The Eagles’ 2021 salary cap outlook just got a whole lot uglier.
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The NFL and NFLPA reached a historic agreement on Friday, as the league and union decided on safety and financial protocols for the upcoming season in response to the coronavirus pandemic. While the two sides agreed to keep the salary cap at $198.2 million for the upcoming campaign, the 2021 total is set to have a floor of $175 million.
While there is room for the 2021 projection to grow, it’s likely that the salary cap will still recede due to the inevitable lost revenue from this season.
That’s bad news for the Eagles, as the team was already projected to have a $50 million cap hole to climb out of -- even before the agreement -- due to the annual expectation of a rising salary cap. Now, according to OverTheCap’s Jason Fitzgerald, the Eagles are projected to face a salary cap debt of $71.53 million. That projection is the worst in the league.
That means the Eagles will need to cut salaries and restructure contracts at a notable rate next offseason just to get under the salary cap. The team will also need to roll over as much of their current cap space as possible.
The Eagles are projected to have $22.67 million in cap space for the upcoming season, according to OverTheCap. However, that total has not been updated with wide receiver Marquise Goodwin’s contract restructure.
As NJ Advance Media first reported in April following the Eagles’ trade for Goodwin, the wide receiver agreed to drop his salary from $3.95 million to $1.35 million for this season. The restructure also wiped out next year’s cap charge of $7 million, which will save the Eagles some work in the offseason.
That said, even with Goodwin’s salary off the books in 2021, the Eagles are facing an unprecedented cap situation for the organization. While they will be able to get under the cap with some notable departures and reworked deals, the Eagles probably won’t be players when it comes time for free agency next March.
The Eagles’ 2021 cap outlook won’t cause a mass exodus, but it will force the team to get the most out of its young talent moving forward. The Eagles are likely to part ways with a few major names next offseason without the benefit of free agency to replace them.
The Eagles will need to place a heavy emphasis on internal development instead of bringing in external talent next offseason. That’s why the Eagles have to make the most of their talented depth chart this season, while also developing their recent draft picks to become reliable contributors in short order.
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Mike Kaye may be reached at mkaye@njadvancemedia.com. Tell us your coronavirus story or send a tip here.
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July 25, 2020 at 05:00PM
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Eagles face difficult 2021 salary cap outlook following agreement between NFL, NFLPA - NJ.com
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