Jenkins was one of the most obvious sources of cap room for New Orleans, given that he carried a cap figure of $11.25 million for the 2020 season, so this isn’t a big surprise.
According to Yates, Jenkins converted $9 million of his base salary into a signing bonus, lowering his cap hit to $4.05 million and creating $7.2 million in cap space.
New Orleans added two void years to Jenkins’ deal, meaning he will still be a free agent after the season.
Jenkins, 31, is a former second-round pick of the Rams back in 2012. He spent four years with the Rams before signing a five-year, $62.5 million contract that included $28.8 million guaranteed with the Giants.
Jenkins spent just over three seasons with New York before he was waived last year and later claimed off of waivers by the Saints.
In 2019, Jenkins appeared in 13 games for the Giants and two with the Saints, recording 61 tackles, five interceptions, and 16 passes defended.