Saints Salary CAP Updates will be posted at the end of each week.

Saints Salary CAP Updates will be posted at the end of each week.

So the contract details of Keenan Lewis, the Saints newest player, are starting to trickle in.  According to a Pitsburg Steelers web site, his contract is 5 yrs / $26m  which includes a $6m signing bonus.  The Saints also guaranteed his 2013 salary ($1m) & his 2014 salary (reported to be $3.5m).  So the total guarantees come out to $10.5m.  Not too bad of a deal at all, for both parties.  HIs 2013 CAP hit will be a very pallatable $2.2m & 2014 is not much worse at $4.7m.  The cost should escalate to the $6.3m/yr range (with only $1.2m per yr guaranteed) for 2015, 16 & 17.  Loomis does his magic once again.

As of today, the Saints should have just over $7.5m in CAP space at their disposal.  In other words, more than enough to sign another key FA as well as a quality back up QB.

More updates to come as we get them…..but a great  Free Agency Day 3 for the Who Dat Nation!

Cheers!

Follow up – The details of Drescher’s new 4 yr deal have not been released yet, but I would expect it to be in the $500-550k /yr range.  Thus, his new deal would only increase the Saints CAP by around $100-150k.