Feb 27, 2022
The Saints general manager is no stranger to salary-cap maneuvering, and with New Orleans severely over the projected salary cap, Loomis went to work on alleviating that burden Saturday.
NFL Network Insider Ian Rapoport reported the Saints created nearly $34 million in cap space by restructuring three marquee contracts: wide receiver Michael Thomas, offensive tackle Ryan Ramczyk and guard Andrus Peat. Rapoport adds that Thomas' and Ramczyk's restructuring netted more than $26 million in cap space, while Peat's created an additional $7.8 million. New Orleans now sits roughly $42 million over the projected salary-cap of $202.8 million after Saturday's adjustments, per Spotrac. With free agency just weeks away, look for the Saints and Loomis to find more ways to fix the team's cap pains.