Eagles Create Significant Cap Space After Releasing High-Priced Veteran

Getty The Philadelphia Eagles released veteran safety Kevin Byard, following a disappointing tenure.

Kevin Byard’s tenure with the Philadelphia Eagles was short-lived.

The Eagles released Byard, whom Philadelphia acquired in an October 23, 2023 trade with the Tennessee Titans, on March 1, according to a report from ESPN’s Adam Schefter.

Moving on from the two-time All-Pro created approximately $13 million in new cap space for the Eagles, with the NFL’s new league year and free agency’s opening looming on March 13.

Byard’s brief stint with the Eagles was a bit of a disappointing one, with the 30-year-old producing 75 tackles across 10 games with just one interception and three pass breakups.

How Much Cap Space Do Eagles Have After Releasing Byard?

Even in an offseason where the salary cap is slated to be an unprecedented $255.4 million, general manager Howie Roseman and the Eagles are right to find ways to create additional spending flexibility to compete for some of the best available free agents.

While moving on from Byard triggered a $711,000 dead-money charge for 2024, the additional cap space was significant.

Now, after releasing Byard, the Eagles have approximately $39.9 million in cap space at their disposal when free agency gets underway.

As of March 1, the Eagles’ revised cap space total ranks 15th in the league, just above the NFC East division rival New York Giants.

What Else Can Howie Roseman Do to Clear Cap Space?

Releasing Byard was a big move, with a big financial upside for Roseman and the Eagles, but the veteran safety is far from the only player who could be released before free agency.

Veteran cornerback Avonte Maddox is a top candidate to restructure his deal or be released. releasing him after June 1 would create $7.117 million in new cap space while triggering a $2.56 million dead-money charge.

Meanwhile, signing some key veteran players on both sides of the football to extensions or restructured contracts could have major financial upside for the Eagles.

Offensive tackle Jordan Mailata remains one of the premier players at his position across the NFL, and the Eagles can sign him to an extension which could create approximately $2.79 million in new cap space for the 2024 campaign. Mailata is set to count $10.7 million against the cap, so lowering that figure could be a top priority.

Likewise, the Eagles could have a decision to make between pass-rushers Haason Reddick and Josh Sweat.

Reddick carries the highest cap number on the team, at $21.8 million for 2024, and the Eagles previously gave the 29-year-old permission to seek a trade earlier this offseason. Philadelphia could create roughly $11.8 million in cap space if Reddick agrees to an extension.

Similarly, signing Sweat to an extension could save around $2.54 million in cap space. However, releasing Sweat in a post-June 1 move would create $4.35 million in new cap space for 2024 while triggering a $4.72 million dead-money charge this upcoming season and a $9.53 million dead-cap hit in 2025.

Spotrac projects Sweat’s market value at $21.5 million if the Eagles do decide to move on, and he hits free agency in the coming weeks. That deal would make Swat the third-highest-paid defensive end in the NFL.

Roseman does not face the dire straits of the seven general managers of teams currently over the cap, but has some tools in his toolbox to create some spending flexibility before free agency gets underway.