring this offseason, freeing up an impressive $21 million in cap space. This financial maneuvering positions the Bills to make strategic additions as they aim to break through and secure the AFC championship in 2023.
NFL quarterbacks and their willingness to engage in contract restructuring have become pivotal for the success of their respective teams. As demonstrated by the cases of Aaron Rodgers, Tom Brady, Drew Brees, Patrick Mahomes, Dak Prescott, Deshaun Watson, and Josh Allen, these savvy financial moves provide much-needed cap relief while enabling teams to assemble competitive rosters. As the league evolves, contract restructuring will likely continue to play a significant role in shaping the future of NFL franchises.
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