Buffalo Bills salary cap update following contract restructuring of Josh Allen, Stephon Diggs and Von Miller

In the week leading up to the unofficial launch of free agents on Monday this week, Buffalo Bills fans have been eagerly waiting for general manager Brandon Bean to pull a few simple levers to open up a large chunk of space above the salary cap.

On Tuesday night, Bean made the third in a string of restructurings, reworking deals for star quarterback Josh Allen, pass rusher Von Miller and wide receiver Stephon Diggs. All three base salary conversions significantly lower the three superstar cap in 2023 and give bills an estimated additional $38 million in salary cap.

The bills were over the salary cap by about $19 million before the league’s legal intervention period began Monday at noon. After restructuring Allen, Miller and Diggs, expanding linebacker Matt Milano and renegotiating deals with runners Nyheim Hines and Tim Settle.

Bills now have about $20 million in pay cap, according to Spotrac.com. Milan’s extension is reported to give the bills $6 million in room for a 2023 salary cap, but those details had not been confirmed as of Tuesday evening.

Buffalo took one step on Monday, reportedly agreeing to a three-year, $23 million deal with 25-year-old inside offensive lineman Connor McGovern. The Bills also re-signed several of their free agents, with players Sam Martin, linebacker Tyler Matakevich, cornerbacks Cam Lewis and Dane Jackson, and linebacker Tyrell Dodson.

There are 16 of Bill’s unrestricted free agents who still haven’t signed a new contract, including Jordan Poyer, an All Pro quarterback. Former Buffalo Pro Bowl linebacker Tremaine Edmunds made big gains in the open market on Monday, reportedly signing a four-year, $72 million contract with the Chicago Bears.

The runner market is starting to heat up after Rashaad Penny signed a one-year deal with the Philadelphia Eagles and David Montgomery is reportedly heading to Detroit on a three-year deal. Bill’s free agent Devin Singletary is now one of the top players in the position and could move up the line to get a new deal. There are several reports that the Bills are interested in Lions free agent running back Jamaal Williams, who led the NFL in touchdowns last season. With Montgomery now in Detroit, Williams will likely head to a new team in 2023.

According to Mike Ginnitti of SpotracThe Diggs restructuring turns $6.754 million of base salary into a signing bonus, freeing up $5.39 million in the ceiling this year. The Bills converted Allen’s $26.42 million base salary and Miller’s $13.34 million lineup bonus to create an additional $31.8 million in equity.

READ MORE

James Cook of the Bills eyeing a shared backfield with his brother Dalwyn Cooke?

Bills reportedly losing to Tremaine Edmunds to the Bears: Here’s what Chicago paid free agent LB

Billy agreed terms with Connor McGovern on a 3-year deal (report)

Bills re-signed player Sam Martin, special teams ace Tyler Matakevich to free agency

NFL Free Agency Accounts 2023: Live Updates on Latest News, Reports, Rumors (Tracker)

Talk about bills

Be sure to check it out and subscribe to SHOUT! The Buffalo Football Podcast with beat writers Matt Parrino and Ryan Talbot. You can also subscribe to our mailing list to receive weekly Bills news updates straight to your inbox. Check out the links below.

Newsletter | YouTube | APPLE | DISCOVER | FACEBOOK | Twitter