According to Ian Rapoport, the Saints have restructured the contracts for S Malcolm Jenkins and G Andrus Peat to create a total of $9.4 million in additional cap space.
New Orleans added $3.4 million from Jenkins’ contract and $6 million from Peat.
With their decision to place the franchise tag on S Marcus Williams yesterday and a big hole to climb out of to get under the cap, the Saints need every dollar they can muster.
Jenkins, 33, is a former first-round pick of the Saints back in 2009. He spent five years in New Orleans before signing on with the Eagles in 2014.
Jenkins was set to make a base salary of $7.75 million in the final year of his deal in 2020 when the Eagles released him. He signed with the Saints on a four-year, $32 million deal
In 2020, Jenkins appeared in all 16 games for the Saints and recorded 91 tackles, 2.5 sacks, one forced fumbles, one recovery, three interceptions and 10 pass defenses. He’s rated by Pro Football Focus as the No 48 safety out of 94 qualifying players.
Peat, 27, is a former first-round pick of the Saints back in 2015. He was in the final year of his four-year, $11.393 million contract and stood to make a base salary of $1.988 million for the 2018 season when the Saints picked up his fifth-year option for 2019.
After playing out his option and becoming an unrestricted free agent, Peat signed back with the Saints on a five-year, $57.5 million deal.
In 2020, Peat started 13 games for the Saints at left guard and was rated by Pro Football Focus as the No. 46 guard out of 80 qualifying players.
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