Jags LB Foye Oluokun restructures contract, frees up $10.3 million in cap space
Updated: Mar 2
The Jacksonville Jaguars have a lot of work to do to get under the salary cap for the 2023 season and started that process Saturday. According to NFL Network's Ian Rapoport, the team restructured the deal of veteran linebacker Foye Oluokun, freeing up $10.3 million in cap space.
Oluokun, who previously played for the Atlanta Falcons, joined the Jags last offseason in free-agency after signing a three-year deal worth $45 million with $28 million in guarantees. According to Over the Cap, the veteran linebacker was scheduled to earn $14 million in base salary this season and was also scheduled for a $19,166,666 cap hit overall. However, the details haven't been revealed of what exactly the team's front office did to free up the $10.3 million that they did.
The money the Jags spent on Oluokun was well worth it for the team as he was one of their team captains and led the NFL in tackles with 128 solo tackles and 184 total tackles. The veteran even had a stretch of four games where he accumulated 14 total tackles or more during Weeks 12-15.
The Jags entered this week over the cap by about $22.7 million. With Saturday's decision to restructure Oluokun's deal, they are now about $12.4 million over the cap, which means more moves could be on the horizon.
Heading forward, the team could restructure several other deals and players like defensive tackle Folorunso Fatukasi, guard Brandon Scherff, and receiver Christian Kirk are some candidates to follow Oluokun's lead. The probability of releasing cornerback Shaq Griffin feels strong, as well, which would save roughly $13.4 million for the team.