Analysis: Cam Heyward Extension Essentially Risk-Free for Steelers
The new two-year contract extension between Cam Heyward and the Steelers contains essentially no risk for the club.
The two-year contract extension the Pittsburgh Steelers and defensive tackle Cam Heyward agreed to on Tuesday contains almost no new guaranteed money beyond what he was already owed for the 2024 season and will significantly reduce his salary cap hit this year.
Heyward had been owed $16 million in salary for the 2024 season. That will now be converted to signing bonus, except for a veteran minimum salary. The signing bonus will be spread out over the three years of the deal for salary cap purposes, reducing Heyward’s cap hit in 2024 from $25.4 million to $15.5 million.
So for 2024, Heyward won’t receive any additional money compared to what he was owed. His salary was not guaranteed, and now it will be, though that matters little, as the Steelers were obviously not going to cut Heyward now without a viable replacement.
The two new additional years on the contract, valued at $29 million, carry no guarantees. If Heyward plays to a level in 2024 that is up to the agreed value, of about $14.5 million per year, great. If he doesn’t, the Steelers can cut him without owing him any more money than the was already making in 2024.
If Heyward plays well in 2024, but has a downturn in 2025, again, the team can cut him before the 2026 without owing him any more money.
This is essentially two, rolling, one-year, prove-it deals, with no guarantees beyond what the Steelers were paying Heyward in 2024, anyway. Furthermore, the salary on those years is less than Heyward is making this year.
So why do it? The Steelers cleared nearly $10 million from their salary cap books for the 2024 season. They only had about $3 million entering the day on Tuesday. The Steelers will likely be able to sign multiple other contract extensions with that amount of cap space on hand, and one is expected very shortly for tight end Pat Freiermuth.
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