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The Los Angeles Chargers have cleared $14.377,500 million in cap space by restructuring the contracts of receivers Keenan Allen and Mike Williams, according to Field Yates of ESPN.
The two moves converted much of the 2023 salaries to signing bonus, while adding more cap for next year:
#Chargers Cap Conversions
Converted $10.92M of Mike Williams’ 2023 salary into signing bonus.
Converted $14.335M of Keenan Allen’s 2023 salary + a $3.5M roster bonus into signing bonus.
Top 51 Space: -$6Mhttps://t.co/aq9Yqke8mC
Field Yates @FieldYates
Chargers GM Tom Telesco had previously made it very clear he was not trading Keenan Allen. This restructure is another reminder of that.
Allen and Williams are under contract through 2024. Their new 2024 cap numbers:
Williams: $32.46M https://t.co/sELem3SWsf
The Chargers had been $20.4 million over the salary cap, per Lindsey Thiry of ESPN, but the latest move puts the team just $6.4 million short of the cap.
Despite speculation about Allen becoming a cap casualty, general manager Tom Telesco assured reporters that veteran “isn’t going anywhere.”
“Keenan Allen, to me, he’s our Andre Reed. He’s our Charlie Joiner,” Telesco said on Good Morning Football earlier this month. “He’s an incredible football player. We have a great quarterback and we need weapons around him. There’s never been any thought of that.”
The latest move ensures both top receivers remain with the team in 2023.
Injuries limited both Allen and Williams last season, missing a combined 11 games, although the Chargers still ended up with the No. 3 passing attack in the NFL behind quarterback Justin Herbert.
Allen finished the year with 66 catches for 752 yards and four touchdowns in 10 games, while his per-game averages (6.6 receptions for 75.2 yards) right in line with his career numbers. Williams totaled 63 catches for 895 yards, although his four touchdowns in 13 games were a disappointment after scoring nine times the year before.
The Chargers will hope the two veterans can return to full strength in 2023, joining Josh Palmer for one of the top receiving corps in the league.
The restructures could also put a lot of pressure on both players to perform next year before changes are made next offseason.
Los Angeles will be able to save $20 million by trading or releasing Williams and $23.1 million by moving on from Allen ahead of the 2024 season.
original source: Chargers’ Keenan Allen, Mike Williams Restructure Contracts, Saves LAC $14.4M