How Much Salary Cap Space Did Steelers Save by Cutting Mason Cole?
The Pittsburgh Steelers cleaned up their salary cap situation in a big way, by getting good news from the NFL and releasing center Mason Cole.
The Pittsburgh Steelers got some really good news from the NFL in regards to the 2024 salary cap, and then went out and saved more space by releasing center Mason Cole on Friday.
The NFL set the 2024 salary cap at $255.4 million, which is significantly higher than it had been projected to be. The salary cap is set based on a formula regarding league revenue.
The Steelers had been over the previously estimated salary cap figure, and they found themselves under the new one, so in the short term, that was a big number for Pittsburgh. In the long term, they still need to find some cap space.
They got started on that work at an unusual time, releasing Cole on Friday despite the fact that his roster bonus isn’t due until mid-March. Cole’s release saved the team a little under $4 million in salary cap space. They cleared $4.75 million, but absorbed a $1.52 million dead cap hit. Cole’s release brought Dylan Cook’s new salary back into the top 51, which are the salaries that are counted against the offseason salary cap.
At the end of the day, the Steelers have about $9.2 million in 2024 offseason salary cap space, according to Steelers Now‘s estimate.
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 $10.5 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.) | -$10,538,727 | 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 | $238,988,129 | Allen Robinson II | $11,917,500 |
| Dead cap hits | $9,539,653 | James Daniels | $11,166,668 |
| Isaac Seumalo | $10,191,666 | ||
| Offseason cap space (est.) | $9,212,409 | Patrick Peterson | $9,775,000 |
| Cole Holcomb | $7,640,000 | ||
| Draft pool | $3,013,936 | 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 | ||
| Keanu Neal | $2,710,000 | ||
| 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 |
Salary figures from Steelers Now sources, the NFLPA, and OvertheCap.com.
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