The Jacksonville Jaguars are in need to cap space and they got much-needed relief when they restructured the contract of linebacker Foyesade Oluokun. While the Jags still have to make other moves to get under the cap, reworking Oluokun’s deal was a step in the right direction.
Oluokun had a base salary of $14 million in 2023 but Ian Rapoport of NFL Media reports that restructuring his contract has created $10.3 million in space. Now, he’s set to have a base salary of $1.08 million and a signing bonus of $4.1 million. Michael Ginnitti of Spotrac notes that Oluokun’s deal now has three void years at the end but as long as Oluokun remains on the Jags’ roster for the duration of his contract, it won’t have a negative impact this year and next.
A sixth-round pick by the Atlanta Falcons in the 2018 NFL Draft, Oluokun signed a three-year $45 million deal with the Jaguars last offseason. He was named team captain by his teammates and went on to lead the league in tackles for the second year in a row with 194. Moreover, Gordon McGuinness of Pro Football Focus named him Jacksonville’s most-improved player last year.
The Jacksonville Jaguars are taking steps to make other moves in 2023
The Jaguars still need to make other moves to free up space. Releasing cornerback Shaquill Griffin to $11 million in cap room might be next. Similarly, defensive end Roy Robertson-Harris and safety Rayshawn Jenkins could be cap casualties. On the other hand, general manager Trent Baalke might try to rework their deals the way he did with Oluokun’s. After all, both Roberston-Harris and Jenkins were integral members of their defense last season.
Once the team’s brass gets under the cap, they’ll move to sign players with expired contracts. Bringing back tight end Evan Engram seems to be one of Jacksonville’s top priorities this offseason and might not be possible until they have enough space to fit his contract. After the Jags secure Engram, they can then try to re-sign defensive end Arden Key, another important cog on defense.
The one player the Jaguars’ brass might need to let walk in free agency is right tackle Jawaan Taylor. While is coming off the best season in his NFL career, his salary demands might exceed the Jags’ budget and he might have teams lining up for his services in free agency.
The Jacksonville Jaguars want to keep as many players from last year as possible and restructuring Oluokun’s contract was one of several steps they’ll take in the offseason to ensure it happens. Expect them to keep making moves in the upcoming days.