NEW ORLEANS — Several reports have surfaced on Thursday stating the New Orleans Saints have restructured the contract of the team's "Mr. Everything" Taysom Hill earlier in the week.
"Locked On Saints" podcast host and WWL Louisiana contributor Ross Jackson posted the news of the contract restructure on X (formerly known as Twitter) shortly after the announcement from Overthecap.com.
"OTC reporting that Taysom Hill’s contract is being restructured. Opening $6.59 million in cap space," posted Jackson. "That would give them around $12m available."
ESPN Saints reporter Katherine Terrell said the deal happened on Tuesday, and said the team converted $8.79 million of Taysom Hill's 2024 base salary into a signing bonus.
According to OTC, the team was down to $5 million in cap space before the restructuring as the 33-year-old's cap hit was more than $15 million.
Now it's just over $9 million.
The move now gives the Saints approximately $12 million in cap room.
Hill's restructure, now leaves 5-time Pro Bowl running back Alvin Kamara with the team's biggest cap hit at more than $18.5 million in 2024.
Back in November 2021, the Saints and Hill agreed on a unique four-year contract extension worth up to anywhere between $40 million and $95 million, a $55 million gap.
Hill's deal was contingent on his role within the team over the next four years. If Hill could claim a stake as the team's starting quarterback, he would be paid $95 million.
However, if Hill continued in his current role as the team's utility player as a part-time tight end, running back, receiver, special teamer and quarterback, that base number would drop to $40 million.
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