The Pittsburgh Steelers made some significant salary cap savings with the release of veteran cornerback Patrick Peterson on Friday.
Peterson’s release cleared his $6.85 million salary for 2024 from the team’s rolls while incurring a $2.925 million dead cap hit. After roster displacement, the move netted the Steelers a little over $6 million in additional salary cap space before the start of free agency on Monday.
Peterson was a productive player for the Steelers in 2023, appearing in 97% of the team’s defensive snaps, while playing outside cornerback, slot cornerback and safety. But his elevated cap hit heading into his 34-year-old season was likely a concern for the Steelers. Slot cornerbacks and safeties, which is where Peterson projects to spend more of his time going forward, don’t make as much as outside cornerbacks, and the safety free agent market is historically deep this offseason.
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After the move, the Steelers have about $16.4 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, Larry Ogunjobi, Minkah Fitzpatrick and Alex Highsmith.
PITTSBURGH STEELERS 2024 SALARY CAP BREAKDOWN
| Functional 2024 cap space (est.) | -$3,574,202 | 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 | $228,419,713 | Allen Robinson II | $11,917,500 |
| Dead cap hits | $12,924,653 | James Daniels | $11,166,668 |
| Isaac Seumalo | $10,191,666 | ||
| Offseason cap space (est.) | $16,395,825 | Cole Holcomb | $7,640,000 |
| Nate Herbig | $5,460,000 | ||
| Draft pool | $3,232,827 | Chris Boswell | $4,720,000 |
| End of rule of 51 | $1,830,000 | Elandon Roberts | $4,667,500 |
| Practice squad (est.) | $4,000,000 | Najee Harris | $4,151,460 |
| In-season buffer/injured reserve (est.) | $10,000,00 | Damontae Kazee | $3,875,000 |
| Workout bonuses (placeholder) | $907,200 | 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 | ||
| Tyler Beach | $795,000 |
Salary figures from Steelers Now sources, the NFLPA, and OvertheCap.com.