Saints continue quest to get under the salary cap with latest Tyrann Mathieu update

When the league announced the record-shattering $255.4 million salary cap figure in 2024, few teams were happier than the New Orleans Saints. Over the last decade, the Saints have began every offseason in dire financial straits, and this year has been no different.

Entering the offseason, New Orleans was projected to have a cap overage of roughly $80 million entering this offseason. Despite restructuring six contracts over the past two weeks, the Saints are still $17.1 million over the salary cap limit, per OverTheCap. As they continue their long road to becoming salary cap compliant, New Orleans is now looking to rework the contract of another star player — safety Tyrann Mathieu.

New Orleans Saints reportedly restructuring contract of safety Tyrann Mathieu

General manager Mickey Loomis is currently working on "reworking" Mathieu's contract, per Saints reporter Nick Underhill. The 31-year-old safety is currently counting for $12 million against the salary cap.

Mathieu signed a three-year, $28.3 million contract with New Orleans prior to the 2022 NFL season. Though Mathieu is technically entering the final year of his deal, the Saints have the flexibility to push his salary into the next three seasons due to the void years built into his contract.

In 2023, the Saints converted $5.8 million of Mathieu's salary into a signing bonus and added an additional void year in 2027. The move created a $12 million salary cap hit in 2024, which primed Mathieu for either another restructure or a contract extension this offseason.

With a restructure, the Saints can free up nearly $6 million in salary cap space.

Restructuring doesn't come without its consequences, however. When Mathieu's contract expires, the Saints will have to take on the dead cap charge from the salary that was pushed into void years. New Orleans is simply delaying the inevitable — eventually, they'll have to pay the bill for every player they restructure. The Saints have already restructured contracts for quarterback Derek Carr, centers Erik McCoy and Cesar Ruiz, and defensive ends Cameron Jordan, Nathan Shepherd and Carl Granderson.

The 2023 NFL season was Mathieu's 11th year in the league. The three-time All-Pro safety finished the season with four interceptions, tied for most on the Saints defense. Mathieu's 33 career interceptions are the third highest total among all active players. Since 2019, Mathieu has compiled 20 interceptions in 81 games — only cornerback J.C. Jackson (23) and safety Justin Simmons (23) have more interceptions during that timespan.

Although Mathieu will be 32 years old by the time the 2024 season kicks off, he has been as a reliable as ever. Mathieu started all 17 games in both of his seasons with the Saints, and he has only missed two games since the 2017 NFL season. Mathieu last earned first-team All-Pro honors in 2020, when he was the vocal defensive leader of a Kansas City Chiefs team that fell short against Tom Brady's Tampa Bay Buccaneers in Super Bowl LV.