The Pittsburgh Steelers have two new additions so far in free agency as QB Russell Wilson and P Cameron Johnston are both expected to sign contracts with the team after the start of the 2024 NFL year on Wednesday. With those details related to those two contracts presumably known at this point, it’s time to once again update the Steelers’ 2024 salary cap situation on this Tuesday afternoon.
As for now, and until further notice, we still expect Wilson’s deal to be for one year and total out at $1.21 million. That is still expected to be Wilson’s 2024 cap charge as well.
As for Johnston, the details of his three-year contract with the Steelers were reported Tuesday morning and with it totaling out at $9 million and including a 2.875 million signing bonus, his 2024 salary cap charge is $2,083,333.
The signings of Wilson and Johnston both displace salaries of $795,000 in the Steelers’ offseason Rule of 51. That makes the net impact of their signings using $1,703,333 in available salary cap space.
In real time, the Steelers should now be $23,637,513 under the cap when accounting for the contracts of Wilson and Johnston.
As usual, it’s important to point out that the Steelers still have quite a few forthcoming things to budget for that will be related to their salary cap. The team still must account for workout bonuses, a 52nd and 53rd player, a full practice squad, and the offset related to signing its 2024 draft class in addition to budgeting for in-season roster moves and any players on the Reserve/Injured list.
The Steelers are also likely to sign TE Pat Freiermuth to a contract extension this offseason so any increase in his salary cap charge for 2024 will ultimately need to be accommodated.
The Steelers still have the ability to free up more salary cap space this offseason should they have the need to. Extending the contract of DT Cameron Heyward could be one way to free up around $9.5 million in 2024 salary cap space. Additionally, the Steelers could choose to restructure the contract of OLB Alex Highsmith later this summer and such a move would free up as much as $7.206 million in 2024 salary cap space.
The Steelers are expected to be active in free agency this offseason. I expect them to spend around $40-$50 million in total cash in free agents these next several months.
