The NFLPA finally got around to entering the backlog of transactions recently made by the Pittsburgh Steelers. On the heels of that happening, I can now provide another salary cap update when it comes to the team.
As of Tuesday night, the Steelers are $16,144,531 under the cap. When accounting for the annual NFLPA workout bonus placeholder amount being put into place, the Steelers will be $15,294,931 under the cap.
It’s important to note that the Steelers have still yet to sign their top three 2023 draft picks in tackle Broderick Jones, cornerback Joey Porter Jr. and defensive tackle Keeanu Benton. Those three deals, based on contract slotting estimations and the Steelers’ current Rule of 51 number, will use roughly another $3,285,062 in 2023 salary cap space after roster displacement takes place. To sum that note up, the Steelers are currently projected to be $12,009,869 under the cap once their remaining unsigned draft picks are signed and the annual NFLPA workout bonus placeholder is applied.
As the table of data below shows, the Steelers have quite a few late summer cap costs that they’ll need to absorb. These costs are related to a full practice squad, a 52nd and 53rd player, Reserve/Injured players as well as an in-season player replacement fund. That’s roughly another $17.5 million that will need to be accounted for prior to Week 1 of the 2023 regular season.
The Steelers are also likely to sign outside linebacker Alex Highsmith to a contract extension later this summer. If and when they do, Highsmith’s cap charge is likely to increase around $3.5 million or so. The Steelers will also likely restructure the contract of outside linebacker T.J. Watt later this summer as well. Whether they need to do a full restructuring of Watt’s contract is yet to be known, however. A full restructuring of Watt’s contract would free up $12,613,334 in 2023 salary cap space, which is shown in the table of numbers below.
The Steelers current Rule of 51 is likely to change quite a bit prior to Week 1 of the regular season as well. Those changes could create salary cap space and especially if players such as guard Kevin Dotson, wide receiver Gunner Olszewski, defensive tackle Montravius Adams or safety Miles Killebrew are jettisoned in some way, shape, or form.
