Raiders Offseason: Tip of the cap

A look at the coin Las Vegas has to work with and the moves that can open up more salary room

Get ready to see some salary cap wizardry. With the Super Bowl in the rearview mirror, the NFL offseason is going to kick into high gear soon as teams focus on rosters and the looming cap number from the league.

Reports are surfacing the 2024 salary cap is slated to be in the range of $242 to $243 million per team, which would be an increase to the “record” $224.8 million ceiling that was set this past season. That figure was a $16.6 million increase from 2022, and if the 2024 dollar figure is at $243 million, it would represent a lofty boost of about $18.2 million. There’s even rumor that the salary cap could be as high as $250 million.

As it stands now, however, sites like OverTheCap.com (OTC) and Spotrac.com are operating under the projected cap number of $242.5 million. Which is a reasonable number to start with considering the final number is slated to arrive in the next few weeks.

With that in mind, the cap sites denote the Las Vegas Raiders having headroom with projected cap space of just over $35 million (OTC) and just over $39 million (Spotrac) this offseason to work with. Yet, in order for new general manager Tom Telesco — who will have final say on the roster — to create a roster in the image head coach Antonio Pierce wants, more wiggle room is going to be needed.

Let’s take a look at the moves Telesco can make to create more cap space for the Silver & Black:

The Big Tuna

Quarterback Jimmy Garoppolo: The news for the veteran quarterback arrived fast and furious this past week. Not only was he tabbed for a two-game suspension for violation of the NFL’s Performance Enhancing Substances Policy — for a prescribed medication that didn’t have a valid therapeutic use exemption, according to ESPN’s Adam Schefter — but reports of his impending release surfaced shortly after (see below).

Garoppolo does have the biggest financial implications for the Raiders this offseason as he holds a staggering $28.337 million cap number for 2024, according to OTC. While the suspension is bad news for the 32-year-old quarterback, it’s good news for the Raiders as it potentially voids the $11.25 million salary guarantee for 2024. Thus, if Telesco decides to earmark Garoppolo as a post-June 1 release, Las Vegas incurs a dead money hit of $17.068 million while saving $24.07 million in cap space. The caveat here, of course, is that cap space doesn’t become available for Las Vegas until that post-June 1 date. But operating room, is operating room.

And Garoppolo’s dismissal is pretty much a no-brainer maneuver for the Raiders.

The Garoppolo debacle underscores the previous regime’s missteps after the signal caller played in six games (going 3-3) while throwing nine interceptions to seven touchdowns before getting benched for fourth-round rookie Aidan O’Connell by then-interim head coach Pierce.

Phased Out

Wide receiver Hunter Renfrow: Once the go-to weapon in the Raiders offense as a dynamic slot receiver who made defenders look foolish with his route running, the 28-year-old wideout has gradually phased out of the Silver & Black attack the last two seasons. The 363 snaps he played this past year were the lowest of his five-year career and he played in all 17 games, compared to the 10 in 2022 where he got 377 snaps.

That work rate is definitely not ideal for a receiver that carries a lofty $13.718 million cap number in 2024. He made $13.385 million last season and paying another premium is likely out of the question for Telesco and Pierce.

The Raiders can cut Renfrow pre-June 1 or post-June 1, and — not surprisingly — the latter provides more cap room. If the Raiders did wax the receiver before June 1, the team would absorb dead money of $11.016 million and cap savings of $8.210 million. If Renfrow were tabbed as a post-June 1 cut, the dead money hit is $5.508 million and the cap savings jump to $11.882 million for the 2024 salary cap. (Note: The numbers if Renfrow were to be traded are the same as release pre-June 1 and post-June 1.)

Thus, it’s difficult to see No. 13 remain in Las Vegas come Week 1 of 2024.

Kirby Lee-USA TODAY Sports

Little Things

Cornerback Brandon Facyson: Brought back to the Raiders fold to be a veteran corner with size (6-foot-2, 203 pounds), the 29-year-old missed a majority of the 2023 campaign and returned for three games at the tail end getting 44 snaps.

He was signed to a two-year, $6.5 million deal last offseason and holds a $2.956 million cap number for 2024. If released — either pre- or post-June 1 — Facyson leaves a $350,000 dead money hit but frees up $2.606 million in cap space. Don’t be surprised if he’s cut, even for that minimal gain.

Defensive Tackle Jerry Tillery: Another beneficiary of an offseason two-year pact ($6.8 million), Tillery boasts a $4.175 cap number for 2024. The 27-year-old veteran did have 31 total tackles and two sacks in 504 snaps this past year. And he was one of Telesco’s first-round picks as Los Angeles Chargers GM back in 2019.

But Telesco waived him once, and could potentially do so again. If cut pre- or post-June 1, Tillery leaves $1.875 million in dead money on the books but would free up $2.3 million in cap space for 2024.

Quarterback Brian Hoyer: The super veteran signal caller doesn’t seem long for the Raiders roster at 38 years old. Signed to a two-year $4.5 million deal by the previous regime, waxing Hoyer would result in slightly over $2.602 million in dead money and a paltry $92,500 cap savings.

But expect a remade quarterback room with O’Connell being the lone holdover from 2023.