Omar Khan has addressed several needs on the roster in the first week of free agency, including a major overhaul of the inside linebacker position.
But, how does the Steelers' salary cap situation look after these six signings?
The moves that have been made prior to adding Isaac Seumalo on a three-year, $24-million deal -- signing Patrick Peterson, Nate Herbig, Cole Holcomb and Elandon Roberts, while bringing back Larry Ogunjobi and Damontae Kazee -- can be looked at as a strong start to the free agency period for the Steelers.
While it's fun to think the NFL salary cap is a myth, the truth is ... it's not. Every dollar has to be accounted for at some point. And, if not managed properly, teams can be handcuffed down the road.
Is that where the Steelers are? Hardly. After these six signings, there is still plenty of room to make further additions to the roster. That's held true to what Khan said at the Combine about their cap situation prior to free agency.
"I think you guys have kind of seen through different seasons what kind of shape we've been in," Khan said. "We're obviously in a lot better shape than we've been in the past, where we've had to get pretty, I don't really like to use the word ‘creative,’ but had to do some things. We're comfortable that if there's the opportunity to improve our team with someone, we can make things happen and sign. There’s nothing holding us back."
Below is a complete breakdown of all six known contracts, year by year, according to Spotrac. This is not yet accounting for Seumalo's deal.
All signing bonus money is guaranteed. Base salary and roster bonuses are not, unless specified otherwise:
Patrick Peterson: Two years, $14 million ($5.85 million guaranteed)
• 2023 Cap Hit: $4,225,000 ($1,300,000 base salary, $2.925 million signing bonus)
• 2024 Cap Hit: $9,775,000 ($3,850,000 base salary, $2.925 million signing bonus, $3 million roster bonus)
Nate Herbig: Two years, $8 million ($4 million guaranteed)
• 2023 Cap Hit: $2,540,000 ($1,080,000 base salary (guaranteed), $1.46 million signing bonus)
• 2024 Cap Hit: $5,460,000 ($4,000,000 base salary, $1.46 million signing bonus)
Damontae Kazee: Two years, $6 million ($1.75 million guaranteed)
• 2023 Cap Hit: $2,125,000 ($1,250,000 base salary, $875K signing bonus)
• 2024 Cap Hit: $3,875,000 ($3,000,000 base salary, $875K signing bonus)
Larry Ogunjobi: Three years, $28.75 million ($12 million guaranteed)
• 2023 Cap Hit: $4,933,333 ($1,400,000 base salary (guaranteed), $3,533,333 signing bonus)
• 2024 Cap Hit: $13,283,333 ($5,000,000 base salary, $3,533,333 signing bonus, $4.75 million roster bonus)
• 2025 Cap Hit: $10,533,334 ($4,000,000 base salary, $3,533,334 signing bonus, $3 million roster bonus)
Cole Holcomb: Three years, $18 million ($4.92 million guaranteed)
• 2023 Cap Hit: $2,720,000 ($1,080,000 base salary, $1.64 million signing bonus)
• 2024 Cap Hit: $7,640,000 ($6,000,000 base salary, $1.64 million signing bonus)
• 2025 Cap Hit: $7,640,000 ($4,000,000 base salary, $1.64 million signing bonus, $2 million roster bonus)
Elandon Roberts: Two years, $7 million ($2.335 million guaranteed)
• 2023 Cap Hit: $2,332,500 ($1,165,000 base salary, $1,167,500 signing bonus)
• 2024 Cap Hit: $4,667,500 ($3,500,000 base salary, $1,167,500 signing bonus)
Accounting for all six contracts, the Steelers have $14,514,751 of cap space, according to Spotrac. That's accounting for the top 51 contracts and the $11,772,144 of dead money under the $229,227,145 cap figure, but not the projected draft pool of $7,979,941. However, there will be quite a bit of time before the Steelers need to sign their draft picks. They have room to take care of roster needs now.
The collective 2023 cap hit between these six signings is only $16.1 million. And, with the phenomenal price to which they signed Seumalo, there will still be room to add more pieces.
Want to bring back Terrell Edmunds and run back the three-safety package from 2022? Kazee's contract ought to tell us that a safety contract is more than affordable. Want to make Bud Dupree a Steeler again, making him the first guy on the field when T.J. Watt or Alex Highsmith need to tag out? There's more than enough room to make that work, especially because he won't demand a high-paying contract since he's getting $10.85 million from the remainder of his contract with the Titans. There's also room to fill out the depth chart at receiver, tight end and every other position on the field.
If the Steelers need to clear additional salary cap space, there are still plenty of options remaining. The Steelers already restructured Minkah Fitzpatrick's contract and released Myles Jack to create more than $18 million in cap space prior to the signings. Restructuring Watt's deal is an option, and that could save as much as $12.6 million in cap room. The Steelers could also approach Mitch Trubisky about a contract extension to lower his 2023 cap hit. Remember, Khan would love to have Trubisky in Pittsburgh beyond 2023.
"We think Mitch has been great," Khan said at the Combine. "He’s been great to have around, and I look forward to having him around here for a long time, not only this year, but for a long time."
And, of course, cutting more players could clear more cap space. But, the largest amount that could be cleared among cap casualties would be saving $4 million by cutting Ahkello Witherspoon, but that thins out the cornerback position. Of course, the Seumalo signing makes Kevin Dotson expendable, and cutting him would clear $2.743 million in cap space.
Either way you break it down, Khan's got room to build depth on the roster before the Steelers make long-term additions in the draft. Until then, as it's always been for the Steelers, the rest of free agency is all about filling needs. Khan's done that with plenty of flexibility moving forward.
