Chris Olave just locked in a massive $132 million contract extension with the New Orleans Saints, but the real shocker? This deal actually freed up $7.2 million in cap space for the team *this year*. Yeah, you read that right.
The Money Magic: How a Big Deal Saves Big Bucks
So, how does a $132 million extension translate into instant cap relief? It’s all in the structure, thanks to some killer reporting. Olave was set to play on his fifth-year option, fully guaranteed at $15.493 million for 2026. But now, with the new deal, his base salary for this year plummets to a lean $1.29 million, just a bit over the veteran’s minimum. Combine that with the prorated chunk from his $35 million signing bonus, and his 2026 cap hit is sitting around $8.29 million. That move instantly saves the Saints $7.2 million against this year’s cap, putting them more than $13.5 million *under* the spending limit. Talk about flexibility! This all comes as Bryan Bresee just suffered a potentially season-ending knee injury, and Taysom Hill is considering his next moves, so the timing couldn’t be wilder.
What’s Next for the Saints’ Wallet?
With that extra $13.5 million under the cap, the Saints have options. They could bring in a veteran to replace Bresee, upgrade another position group entirely, or just keep churning the depth chart for in-season moves. Looking ahead, Olave’s cap hits get bigger, as expected: $20.6 million in 2027, $30 million in 2028, $34 million in 2029, and $36.76 million in 2030. The team basically has him tied down through 2028, with an off-ramp built into 2029 if they need to reset. The experts at Over The Cap project the 2027 salary cap at $327 million, and with these numbers, the Saints would be about $25.5 million under that. They could even restructure Olave’s deal again in 2027, but that’s a discussion for another day.
The Saints are in training camp right now, making moves and shaking things up. With Drew Brees heading into the Pro Football Hall of Fame next week, there’s a lot going on down in New Orleans. Now, with that unexpected cap space, the immediate question is: what veteran talent are they targeting next?
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Yahoo Sports.
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