The Miami Dolphins reportedly are restructuring the contract of star receiver Tyreek Hill to create about $18 million in cap space for the team.
The Dolphins are doing it by converting Hill’s $10 million roster bonus and $16 million salary into a $24.8 million bonus and $1.2 million salary.
Dolphins are converting Tyreek Hill’s $10 million roster bonus and $16 million salary into a $24.835 million bonus and an $1.165 million salary, saving the team about $18 million against their salary cap, per sources.
— Adam Schefter (@AdamSchefter) March 10, 2023
So far this offseason, the Dolphins have made several moves to clear cap space, which should help them improve the roster in free agency.
The team reportedly will release veteran cornerback Byron Jones on March 15, and by designating him as a post-June 1 cut, it will save $13.6 million in cap space.
The Dolphins also opened a bunch of space over the past two days by restructuring two other deals. The first was that of pass rusher Bradley Chubb, saving the team nearly $15 million.
Miami then restructured the deal of veteran offensive tackle Terron Armstead, saving the team over $11 million in cap space.
The moves for Hill, Jones, Armstead and Chubb should save the Dolphins about $57 million in cap space. They are all key for the Dolphins’ chances of improving in the 2023 season.
Not only does the team keep Hill, Armstead and Chubb on the roster at lower cap hits, but it can now add to its secondary (which was 27th in passing yards allowed last season) and backfield (Raheem Mostert and Jeff Wilson are set to hit free agency).
After making the playoffs last season, the Dolphins are looking to improve upon a 9-8 record in Mike McDaniel’s second year as the team’s head coach.
Hill was a major part of that, and he helped unlock quarterback Tua Taogvialoa’s downfield passing game. Tagovailoa led the NFL yards gained per pass attempt and yards gained per pass completion in his first season with Hill.
The star receiver finished the 2022 season with 119 catches for 1,710 yards and seven touchdowns. Hill averaged over 100 receiving yards per game even though the team had to play three different quarterbacks (Tagovailoa, Teddy Bridgewater and Skylar Thompson) in the 2022 season.
The former fifth-round pick’s impact on Miami’s offense can’t be understated, as he’s one of the best receivers in the NFL. The team has him under contract for several more seasons, but now it can add to the roster around him because of his reworked deal.