The Pittsburgh Steelers got an early start on their offseason last Friday by releasing edge rusher Preston Smith. The move saved Pittsburgh a little over $13 million in cap space for 2025.
With their starting quarterback and a viable number two cornerback and wide receiver not currently on the roster, Pittsburgh needs to make every move they can this offseason to fill out their starting lineups.
After the release of Smith and the league's updated cap projection for 2025, Over The Cap projects the Steelers to have roughly $60.2 million in cap space before the new league year kicks off in March.
If Pittsburgh wants to be even more flexible and competitive in free agency, they should consider these three moves to free up more cap space.
3. Cut LB Cole Holcomb to save $6 million in cap
Linebacker Cole Holcomb was brought to the Steelers in 2023 to bring stability to the position that had been in flux since Ryan Shazier's career-ending injury in 2017. And through seven full games in 2023, he did just that with four tackles-for-loss, two forced fumbles, and one fumble recovery.
But just 16 plays into a November game against the Tennessee Titans Holcomb sustained a knee injury that kept him out for the rest of the 2023 season, and the entirety of the 2024 season.
Since his injury, Pittsburgh has signed Patrick Queen and drafted Payton Wilson. Assuming Pittsburgh will be bringing back Elandon Roberts in free agency the room is pretty crowded for Holcomb's return attempt in 2025.
I'd listen to an argument that a $7 million insurance policy for injury or Roberts signing elsewhere, as well as a four-phase special teamer, isn't a bad deal, but I think Pittsburgh can find a better one. With $6 million in cap savings and just a $1 million dead cap charge, the Steelers should move on from Holcolmb and put that cap to better use.
2. Releasing DL Larry Ogunjobi creates $7 million in additional cap space
Another popular roster move from Steelers fans is releasing Larry Ogunjobi. I get it. In three years in the black and gold, Ogunjobi has just six sacks. Fewer than the seven he had in 2021 which was what led to him getting a contract with Pittsburgh.
Ogunjobi also lost snaps to second-year man Keeanu Benton last season with Benton taking over as the number two sub-package defensive tackle next to Cam Heyward. With Ogunjobi being relegated to a primarily run-down-only player, releasing him makes a lot of sense.
I'm more dubious of this move, however. The Steelers are thin on the defensive line. They are likely to draft a defensive lineman in the first two rounds of the draft, but that's putting a lot of eggs in the basket of a rookie. Ogunjobi hasn't had the "wow" moments fans want for the price tag, but he's also not a liability on the field.
If this was a necessary move for cap space that was needed or could save future money I'd understand. But Pittsburgh has cap space for 2025 and this is the last year of Ogunjobi's deal. I'd be happy to deal with the $10 million total cap hit for this year to keep Ogunjobi in the room with Heyward, Benton, and a rookie.
1. Restructuring TE Pat Freiermuth frees up $7.2 million in cap spending opportunities
Pittsburgh has several candidates for contract restructures, but Freiermuth is the best option. He has the longest contract among the top candidates (signed through 2028) which means the impact of his restructure will be felt less than others.
Freiermuth also hasn't been the top-10 tight end Steeler fans wanted when he was drafted in 2021, but he's a solid and reliable player who seems to still have the potential to do more. He's coming off his best statistical season with 65 catches for 653 yards and seven touchdowns. If he can build a rapport with one quarterback over the next couple of seasons maybe we see those numbers go up.
Pittsburgh doesn't need to make this move. Remember, a restructure essentially borrows cap from future years to create it in the present by converting the current year's base salary into a bonus that is spread over the life of the contract. It's not usually ideal unless the team needs cap relief, or is in win-now mode. Pittsburgh isn't exactly in either of those camps.
But Freiermuth is an excellent candidate to do this with. He's under contract through 2028 and doesn't turn 27 until October, so he'll be with the Steelers for a few more seasons, at least. And if Pittsburgh wants to find that quarterback to build a rapport with Freiermuth, they might need a little extra money to pay him.