The Cleveland Browns have once again restructured quarterback Deshaun Watson’s contract, a move that provides immediate salary cap relief but raises significant questions about the team’s long-term financial strategy.
The Restructure
On Thursday, August 29, 2024, the Browns converted $44.79 million of Watson’s $46 million 2024 base salary into a signing bonus. This maneuver creates $35.832 million in salary cap space for the 2024 season, giving Cleveland more than $62 million in total cap space—the most in the NFL. The restructure provides the Browns with unprecedented financial flexibility for the upcoming season. This additional cap space could be used to address immediate needs or potentially acquire high-profile players. There was hope that the Browns could be linked to San Francisco’s star wide receiver, Brandon Aiyuk, but they will be forced to go in a different direction after the wideout inked a 4-year, $120 million extension on Thursday night. Regardless, the Browns have positioned themselves well in the short term to make additional moves ahead of the season opener on September 8 against Dallas.
Long-Term Implications
However, the restructure does bear some significant future costs. Watson’s cap hits for the 2025 and 2026 seasons have now snowballed to a staggering $72.9 million each year. This creates a sticky financial situation for the Browns, who are already projected to be $44 million over the cap in 2025. The restructure also makes it increasingly difficult for the Browns to move on from Watson if he fails to regain his Pro Bowl form, as the team would face dead cap hits of $172 million in 2025 and $99 million in 2026 if they were to release him. These figures far exceed the current NFL record for dead money, set by the Denver Broncos when they released Russell Wilson just last season.
Looking Ahead
The Browns are clearly hoping that Watson can bounce back from shoulder surgery and recapture the form that made him a three-time Pro Bowler with the Houston Texans. However, this latest restructure has raised the stakes considerably. If Watson fails to perform at an elite level, the Browns could find themselves in a financial dilemma that hinders their ability to build a competitive roster for years to come. With September 8 approaching, it is evident that all eyes will be on Watson and the Browns’ front office.
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