CHARLOTTE, N.C. — The Carolina Panthers restructured the deals of running back Christian McCaffrey and linebacker Shaq Thompson to clear more than $11 million in salary-cap space.
They saved $5.6 million in space on McCaffrey, according to ESPN’s Adam Schefter, by converting his 2021 base salary of just over $8 million into signing bonus.
This came less than a year after McCaffrey signed a four-year, $64 million extension that made him the highest-paid running back in NFL history at $16 million a year.
According to Schefter, they saved $6.126 million on Thompson, who in December 2019 signed a four-year, $54.2 million extension. They did this by reducing Thompson’s base salary of just over $10 million in 2021 to the league minimum of $990,000 for a player with at least four years in the league and converted the rest to signing bonus.
The $11,726,000 in cap savings added to the $18.5 million they had in space after using the franchise tag on right tackle Taylor Moton ($13.75 million) on Tuesday brought the team’s total space to more than $30 million.
Despite the savings, coach Matt Rhule, who casually announced during a Wednesday Zoom call that his two star players had their deals restructured, doesn’t expect the team to be a big hitter in free agency that begins next week.
“We don’t have a ton of money, so we have to be really targeted in what we’re going to do,” Rhule said.
Among Carolina’s targets in free agency are left tackle, guard, tight end and cornerback. The Panthers also have been active trying to upgrade at quarterback.
General manager Scott Fitterer said restructuring deals to “kick money down the road” is not something he wants to make a habit out of. He also agreed with Rhule that the Panthers will have to remain selective in free agency because the team still has to set aside money for draft picks and injuries during the season.
“This was one of those unique years we wanted to do this,” he said. “It can get you in trouble long term.”
According to league sources, Teddy Bridgewater was a part of last month’s offer to get Matthew Stafford from Detroit. The Los Angeles Rams ultimately got Stafford.
Fitterer said he and Rhule talked to Bridgewater and acknowledged the quarterback was part of discussions with another team. Neither ruled out drafting a quarterback with the eighth pick or exploring other options if another quarterback became available.
The Panthers, as ESPN.com has reported, still would be interested if Houston agreed to trade the disgruntled DeShaun Watson.
“Teddy is our quarterback,” Fitterer said. “He is a total pro. I look forward to him coming back.”
Rhule agreed.
“Teddy is a tremendous professional and Teddy is a tremendous person,” said Rhule, adding he’s spoken with Bridgewater. “He’s controlling what he can control. He’s having a great offseason. Can’t wait for him to get back here.”