June 1st marks an important day in the NFL when it comes to player contracts. Back during the free agency flurry in March and April, teams were able to cut certain players by way of a “June 1st designation”, which would save them cap space down the road by thanks to NFL salary cap rules.
NFL Teams Save Money With Post-June 1st Cuts
The following NFL teams are gaining cap space today as a result of prior post-June 1 cuts made this offseason:
– #Raiders: $24M (Jimmy Garoppolo)
– #Dolphins: $18.5M (Xavien Howard)
– #49ers: $17.8M (Arik Armstead)
– #Cardinals: $15.95M (DJ Humphries)
– #Packers: $10.6M…
— Ari Meirov (@MySportsUpdate) June 2, 2024
The Las Vegas Raiders were the team that cleared up the most cap space on Sunday. Back on March 13th, the team cut ties with quarterback Jimmy Garoppolo after just one season, and he was picked up by the Los Angeles Rams not long after. He will still cost the Raiders a good chunk of change in dead cap money, with a $4+ million hit this coming season and $12+ million in 2025.
But Garoppolo’s official release from the team’s cap sheet gives Las Vegas an extra $24 million for the remainder of the off-season and the upcoming campaign. The Raiders now have over $34 million available to spend, the 4th most in the NFL.
Raiders, Dolphins See Biggest Savings
Effective today, the Miami #Dolphins will collect $18.5M toward the salary cap due to the post-June 1 release of CB Xavien Howard.
Time to sign the 2024 draft class and extend QB Tua Tagovailoa, too.
— Brandon Liguori (@BrandonRLiguori) June 2, 2024
Another team that got rid of some serious financial weight was the Dolphins. Miami released Pro Bowl cornerback Xavien Howard with a June 1st designation, and had over $18 million placed back onto their books. The move gives the team some much-needed breathing room, as they were less than $1 million under the cap previously.
Howard will cost the Dolphins over $7 million in dead cap money for 2024.
Those weren’t the only two teams around the NFL that have some new cash as of the first of the month. The San Francisco 49ers gained $17.8 million by making Arik Armstead’s release official, and the Arizona Cardinals saved just shy of $16 million by moving on from DJ Humphries.
The New England Patriots are atop the list when it comes to available cap space around the league, with $44.3 million to spend. The Washington Commanders have the second most, followed by the Detroit Lions. The Raiders and Cardinals round out the top-5.
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