According to Nick Underhill, the Saints have reworked G Andrus Peat‘s contract to save more than $9 million in cap space.
Peat’s original base salary for 2023 was $11.825 million but Underhill says that has been cut down to $1.5 million. Of that sum, $4 million was converted into a roster bonus that’s treated as a signing bonus and spread out over the remainder of his contract. The rest was a pay cut.
Underhill also reported 2024’s base salary has been lowered to the minimum and it appears the two sides could part ways then.
Peat, 29, 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.
He was due base salaries of $11.825 million in 2023 and 2024.
In 2022, Peat started 11 games for the Saints at left guard and was rated by Pro Football Focus as the No. 68 guard out of 77 qualifying players.
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