Tom Brady joined the Buccaneers in 2020 on a $50 million, two-year contract. His decision to retire has a huge impact on the Buccaneers’ 2023 salary cap.
Brady’s contracts with Tampa Bay contained deferred money. This means that the Buccaneers’ 2023 and 2024 salary caps will be hit by $11 million and $24 million, respectively.
If Brady had signed with another team, his dead cap hit would’ve been $35 million in 2023.
The automatic void date on Brady's deal will also need to be moved back from its current March 15th deadline.
This maneuver allows the $35.104M of dead cap left on Brady's contract to split up into $10.776M for 2023, & $24.32M for 2024.
— Spotrac (@spotrac) February 1, 2023
Brady’s retirement is the best scenario for Tampa Bay and their cap space. The Bucs need to make over $50 million in contract cuts and modifications to get under the cap.
Keep in mind, the Buccaneers are significantly over the salary cap and have over 20 pending free agents to make a decision on. At the top of that pending free agents list is linebacker Lavonte David and defensive back Jamel Dean.
Look for Brady and the Bucs to re-work his contract to help provide relief, but there’s still a lot of work to be done.
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