Despite the retirements of Maurkice Pouncey and Vance McDonald and the announcement that the 2021 salary cap floor had been raised to $180 million, the Steelers still find themselves over the cap.
That has led to plenty of speculation regarding the team releasing players in salary cap-related moves.
But Monday, the Steelers made a move of a different kind to create some cap space, restructuring the contract of defensive tackle Cam Heyward. The move, first reported by Ian Rapoport, creates an additional $7 million in cap space by converting a portion of Heyward's $4.5 million base salary and a $6 million roster bonus he was due into signing bonus.
The move, coupled with the retirements of Pouncey and McDonald, which saved about $14 million in cap space, put the Steelers under $10 million over the cap if it comes in at the $180 million floor. It is expected to be at least slightly higher than that when the NFL announces it sometime early next month.
That is still significantly lower than the $198.2 million cap that NFL teams operated under in 2020. But because most teams could not have fans in stadiums this season due to the pandemic, revenues were down across the league. The salary cap is set as a percentage of revenues across the league.
The Steelers can still create additional cap space with simple restructures of the contracts of defensive lineman Stephon Tuitt, placekicker Chris Boswell and fullback Derek Watt. Those restructures would create an additional $4 million in cap space in 2021.
Of course, the biggest cap issue facing the Steelers remains the contract of Ben Roethlisberger. The 38-year-old quarterback is due to count $41.25 million against the team's cap in 2021 because of a restructure made to his deal in 2020.
Team president Art Rooney II and GM Kevin Colbert have both stated the team cannot have Roethlisberger on the books at that number in 2021. Roethlisberger has said publicly he is open to reducing his cap hit, as well.
The quarterback is due a salary of $4 million and a $15-million roster bonus on the third day of the new league year (March 19). The Steelers could reduce his 2021 cap hit by as much as $14 million with a contract extension with voidable years that allow them to spread his remaining cap hit over the next two or three seasons.
If Roethlisberger is released -- which is unlikely -- it would create $19 million in cap space, but he would still count $22.25 million against their 2021 salary cap. If he retires, the Steelers could work out a deal similar to the one done by Drew Brees with the Saints that creates additional cap room but does not allow him to play elsewhere.
The two sides were expected to meet sometime last week to discuss their financial options, but the retirement of Pouncey, one of Roethlisberger's closest friends on the team, delayed that.
With the new league year set to begin March 17, however, time is of the essence. All teams must be under the salary cap by that date. The Steelers also would like to have enough money available to re-sign or attempt to re-sign some of their 19 pending free agents.