It’s been a little while since I last updated the Pittsburgh Steelers’ 2024 salary cap situation. That’s because I had been waiting on official contract details for the five undrafted free agents the team signed several weeks ago. Those contracts have now been filed. With that, we can now take a look at the team’s 2024 salary cap situation with two draft picks yet to be signed.
First, let the record show that I am still waiting on the official contract details for new CB Anthony Averett and RB Jonathan Ward. Even so, it’s a good bet that the one-year contracts both signed are for the minimum and should also qualify as veteran benefit deals. Additionally, it’s doubtful either player received a signing bonus. That’s what I am rolling with when it comes to both players for this update.
Currently, the Steelers’ Rule of 51 total for 2024 sits at $238,920,692. and that amount includes a dead money total of $24,381,069. That means that the Steelers are now $18,819,500 under the cap when it comes to their Rule of 51 total and with all but two members of their 2024 draft class under contract.
While $18,819,500 is certainly quite a bit of available salary cap space, roughly $2.139 million of that needs to be earmarked for the signings of OT Troy Fautanu and C Zach Frazier. Additionally, the NFLPA has yet to charge the annual offseason workout bonus placeholder amount of $907,200. Once the dust clears after mandatory minicamp, it’s a good bet that the Steelers’ offseason workout bonus amount will come in way lower than $907,200.
Obviously, the Steelers will ultimately need to be able to accommodate a full practice squad and a 52nd and 53rd player. Those accommodations will likely require right around $5.6 million of salary cap space. Additionally. the Steelers are likely going to want to have right around $6 million in free salary cap space at the start of the 2024 regular season. On top of everything else. it’s always good to budget for a few players to start the 2024 regular season on the Reserve/Injured list. Two million dollars is normally a good placeholder when it comes to that.
As you can see below in the updated and tabled breakdown of the Steelers’ current 2024 salary cap situation, I now have the team with $2,183,300 in effective salary cap space based on all other projections of somewhat predictable costs forthcoming the remainder of the summer. Additionally, it’s important to point out that the Steelers can always choose to restructure the contract of S Minkah Fitzpatrick later this summer. That can clear up to $8,916,667 in additional 2024 salary cap space.
Now, I am still expecting the Steelers to sign TE Pat Freiermuth to a contract extension before the start of the 2024 regular season. If that happens, Freiermuth’s 2024 cap charge of $1,918,057 is likely to increase some. Not a ton but some.
Will the Steelers sign RB Najee Harris to a contract extension before the 2024 regular season starts? While I wouldn’t bet on such a thing happening, it’s not an unthinkable notion. Currently, Harris is carrying a 2024 salary cap charge of $4,151,460. If he were to sign a contract extension later this summer, his 2024 salary cap charge might even decrease slightly as a byproduct of that. At the very worst, it would likely remain roughly close to what it is currently.
What the Steelers wind up doing with DT Cameron Heyward moving forward is also something that needs monitored closely. Any sort of contract extension that Heyward winds up signing, assuming he does sign one, is sure to result in his 2024 salary cap charge decreasing. How much it decreases depends on several different variables. That Heyward 2024 cap charge decrease, assuming it happens, could ultimately result in the Steelers not having to restructure Fitzpatrick’s contract.
While probably unlikely to happen, the Steelers could also decide to sign a few other players to contract extensions this summer. A few names on that short list of potential extension candidates include QB Justin Fields and OG James Daniels. I’m just noting those players in case something ultimately happens with either.
As always, we could see the Steelers ultimately add another player, two, or three via a trade or signing as we progress through the offseason. The Steelers have a long history of adding a player or two to their roster after OTAs finish. Obviously, if the Steelers were to add an expensive wide receiver at this point, such an acquisition would likely come via a trade and then a new contract for said player would likely follow. WR Courtland Sutton or WR Jauan Jennings, anyone? Just throwing a few names out there to chew on. At this point, however, any trade the Steelers make is likely to happen after June 1, if one even happens at all.
In closing, are the Steelers in fine shape right now when it comes to their 2024 salary cap situation? Absolutely they are, especially on the heels of the team restructuring the contract of OLB Alex Highsmith just prior to this year’s draft. They are fine on cash spending as well, and I suspect more of that is coming between now and the start of the 2024 regular season.
Watching what course the Steelers choose from this point forward will be fun as there are several different routes they can take when it comes to contract extensions and player additions. After the team gets Fautanu and Frazier signed to their rookie deals, I’ll provide a new salary cap update. I will, however, provide another update sooner should something monumental happen.
