While the Pittsburgh Steelers haven’t done much in the way of offseason additions the last few days, we did finally get the exact details of the two-year contract that unrestricted free agent S DeShon Elliott signed last week. With those numbers now in, I can now provide another 2024 cap update for the Steelers.
The previous update included an estimated cap charge for Elliott, which was slightly lower than the actual amount. Now that we know his 2024 cap charge is $2.25 million, I have the Steelers sitting roughly $14,965,998 under the cap in real time when it comes to the Rule of 51. It should be noted, however, that we are still awaiting the exact contract numbers for new WR Van Jefferson. As of now, I have Jefferson estimated at signing a one-year veteran benefit contract with a 2024 cap charge of $1.1525 million.
The Steelers currently have 70 players under contract for 2024, and Jefferson’s deal is the only one for which we are waiting for exact numbers. As I stated in the most recent cap update post, the Steelers still have $24,381,069 in dead money on the books for 2024 and that is all accounted for in my numbers.
While the Steelers are currently roughly $14.966 million under the salary cap, it is important once again to remind everyone that there will be future costs that the team will need to budget for moving on from the prime free agency signing period. All of those forthcoming costs are estimated in the table above and they total out at nearly $18.3 million. Even so, the Steelers still likely have plenty of cap space to work with for the remainder of free agency.
There has been no word so far this offseason on a contract extension for DT Cameron Heyward. Even so, it does feel like one will happen at some point that will not include any new money in 2024. Assuming that happens, the Steelers should be able to free up roughly $9.5 million in additional 2024 salary cap space.
As things sit here on March 21, it still seems somewhat likely that the Steelers will restructure the contract of OLB Alex Highsmith at some point during the offseason. A traditional full restructuring of Highsmith’s contract, as pointed out several times already this offseason, would free up an additional $7.206 million in 2024 salary cap space.
Not listed in potential forthcoming offseason cap costs in the table above is a potential contract extension for TE Pat Freiermuth. Assuming that ultimately happens, Freiermuth’s 2024 cap charge will likely increase some. That increase in his 2024 cap charge shouldn’t be massive, however.
There will also be some offset, either to the good or the bad, resulting from the team setting its initial 53-man roster ahead of Week 1. After all, the top 53 players currently under contract as we sit here in March aren’t likely to be in the Week 1 group. That offset isn’t likely to be massive when it finally occurs, however.
As soon as the real numbers related to the Jefferson contract come in, which should be very soon, I will post another Steelers 2024 salary cap update.
