The Pittsburgh Steelers are making more roster news on Friday as the team will reportedly release veteran CB Patrick Peterson. That move isn’t a huge surprise as Peterson had been a potential roster casualty since the 2023 season ended. With Peterson now apparently headed out the door, it’s time to update the Steelers’ salary cap situation once again.
Peterson was scheduled to earn a base salary of $3.85 million in 2024 in addition to a $3 million March roster bonus. In total, the Steelers will save $6.85 million in 2024 salary cap space upon Peterson’s release prior to top-51 roster displacement occurring. As things stand right now, a $795,000 salary will displace Peterson in the Rule of 51. That results in $6.055 million in true salary cap space being acquired after top-51 roster displacement.
The Steelers will have a dead money charge of $2.925 million on the 2024 books when it comes to Peterson. That now results in the Steelers having a 2024 dead money total of $12,924,633.
In real time, the Steelers are now $16,395,846 under the cap when it comes to their Rule of 51 amount. The team, however, has several expenses that it must budget for when it comes to the remainder of the offseason. Those estimated forthcoming charges the team must budget for are itemized in the table below.
On the heels of Peterson’s contract termination, it will still be interesting to see how much more salary cap space the team clears by the middle of next week, the start of the 2024 NFL year. The Steelers are expected to do something with WR Allen Robinson II due to the 10th-year veteran set to earn $10 million in 2024. Robinson is likely to be asked to take a huge base salary cut in order to remain under contract. There might also be another contract termination or two prior to the end of next week.
As mentioned several times in previous salary cap-related posts on this site, the Steelers could extend the contract of DT Cameron Heyward at some point during the offseason in order to lower his 2024 salary cap charge of $22,406,250. Additionally, the Steelers have the ability to free up even more 2024 salary cap space this offseason by restructuring the contract of OLB Alex Highsmith.
The Steelers have already made several roster adjustments this offseason with most of those being contract terminations. OT Chukwuma Okorafor, QB Mitch Trubisky, OC Mason Cole, P Pressley Harvin III, and S Keanu Neal have all had their contracts terminated so far this offseason in addition to Peterson.
