The 2024 NFL league year will get underway in two weeks from today and due to that, it’s probably a perfect time to once again update the Pittsburgh Steelers’ salary cap situation, especially with there being another new contract to account for in the Rule of 51 since the last update we provided.
As we reported a few days ago, the Steelers have signed OLB Jeremiah Moon to a one-year contract worth $915,000, and that was expected to happen with him set to become an exclusive rights free agent this offseason following him being claimed off waivers from the Baltimore Ravens several weeks ago. Moon’s $915,000 cap charge for 2024 jumped him into the Rule of 51 and in turn knocked CB Cory Trice Jr. out of it.
All told, the Rule of 51 displacing of 2024 salary cap space resulting from the signing of Moon was $120,000. While not much, it did eat a little into the team’s available salary cap space.
Currently, the Steelers’ Rule of 51 total for 2024, which includes all dead money now on the books, is $248,854,346. When subtracted from the team’s 2024 adjusted team salary cap number ($255.4 million plus $2,340,191 rollover from 2023) of $257,740,191, that puts the Steelers $8,885,845 under the cap when it comes to the offseason Rule of 51.
The Steelers obviously have a few other moves they could make in the next few weeks that would free up a lot more salary cap space for 2024. The big name to watch is veteran WR Allen Robinson II, who is scheduled to earn $10 million in 2024. His contract will likely be terminated soon unless he agrees to take a massive base salary cut.
Veteran CB Patrick Peterson could be another player to watch closely in the coming weeks as he’s scheduled to earn $6.85 million in 2024 with $3 million of that due as a roster bonus on March 16.
Obviously, and as pointed out several times so far this offseason, the Steelers have other salary cap clearing methods at their disposal between now and Week 1 of the 2024 regular season. Most notably, an extension for DT Cameron Heyward and a restructuring of OLB Alex Highsmith are just two ways that the Steelers can clear chunks of 2024 salary cap space this offseason.
So far this offseason, the Steelers have terminated the contracts of QB Mitch Trubisky, OT Chukwuma Okorafor and OC Mason Cole. Additionally, the team waived P Pressley Harvin III recently. The result of those four transactions easily has the team salary cap compliant, especially on the heels of the 2024 leaguewide number ultimately coming in nearly $13 million higher than projected.
As usual, the attached table of salary cap data included in this post has projected expenses the team will need to account for moving way past the start of the new league year, which once again will be two weeks from today. I always make sure to include those so that people are not surprised at a later date. The important number, at least for this Wednesday evening and looking forward to two weeks from now, is the real-time number, which once again indicates the Steelers being $8,885,845 under the leaguewide cap of $255.4 million.
