Jaguars clear $5.1 million in space with Rayshawn Jenkins restructure
The Jacksonville Jaguars cleared another significant chunk of salary cap space by restructuring the contract of safety Rayshawn Jenkins.
According to Jason Fitzgerald of Over The Cap, the Jaguars converted $6.42 million of Jenkins’ salary into a signing bonus and added three void years to his deal. The move dropped the salary cap hit for the veteran safety $10.5 million in 2023 to $5.364 million.
Jenkins, 29, joined the Jaguars during the 2021 offseason on a four-year, $35 million deal. He had a career-best season in 2022 with three forced fumbles, a sack, and three interceptions, including a game-winning pick six in overtime against the Dallas Cowboys.
While the move gives the Jaguars more wiggle room for the remainder of the 2023 offseason, it also raised Jenkins’ cap hit in 2024 from $10.75 million to $12.284 million. The Jaguars would only save $5.148 million if they decided to cut Jenkins after the 2023 season and the team would be saddled with $7.136 million in dead space.
The last three years of the deal in 2025, 2026, and 2027 are set to automatically void with Jenkins set to count $3.852 million against the Jaguars’ salary cap in 2025.
Earlier in the offseason, the Jaguars restructured the contracts of Christian Kirk, Foye Oluokun, Zay Jones, Brandon Scherff, and Folorunso Fatukasi.
