The New Orleans Saints have built a reputation around clever and aggressive salary cap management. By restructuring contracts, deferring payouts, and stacking void years, they’ve remained competitive year after year—even when the math seemed impossible. But while this strategy has worked in the short term, it’s becoming increasingly clear that the Saints are gambling with their future.
Current Cap Situation
As of March 28, 2025, the Saints actually have around $28.1 million in cap space, a shocking turnaround considering they were once projected to be more than $60 million over the cap this offseason. How did they get here? The same way they always do: by kicking the financial burden down the road.
They restructured multiple player contracts, spread bonuses over future years, and leaned on void years to artificially reduce cap hits today. But what looks like magic now could create a nightmare later.
The Problem With Restructuring
Restructuring contracts provides short-term relief but leads to long-term liability. The clearest example is Derek Carr. His contract was recently tweaked to drop his 2025 cap hit to $20.4 million, but it pushes his 2026 cap number to a whopping $69.2 million. That’s an eye-watering figure for a quarterback whose future in New Orleans is far from guaranteed (source).
The Saints did something similar with linebacker Demario Davis, shifting over $5.6 million into future years by restructuring his deal in early March (source). While Davis is a leader on the defense, he’s also 36 years old—meaning there’s a high risk that this money ends up as “dead cap” if he’s cut or retires soon.
Dead Money: The Silent Killer
The Saints’ strategy has resulted in an alarming buildup of dead money—cap space tied up in contracts for players who are no longer on the roster. In 2025, they’re carrying over $36 million in dead cap from voided deals and past restructures (source).
That’s money that can’t be used to sign free agents, extend young stars, or patch holes on the roster. It’s like carrying a financial ghost on the books.
Can This Be Sustained?
For years, the Saints have dodged the consequences of their cap gymnastics. But eventually, the bill comes due. The risk is that when the team finally needs to tear it down and rebuild, they won’t have the financial flexibility to do so. Dead money and inflated cap hits could force the Saints to cut productive players or avoid the free agent market entirely.
Just because it worked before doesn’t mean it will work forever.
What Needs to Change
It’s time for the Saints to start planning for long-term stability, not just year-to-year survival. That means:
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Limiting the use of void years
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Avoiding over-reliance on restructures
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Making tough calls on aging veterans
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Accepting a down year if it leads to future financial freedom
This offseason should be a turning point. The Saints have a window to reset their cap strategy without hitting rock bottom—but that window is closing.
Don’t Let the Cap Fool You
The Saints may have pulled off another cap miracle in 2025, but don’t be fooled. This house of cards could collapse without serious change. Their financial shell game has bought them time—but it won’t buy them a championship unless they start building a roster on solid financial ground.
Continue Reading: What the Signing of Brandin Cooks Means for the Saints’ Receiving Corps and Offense
