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The Indianapolis Colts have released kicker Matt Gay, which freed up a bit of salary cap space for the 2025 season.
Before being released, Gay was heading into Year 3 of a four-year deal that he had signed with the Colts. With a total contract value of $22.5 million, Gay became the highest-paid free agent kicker in NFL history.
By moving on from Gay, he will leave behind a dead cap hit of $4 million for the upcoming season. But in total, the decision created $2.75 million in cap space with Gay having a cap hit if on the roster of $6.75 million.
Before the move, Over the Cap had the Colts with $21.824 million in salary cap space, which ranked as the 19th most. Now, the Colts will roughly be on the $24.5 million range and move up to 17th.
At this stage of the offseason, even if the Colts want to make another free agent addition somewhere--which may be on their radar--the deal isn't going to break the bank by any means, so the Colts still have the flexibility to do that.
However, it's important to note that the available cap space amount that we see isn't what they have to spend at this time either. There are incoming salary cap expenses coming down the road, such as signing the incoming draft class, assembling the practice squad, and making sure there are in-season reserves available if needed, along with other costs.
Without Gay, the Colts still have Spencer Shrader on the roster as an option at kicker, but bringing in competition for that role would be the prudent move.
This article originally appeared on Colts Wire: Colts salary cap update: Releasing Matt Gay creates more space
Continue reading...
Before being released, Gay was heading into Year 3 of a four-year deal that he had signed with the Colts. With a total contract value of $22.5 million, Gay became the highest-paid free agent kicker in NFL history.
By moving on from Gay, he will leave behind a dead cap hit of $4 million for the upcoming season. But in total, the decision created $2.75 million in cap space with Gay having a cap hit if on the roster of $6.75 million.
Before the move, Over the Cap had the Colts with $21.824 million in salary cap space, which ranked as the 19th most. Now, the Colts will roughly be on the $24.5 million range and move up to 17th.
At this stage of the offseason, even if the Colts want to make another free agent addition somewhere--which may be on their radar--the deal isn't going to break the bank by any means, so the Colts still have the flexibility to do that.
However, it's important to note that the available cap space amount that we see isn't what they have to spend at this time either. There are incoming salary cap expenses coming down the road, such as signing the incoming draft class, assembling the practice squad, and making sure there are in-season reserves available if needed, along with other costs.
Without Gay, the Colts still have Spencer Shrader on the roster as an option at kicker, but bringing in competition for that role would be the prudent move.
This article originally appeared on Colts Wire: Colts salary cap update: Releasing Matt Gay creates more space
Continue reading...
