Vikings Free Up Some Cap Space
Remember when the Minnesota Vikings signed five-time Pro Bowler CB Stephon Gilmore a couple of weeks ago? The move shrunk the piggybank.
Vikings Free Up Some Cap Space
For most of the 2024 offseason, the Vikings were in a favorable spot regarding cap space, either ranking near the top or middle of the NFL. Fast-forward to late August and early September, and Minnesota’s budget had dwindled to under $1 million.
Until Friday.
According to Star Tribune’s Ben Goessling, general manager Kwesi Adofo-Mensah restructured T.J. Hockenson’s contract, a predictable move to provide the purple team some breathing room. “The Vikings, who had less than $1M in salary cap space, cleared room with a signing bonus conversion in T.J. Hockenson’s contract. Hockenson had a base of $9.9M; the Vikings could clear up to $7.92M with a conversion. He already had a void year in his deal to stash cap space,” Goessling tweeted Friday morning.
When the transaction becomes official, Minnesota will climb from last-place standing in the league per cap space. Indeed, at $903,579 in available cap space, no team had fewer free-agent dollars than the Vikings as of September 5th, per OverTheCap.com.
So, now what?
There’s no evidence to suggest an impending roster addition from free agency. The Vikings’ depth chart is pretty set, with the regular season kicking off Sunday at MetLife Stadium versus the New York Giants. Of course, the Vikings could improve at defensive tackle, for example, but that has been the case for seven months. Put plainly — not many high-impact free agents exist on the open market.
Adofo-Mensah could also be moving money around for an existing player’s extension. Safety Camryn Bynum will enter 2024 on the final year of his contract, and the Vikings’ front office + Bynum have reportedly worked toward a new agreement for the last few months.
Perhaps the Hockenson money maneuver is a precursor to a Bynum extension.
Otherwise, injuries — more of them — will inevitably arise in the next 18 weeks. That’s just how it goes. With $903,579, Minnesota could sign virtually no notable free agents. However, when the Hockenson restructure is finalized, the $8 million or so will provide relief. The team doesn’t have to feel trapped when a new player is needed.
When the 2025 offseason rolls around, Adofo-Mensah is slated to have nearly $70 million in cap space, the fourth-most in the NFL at the time of this article’s publication. The strapped-cap “problem” right before Week 1 is very temporary.
The Vikings are favored to topple the Giants this weekend by a point or two.
Dustin Baker is a political scientist who graduated from the University of Minnesota in 2007. Subscribe to his daily YouTube Channel, VikesNow. The show features guests, analysis, and opinion on all things related to the purple team, with 4-7 episodes per week. His Vikings obsession dates back to 1996. Listed guilty pleasures: Peanut Butter Ice Cream, ‘The Sopranos,’ Basset Hounds, and The Doors (the band). He follows the NBA as closely as the NFL.
All statistics provided by Pro Football Reference / Stathead; all contractual information provided by OverTheCap.com.
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