5 Jacksonville Jaguars players who must be extended after the cap spike

• The Jaguars will have a bit of extra cap space to work with in 2024. They should consider using it to extend one (or two) of the following players.

Oct 19, 2023; New Orleans, Louisiana, USA; Jacksonville Jaguars quarterback Trevor Lawrence (16)
Oct 19, 2023; New Orleans, Louisiana, USA; Jacksonville Jaguars quarterback Trevor Lawrence (16) / Matthew Hinton-USA TODAY Sports
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4. Folorunso Fatukasi, linebacker

Back in 2022, linebacker was one of the Jaguars' biggest needs and they spared no expenses to address it. Besides using a pair of draft picks no Chad Muma and Devin Lloyd, they gave veteran Foyesade Oluokun a top-market contract. Two years later, it's fair to say that Oluokun has lived up to expectations while becoming an integral piece of their defensive puzzle.

The Yale product led the league in tackles in his first season in Jacksonville and finished third last year. Granted, he missed 18, and dropping back in coverage isn't precisely his forte. Having said that, he's been everything the Jags bargained for. Heck, you could even make the case he's gotten better after leaving the Atlanta Falcons.

Twice-named team captain, Oluokun takes his role as a leader very seriously, attending offseason workouts last year despite the fact that veterans were dismissed. On the field, he had an interception returned for a touchdown and a forced fumble. With Ryan Nielsen taking over the defense in 2023, there's a chance Oluokun may get even better, which is why the Jags must consider giving him an extension.

Oluokun is entering the last year of the contract he signed in 2022. He's set to count $21.7 million against the cap next season but the Jaguars could free up $7.2 million if they move on from him. However, releasing the veteran linebacker is unlikely and it wouldn't be the only way the Jags could create space.

They could also give Oluokun an extension and push some of his salary for 2024 to future years. They wouldn't probably get the $7.2 million in space but they could at least free up $2/3 million, which could come in handy ahead of free agency.