REPORT: If the Minnesota Vikings don’t Re-Sign This Free Agent by March 13, they Will Face Significant Dead Cap Consequences.
The Minnesota Vikings have many free agents and will have a busy offseason. With $37.1 million in cap space, this offseason could change the landscape of their roster for the future.
The contract of one of their free agents voids on March 13, and the team hopes to get a deal done before the deadline, or else they will face significant dead cap consequences for 2024.
The contract of the Minnesota Vikings quarterback expires on March 13.
If Minnesota doesn’t re-sign Kirk Cousins to an extension by March 13, his contract will void, and the team will incur a dead cap hit of $28.5 million for 2024. Cousins restructured his contract in previous years, converting his roster bonus into a signing bonus, and essentially, the signing bonus is distributed evenly over the length of the contract, up to five years.
Since he’s a free agent and his contract voids, his cap hits from future years accelerate into the current season (2024), similar to someone getting released. This is why they would have a dead cap hit of $28.5 million if he doesn’t re-sign.
If Cousins re-signs before the void date, they will save up to $8.75 million.
For a better explanation, refer to this article.
Kirk Cousins had a great 2023 campaign before the injury.
Cousins was having arguably his best season as a pro before he tore his Achilles in Week 8. He completed 216 out of 311 pass attempts (69.5%) for 2,331 yards, 18 touchdowns, five interceptions, 7.5 yards per attempt, 291.4 yards per game, a 103.8 passer rating, a 63.2 QBR, and a 4-4 record.
There is a catch…
Because Cousins had his contract restructured, Minnesota has a limit to how much they can sign him.
“Those base salaries in 2024-2027, which are effectively dummy numbers that will never be paid, set a cap for a possible future extension. Per the CBA, a player cannot sign a new deal that includes a raise within a year of signing another deal. Cousins’ new deal is, on paper, a 5-year, $200-million deal ($40 million APY), with a $20 million signing bonus (and $180 million in paragraph 5 base salaries), a mark that cannot be exceeded should he sign a deal to remain in Minnesota before the 2024 league year. Given the current market for starting-caliber quarterbacks in the NFL, this would seem to imply that Cousins is going to take a below-market deal or test the market in 2024.”
Minnesota can only pay Cousins a maximum of $42.5 million annually.
