Player: CB Patrick Peterson
Stock Value: Sold
Reasoning: The Steelers released veteran CB Patrick Peterson last week one year into a two-year contract. They save nearly $7 million prior to displacement in doing so. While he indicates he is open to returning for less money, they also just reportedly acquired CB Donte Jackson via trade. Or they expect to acquire him at the start of the new league year later today, when trades are allowed.
In his one season as a member of the Pittsburgh Steelers, Patrick Peterson recorded 42 tackles and two interceptions. He recorded 11 passes defensed after registering 15 in 2022 with the Minnesota Vikings. Now for the first time in his Hall of Fame career, he is a street free agent.
The Steelers announced his release last week, a move that saves them $6,850,000 million prior to roster displacement. We won’t know what the lowest contract ends up being, but it’s currently worth $915,000 with the Rule of 51. In other words, at this moment they save $5,935,000 against the salary cap from Peterson’s release.
Peterson boasted about getting an interception off San Francisco 49ers QB Brock Purdy in the 2023 season opener. To his credit, he put himself in position to record an interception at least once, if not twice. To his detriment, he failed to make the plays presented to him, allowing two touchdowns instead.
Many Steelers fans exaggerate his struggles, but there’s no question he’s nearing the end of his career. He played better in coverage in the second half of the season. Outside of issues with tackling, he even transitioned reasonably well to safety. His poor performance against the Buffalo Bills in the postseason helped leave a bad taste in people’s mouths.
Peterson himself said that he is open to returning, saying “the door may still be open”. In order for him to return, however, he needs to accept less money and playing time. I’m sure the Steelers wanted to keep him.
He said he talked at length with head coach Mike Tomlin, after which he seemingly felt hopeful about returning. He called it an honor to have one season with the Steelers and that he can “hopefully” have one more.
As the season progresses, Steelers players’ stocks rise and fall. The nature of the evaluation differs with the time of year, with in-season considerations being more often short-term. Considerations in the offseason often have broader implications, particularly when players lose their jobs, or the team signs someone. This time of year is full of transactions, whether minor or major.
A bad game, a new contract, an injury, a promotion—any number of things affect a player’s value. Think of it as a stock on the market, based on speculation. You’ll feel better about a player after a good game, or worse after a bad one. Some stock updates are minor, while others are likely to be quite drastic, so bear in mind the degree. I’ll do my best to explain the nature of that in the reasoning section of each column.
