Three ways the Seahawks can easily create cap space
By Geoff Shull
The next option is my favorite. Reward a player who has performed their current contract with an extension.
A name that has floated around recently for an extension is Tyler Lockett. Many questioned the Seahawks extending him in 2017, including me. However, fast forward to today and the contract is an absolute steal.
Lockett is just 27 years old and playing on a pedestrian deal worth only $10.25 million per year. The team could extend Lockett past his current contract, which ends in 2021. This would allow Seattle to push some of his current base salary to future years. This deal would also reward the player for his outstanding performance. A sign of good faith by the organization.
Current contract for Tyler Lockett
Terms: 3 years, $30.75 million
Avg Salary: $10.25 million
Gtd: 11 million
Cap hit by year
- 2020: $12.25 million
- 2021: $11.5 million
The current year’s cap hit of $12.25 million is made up of $8.5 million in base salary and $3.75 million in bonuses. The $8.5 million is the number we can push off to future seasons if an extension were to occur.
The per-year amount I have seen floating for a contract extension for Lockett has been somewhere in the ballpark of $16 million per year. This per-year amount would get him in the top 10, and deservedly so. I would propose a 2-year extension. This would keep Lockett with the Seahawks through his age 31 season.
Tyler Lockett’s extension (the two additional years)
Terms: 2 years, $32 million
Avg Salary: $16 million
Gtd: 15 million
What the total value of his contract would look like after the extension (old and new contract combined)
Terms: 4 years, $55.75 million
Avg Salary: $13.9 million
Gtd: 27 million
Cap hit by year
- 2020: $4.5 million
- 2021: $14.5 million
- 2022: $17.375 million
- 2023: $19.375 million
This move would save Seattle just under $8 million in cap space in 2020 while rewarding a top tier player with a new contract. This would be a steal and a smart investment for the team. Lockett is a selfless player who is a perfect schematic fit for the team, now and into the future.
Extending Tyler Lockett’s contract: save up to $8 million in 2020.