BREAKING: How Rams can clear $50 million in cap space

The Los Angeles Rams are gearing up for a crucial offseason where they have the opportunity to make significant moves in free agency by adding top-tier talent to their roster. However, before they can explore this option, there’s some groundwork to be done. Presently, the Rams have around $23.8 million in effective cap space, which is the amount available after accounting for signings of at least 51 players and projected rookie contracts.

Although they have about $27.7 million in actual cap space, achieving the caliber of signings they aspire to necessitates adjustments to existing contracts to free up additional room. The Rams possess considerable potential in terms of cap flexibility. As previously mentioned, with maximum restructuring, they could potentially have as much as $114.7 million in cap space. While reaching that figure is improbable, it underscores their potential for maneuverability.

Here’s an overview of the Rams’ salary cap situation ahead of the commencement of free agency on March 11th.

7 biggest cap-hits on Rams roster

1. QB Matthew Stafford: $49.5M (5th)
2. DL Aaron Donald: $34.1M (1st)
3. WR Cooper Kupp: $29.8M (4th)
4. OT Joe Noteboom: $20M (11th)
5. OT Rob Havenstein: $14.7M (10th)
6. TE Tyler Higbee: $12.1M (8th)
7. C Brian Allen: $8.1M (8th)

Coleman Shelton is likely the next player in line, but he might choose to opt-out and enter unrestricted free agency. The majority of players ranked below Shelton are still under their rookie contracts. This highlights the top-heavy nature of the Rams’ roster as they approach the season. A key objective in free agency will be to bolster the middle section of the roster and create a more balanced team overall.

Cap space: $27.7M

Over at Over the Cap, it’s noted that the Rams boast an “effective cap space” of $23.8 million. This figure accounts for how much the team will have available after securing at least 51 players and factoring in its projected rookie class. Should the Rams intend to make significant investments this offseason, Snead faces considerable tasks ahead. With $23.8 million, they might be able to afford just one standout player of high caliber.

Carryover cap space: $7.69M

According to Spotrac, this is the amount that the Rams will roll over from 2023.

Dead Money: $723k

This year’s figure is drastically different from last season. ESPN reported that the Rams carried $75 million in dead money last season. The majority of this season’s dead money stems from the releases of Logan Bruss and Robert Rochell prior to last season. Bruss remains on the practice squad, but because he was cut from the active roster, he carries a dead money cap hit of $424k, while Rochell has a dead cap hit of $172k. The Rams took the hit last season precisely for situations like this. Having less than one million dollars in cap space is a manageable number for them in 2024.

Potential cap cuts: OL Joe Noteboom and C Brian Allen

It wouldn’t be unexpected if the Rams chose to retain either player. However, justifying their current cap hits to serve as depth players on the roster is challenging. For instance, Noteboom is slated to carry a cap hit of $20 million. By releasing him, the Rams would absorb a $15 million hit but save $5 million. The Rams could opt to designate these releases, particularly Noteboom, as post-June 1 cuts. Nonetheless, teams are limited to two such designations, and the player’s cap number remains on the roster until June 2nd.

To clear up some misconceptions about the post-June 1 release designation – teams have 2 at their disposal, not 1. Teams cannot use the designation until after the start of the new league yr (March 13). Even tho released, the player's Cap # will remain on the team's Cap til 6/2.

— Brian McFarland (@RavensSalaryCap) February 14, 2024

If the Rams were to cut Allen outright, it would result in a savings of $4.9 million in cap space. Comparatively, Noteboom’s release would only save the Rams $5 million, whereas designating him as a post-June 1 cut could yield savings of $15 million. Opting to designate Noteboom as a post-June 1 cut might be more sensible, but for the sake of simplicity and this exercise, let’s treat it as a regular cap casualty.

Potential restructures: QB Matthew Stafford, WR Cooper Kupp

When it comes to restructures, the Rams have two primary players to consider: Stafford and Kupp. By restructuring Stafford’s contract, the Rams stand to save $19.8 million, making it the eighth-highest amount of savings for any player this offseason. Given the importance of making significant moves this offseason, restructuring Stafford’s contract becomes imperative for the Rams.

Moving on to Kupp, the Rams will also need to assess the option of restructuring his contract. Depending on the source, such as Spotrac or OverTheCap, the potential savings vary from $9.2 million to $12.5 million. To err on the side of caution, let’s consider the more conservative estimate of $9.2 million, which is still a considerable amount that could be allocated towards signing a free agent. By restructuring both Stafford and Kupp, the Rams could potentially save around $29 million in total.

Potential Aaron Donald Extension?

An aspect that hasn’t garnered much attention this offseason is that Aaron Donald is entering the final year of his three-year contract. It’s highly improbable that Donald would feel comfortable playing without financial security heading into the season. If a new deal isn’t reached, don’t be surprised if retirement rumors start circulating.

With a cap hit of $34 million, Donald unquestionably justifies his value. However, the Rams would prefer to lower that figure to provide support for their star defensive player. By extending and restructuring Donald’s contract, they could achieve significant savings. If Snead and his team can add a year or two to Donald’s deal and reduce his $34 million cap hit to around $27-28 million, it would still keep him among the highest-paid interior defensive linemen while easing the burden on the cap. Ideally, they would aim to lower it even further, into the $23-25 million range. An extension for Donald makes a lot of sense for both parties involved.

How much Saved?

If the Rams successfully restructure Stafford and Kupp, along with cutting Noteboom and Allen, and also execute a Donald extension, they could potentially create around $50 million in cap space. This would give them close to $70 million in effective cap space to utilize in free agency. With this financial flexibility, they could aim to acquire two high-caliber players, extend Ernest Jones, and also sign several mid to lower-level free agents.

Last offseason, the Rams made sacrifices by absorbing a record amount of dead money, which limited their ability to make additions to the roster. However, they did so with the foresight of positioning themselves for significant moves this offseason. The effectiveness of this strategy will depend on how well the front office executes their plan, but it certainly sets the stage for an exciting free agency period for the Rams and their fans.