The 2025 NFL Draft will get underway two weeks from today and the Pittsburgh Steelers currently have 75 players under contract following the recent re-signing of T Calvin Anderson. With the Anderson contract details now known and with the 2025 dead money charge for former WR Mike Williams accounted for, it’s time to update the team’s salary cap situation once again.
As of Thursday morning, the Steelers are $32,365,766 under the cap when it comes to their Rule of 51 amount. That amount matches the NFLPA public salary cap page now that it has finally instituted the Rule of 51 as of Thursday morning.
While the Steelers have well more than $30 million in 2025 salary cap space right now, we’re still waiting to see how much of that might possibly be used on QB Aaron Rodgers, who is still expected to sign with the team at some point. Additionally, the Steelers are likely to extend OLB T.J. Watt’s contract at some point during the offseason and such a transaction should lower his 2025 salary cap charge of $30,418,695 significantly.
Up to this part of the offseason, the Steelers have yet to restructure any player contracts to free up additional salary cap space. While I don’t think the team will ultimately need to restructure any contracts for the remainder of the offseason, there are two primary players who are targets for such transactions in TE Pat Freiermuth ($7,211,250) and OLB Alex Highsmith ($7,886,667).
The Steelers have several forthcoming salary cap costs that will ultimately need to be absorbed by the start of the 2025 regular season. Those are fairly easy to roughly predict. I have predicted those forthcoming costs, which include the offset of the 2025 draft class signings, a full practice squad, offseason workout bonuses, 52nd and 53rd players, offseason injury settlements, and in-season space buffer, totaling out to $15,737,131, or roughly right around $16 million. This means the Steelers have $16,628,635 in projected effective salary cap space as of Thursday morning.
It will be interesting to see if the Steelers wind up getting contract extensions done with players not named Watt this offseason. S DeShon Elliott might be a candidate for one at some point. While I don’t think it ultimately happens, it is at least plausible that WR George Pickens could also sign a contract extension this offseason. Additionally, it’s realistic that K Chris Boswell could receive a cash raise for 2025 later this offseason. Should such a raise happen, and not be part of a contract extension, Boswell’s current 2025 salary cap charge could rise a little bit.
When the Steelers finally establish their Week 1 53-man roster, a little more 2025 salary cap space might be created depending on players currently within the Rule of 51 having their contracts terminated.
From salary cap and cash spending standpoints as we sit here two weeks out from the 2025 NFL Draft, the Steelers are in great shape. Obviously, the next big domino to watch fall is related to the signing of Rodgers, if indeed that ultimately happens. If any significant extensions, signings, or terminations happen ahead of the draft getting underway, I will once again provide another full salary cap update.
