Twelve Ways Dolphins Can Create Cap Space
The Miami Dolphins must reduce payroll and officially have two weeks to balance the team’s books.
Before the Dolphins can even begin the free agent shopping process, re-signing the team’s own free agents and bidding on newcomers to add to the 2024 roster, the Dolphins must be compliant with the NFL’s salary cap by March 13.
And to do that the team’s decision makers must untangle a complicated mess the team’s win-now mentality created.
Releasing pass rusher Emmanuel Ogbah and cornerback Xavien Howard last week creates $32.2 in cap saving, which will help. But with Howard being designated a June 1 cut, the cap space his departure creates won’t become available to the team till June 1.
That means General Manager Chris Grier and his contract negotiators and cap experts have a ton of work to do in the coming days.
Here are 12 avenues the Dolphins can use to create cap space in the coming weeks.
Possible Extension Options
Extend receiver Tyreek Hill’s deal – The Dolphins can create roughly $14 million in cap space this offseason by adding two years to Hill’s deal if they keep the All-Pro receiver around his same pay rate of $24-26 million a season. Hill’s guaranteed money concludes after this season, and his 2026 salary of $45 million is something he’ll never see, so it benefits everyone to extend Hill’s contract if the Dolphins are comfortable he’ll be on his best behavior and remain productive for another three seasons.
Extend cornerback Jalen Ramsey’s deal – When Ramsey joined the Dolphins, he restructured his contract, making it a three-year deal worth $55 million. He’ll receive $25.5 million of that payout this season in base salary ($14.5 million) and a roster bonus ($11 million), and all of it is guaranteed. The best way to reduce Ramsey’s $27.2 million cap hit in 2024 is by adding new years to his deal, replacing the voidable seasons in 2026 and 2027 with legitimate contract terms that continue compensating the seven-time Pro Bowler like he’s a top-five cornerback. If $24 million of his 2024 salary were turned into a signing bonus, his 2024 cap number could be reduced by $14 million or so, depending on the details of the new deal.
