According to OverTheCap.com, designating Byrd as a post-June 1 release will free up $7.8 million of cap space and $3.4 million of dead money.
The overall expectation was that Byrd was going to have to agree to a pay cut to be back with the Saints, as he hasn’t lived up to the big-money contract he signed a few years ago. However, it appears as though the Saints ultimately decided to take the cap space and move in a new direction at safety.
Byrd, 30, is a former second-round pick of the Bills back in 2009. He spent five years in Buffalo before signing a six-year, $54 million contract that included $26.3 million guaranteed with the Saints as a free agent back in 2014.
Byrd was set to make a base salary of $7.9 million for the 2017 season.
In 2016, Byrd appeared in all 16 games for the Saints and recorded 82 tackles, two interceptions and four pass defenses. Pro Football Focus has him rated as the No. 46 safety out of 89 qualifying players.