The Pittsburgh Steelers got some extra salary cap wiggle room with the release of strong safety Keanu Neal on Thursday, but not enough that it appears to be the primary motivator for the move.
The Steelers saved $2.25 million in 2024 salary obligations by releasing Neal, but added $460,000 in dead cap charge. The roster displacement by the addition of cornerback Cory Trice to the Top 51 contracts means the team actually netted only $1.43 million in extra cap space by making the move.
That’s not enough to figure that the Steelers were pinching pennies by releasing the veteran safety. The fact that he was released with a failed physical designation suggests that Neal is still not recovered from the rib injury that ended his 2023 season. That, the fact that Neal and Damontae Kazee did not do a great job of replacing Terrell Edmunds at strong safety, and a very good crop of free agents at the position were likely the impetus for the team moving on from Neal.
Because he was released with a failed physical designation, the Steelers also could be on the hook for all of Neal’s salary if he doesn’t eventually sign with another team for 2024.
At the end of the day, assuming Neal does play elsewhere this season, the Steelers have about $10.3 million in 2024 offseason salary cap space, according to Steelers Now‘s estimate.
That number can be misleading. Before the start of the 2024 regular season, they will need to pay workout bonuses, sign their rookie class, account for the 52nd and 53rd players on the roster, sign a practice squad, account for players on the injured reserve and leave space for in-season acquisitions. All told, the Steelers likely need to clear another $9.5 million or so from their 2024 salary cap commitments.
They have several avenues of achieving that savings, as the team can cut, restructure, or extend the contract of several veteran players, including Cam Heyward, Allen Robinson II, Patrick Peterson, Larry Ogunjobi, Minkah Fitzpatrick and Alex Highsmith.
PITTSBURGH STEELERS 2024 SALARY CAP BREAKDOWN
| Functional 2024 cap space (est.) | -$9,509,202 | T.J. Watt | $30,418,694 |
| Cam Heyward | $22,406,250 | ||
| Estimated 2024 NFL salary cap | $255,400,000 | Minkah Fitzpatrick | $21,355,000 |
| Steelers 2023 salary cap rollover | $2,340,191 | Diontae Johnson | $15,833,334 |
| Steelers 2024 salary cap (est.) | $257,740,191 | Alex Highsmith | $13,933,000 |
| Larry Ogunjobi | $13,283,333 | ||
| Top 51 salaries | $237,399,713 | Allen Robinson II | $11,917,500 |
| Dead cap hits | $9,999,653 | James Daniels | $11,166,668 |
| Isaac Seumalo | $10,191,666 | ||
| Offseason cap space (est.) | $10,340,825 | Patrick Peterson | $9,775,000 |
| Cole Holcomb | $7,640,000 | ||
| Draft pool | $3,112,827 | Nate Herbig | $5,460,000 |
| End of rule of 51 | $1,830,000 | Chris Boswell | $4,720,000 |
| Practice squad (est.) | $4,000,000 | Elandon Roberts | $4,667,500 |
| In-season buffer/injured reserve (est.) | $10,000,00 | Najee Harris | $4,151,460 |
| Workout bonuses (placeholder) | $907,200 | Damontae Kazee | $3,875,000 |
| Kenny Pickett | $3,836,701 | ||
| Broderick Jones | $3,778,719 | ||
| Dan Moore Jr. | $3,235,000 | ||
| Joey Porter Jr. | $2,185,988 | ||
| Pat Freiermuth | $1,918,057 | ||
| George Pickens | $1,841,506 | ||
| Keeanu Benton | $1,666,619 | ||
| DeMarvin Leal | $1,414,608 | ||
| Darnell Washington | $1,216,798 | ||
| Isaiahh Loudermilk | $1,135,072 | ||
| Calvin Austin III | $1,111,084 | ||
| Nick Herbig | $1,083,231 | ||
| Denzel Mims | $1,055,000 | ||
| Connor Heyward | $1,023,806 | ||
| Mark Robinson | $1,013,089 | ||
| Jaylen Warren | $989,000 | ||
| Jonathan Marshall | $985,000 | ||
| Kyron Johnson | $985,000 | ||
| Luq Barcoo | $985,000 | ||
| Dez Fitzpatrick | $985,000 | ||
| Marquez Callaway | $985,000 | ||
| Thomas Graham Jr. | $985,000 | ||
| Josiah Scott | $985,000 | ||
| Spencer Anderson | $934,446 | ||
| Devery Hamilton | $915,000 | ||
| Jeremiah Moon | $915,000 | ||
| Jalen Elliott | $915,000 | ||
| Trenton Thompson | $915,000 | ||
| Darius Rush | $915,000 | ||
| Rodney Williams II | $915,000 | ||
| Ryan McCollum | $915,000 | ||
| Kalon Barnes | $915,000 | ||
| Nate Meadors | $915,000 | ||
| Dylan Cook | $915,000 | ||
| Cory Trice | $816,109 |
Salary figures from Steelers Now sources, the NFLPA, and OvertheCap.com.