With exactly one week to go before the free agency starts, the entire NFL is competing to free up as much wage space as possible. Among those teams is the Carolina Panthers, who entered on Wednesday with about $ 18.4 million in maximum space. Panthers will have even more space in the capitalization after running back Christian McCaffrey and linebacker Shaq Thompson agreed to restructure its contracts. Panthers coach Matt Rhule informed the media about his players’ restructuring on Wednesday afternoon.
Over $ 7 million of McCaffrey’s $ 8 million base salary will be converted into a signing bonus, according to Mike Garafolo of the NFL Network. McCaffrey’s restructuring will save the Panthers $ 5.64 million against the cap.
Earlier in the day, the NFL announced that the salary cap for 2021 will be set at $ 182.5 million. Although not as high as it would have been before the pandemic, the limit is higher than the initial projection of $ 175 million. Each team must comply with the salary cap by the time the new league year begins, at 4 pm Eastern Time on March 17.
Last April, McCaffrey signed a four-year, $ 64 million contract with the Panthers, which included a $ 21.5 million signing bonus, a guaranteed $ 38.16 and an annual salary of more than $ 16 million per season. An All-Pro in 2019, McCaffrey is trying to recover after injuries limited him to just three games last season. With McCaffrey recovering, the Panthers won just two of their 11 final games to end with a 5-11 record.
Thompson signed a four-year extension, $ 54.2 million with the Panthers in December 2019. During his first six seasons in Carolina, the choice of the first round recorded 470 tackles, 9.5 sacks, four forced fumbles and three recoveries from fumble. Last season, Thompson achieved career records with 114 tackles and two forced fumbles.
Linebacker, EDGE rusher and tight end are among the positions that the Panthers will seek to strengthen this offseason. In his most recent mock draft, CBS Sports NFL draft analyst Josh Edwards shows the Panthers selecting ex-Florida tight end Kyle Pitts with the eighth overall choice.