Jonnu Smith restructures contract, creates $5 million in cap space for Patriots
FOXBORO -- Odds were pretty good that someone on the Patriots would be convinced to restructure their deal ahead of the 2022 season. Not many expected that someone to be Jonnu Smith.
But the highly paid tight end has done just that, converting nearly $8 million of his base salary into a bonus, according to ESPN's Field Yates. That move creates another $5.31 million in cap space for New England.
With Smith's restructured deal, the Patriots now have around $8.5 million in cap space for the 2022 season, according to cap guru Miguel Benzan. Smith's cap hit will also increase in the coming years, so chances are Bill Belichick will be chatting with him about a restructure in the future, as well.
Jonnu Smith’s new cap numbers are:
— Miguel Benzan Patriots Cap Space equals 8,858,607 (@patscap) September 2, 2022
2022 - $8,381,176 - $5.31M decrease
2023 - $17.405M (a $2.655M increase)
2024 - $18.405M (also a $2.655M increase).
Once again, the Patriots chose not to add void years during a restructure (Wise and Andrews)
Smith signed a four-year, $50 million deal with the Patriots last offseason, a contract that included $31.25 million in guaranteed money. He didn't live up to that huge paycheck in his first season in New England, as Smith finished 2021 with only 28 receptions for 294 yards and one touchdown. He wasn't even targeted in the Patriots' playoff loss to the Bills in the Wild Card round.
Hopes are high that Smith will be able to regain the form he had for the Titans in 2020 -- when he hauled in eight touchdowns -- in his second season with the Patriots. If he struggles again, at least his restructured deal should help the Patriots should they need to add to the roster throughout the season.