The Seahawks made another cost-cutting move but this transaction saw them keep one of the team’s most consistent players in franchise history. Multiple sources have confirmed that the team restructured wide receiver Tyler Lockett’s contract.
REWORKING PREVIOUS DEAL
Lockett was expected to make a base salary of $ $15 million in 2024 and 2025 and an additional $1.7 million a year in bonus incentives. The cap hit for the Seahawks would have been $26.8 million for both years. While he stood to make $36 million in the next two years none of Lockett’s salary was guaranteed. With such a big cap hit to the team, there was wide speculation on whether the Seahawks would bring Lockett back for his tenth-year
GUARANTEED MONEY
The restructured deal makes sense for both sides. Lockett’s new deal is for two years like the previous one but he is now guaranteed up to $13 million in 2024, $4 million in incentives bringing the total contract value to $30 million. The cap hit for the team is believed to be anywhere from $8-10 million.
THE SEAHAWKS CONTINUING TO REWORK THE ROSTER
In addition to reworking Lockett’s contract the team did the same to wide receiver Dee Eskridge’s deal. The team’s second-round pick in the 2021 draft was due to make $1.47 million next season in the final year of his rookie contract. Eskridge agreed to a new deal in which he will make the NFL minimum of $1.055 million in 2024 if he makes the team’s 53 man roster.
Eskridge played just four games last year due to an ongoing rib injury. Eskridge’s restricted deal would give the Seahawks an additional $1 million in salary cap savings.
The Seahawks are expected to part ways with Special Teams Captain Nick Bellore.
WHAT IT ALL MEANS
After making the three moves in addition to the previous release of Jamal Adams, Quandre Diggs, and Will Dissly, the Seahawks are projected to have at least $48 million in salary cap surplus, which would put them in the top twelve in available salary cap dollars. It is no secret the Seahawks are in need of linebackers with Bobby Wagner and Jordy Brooks scheduled to hit free agency. The same can be said of the tight end position. Dissly was released, and Noah Fant and Colby Parkinson are scheduled to hit the free-agent market.
SEAHAWKS PENDING FREE AGENTS
DL Leonard Williams
LB Jordyn Brooks
LB Bobby Wagner
TE Noah Fant
TE Colby Parkinson
G Damien Lewis
G Phil Haynes
C Evan Brown
LB Devin Bush
QB Drew Lock
DL Mario Edwards
RB DeeJay Dallas
CB Michael Jackson (restricted free agent)
EDGE Darrell Taylor (restricted free agent)
OT Jake Curhan (exclusive rights free agent)
DL Myles Adams (exclusive rights free agent)
TE Brady Russell (exclusive rights free agent)
DL Joshua Onujiogu (exclusive rights free agent)
