The move creates much-needed space for the cap-strapped Bills
The move many were expecting the Buffalo Bills to make finally happened on Monday evening by way of a restructured contract for quarterback Josh Allen.
Field Yates was first to break the news, sharing that the bulk of Allen’s 2024 compensation has been converted into a signing bonus, thus creating $16.7 million in cap space for the 2024 NFL season.
Per Yates, “Allen’s updated 2024 cap charge is now $30.356M.”
The Bills have restructured the contract of QB Josh Allen, converting much of his 2024 compensation into a signing bonus, creating $16.7M in 2024 cap space.
— Field Yates (@FieldYates) March 11, 2024
Allen's updated 2024 cap charge is now $30.356M.
While the cap room is a welcome and necessary relief, it doesn’t represent the maximum of what general manager Brandon Beane could have done for the upcoming season. That would lead one to believe that Beane is being mindful about minimizing future cap hits.
Prior to the restructuring Allen’s contract, the Bills were somewhere in the neighborhood of $13 million over the 2024 salary cap of $255.4 million. This move alone moves them to the proper side of cap compliance ahead of the start to the new league year and beginning of free agency, both arriving on Wednesday, March 13 at 4 p.m. EDT.
Given the frenetic and ultra-competitive nature of the NFL, it’s likely Brandon Beane looks to see where else he can create some spending money to begin the 2024 season.