The Kansas City Chiefs freed up $21.6 million in salary cap space for the 2024 season by restructuring Patrick Mahomes’ contract on Tuesday.
NFL insider Adam Schefter first reported the news of this consequential cap-maneuver on Twitter:
Patrick Mahomes will be restructuring his contract to create an additional $21.6 million worth of salary-cap space for the Chiefs as they aim to become the first NFL team to three-peat, per league sources. pic.twitter.com/PxpJ5j8ZPj
— Adam Schefter (@AdamSchefter) March 12, 2024
Kansas City hasn’t been particularly active on the free agent market since the legal tampering period opened on Monday, but can now negotiate contracts without the burden of being over the salary cap.
The Chiefs were about $6 million over the league’s $255,400,000 spending cap before Mahomes’ deal was restructured, so Kansas City should have about $15 million to play with when the third day of free agency starts on Wednesday.
With plenty of needs yet to be filled, the Chiefs should have no issues finding a player to sign with their newfound cap space.
Expect general manager Brett Veach to do everything he can to lure more talent to Kansas City as the Chiefs endeavor to complete a Super Bowl three-peat next season.