The veteran Seahawks receiver has reworked his deal, ending speculation about his 2024 future.
The longest tenured offensive player on the Seattle Seahawks is sticking around for at least another season.
Star wide receiver Tyler Lockett has agreed to a restructured contract of two years and up to $34 million, according to NFL insider Mike Garafolo.
#Seahawks WR Tyler Lockett is remaining with Seattle on a restructured deal, source says: Two years, $30 million with a max value of $34 million within nearly $13 million guaranteed this year.
— Mike Garafolo (@MikeGarafolo) March 10, 2024
Lockett’s cap hits were set to be just under $27 million over each of the next two seasons. Based on OverTheCap’s Jason Fitzgerald’s analysis, his cap hit for 2024 should be cut in half.
Lockett originally had a salary cap charge of about $27M on a $17M salary. Based on @MikeGarafolo report it sounds like he dropped his salary to $13M and kept 2025 intact. My guess is the new cap number will be about $13.75M and perhaps a little lower if a void year. #Seahawks
— Jason_OTC (@Jason_OTC) March 10, 2024
We will update the article (or just write a new one) whenever Lockett’s full contract details are made available.
Lockett was thought to be a possible cap casualty or trade candidate given Seattle’s cap situation, his age (31 years old), and the recent decision to draft Jaxon Smith-Njigba in the first round. One of the great receivers in team history, Lockett is only behind Steve Largent for the Seahawks’ all-time top spot in receptions, yards, and touchdowns.
Last season saw one of Lockett’s least efficient campaigns in recent seasons, catching 79 passes for just 894 yards and 5 touchdowns. His 7.3 yards per target was a career low, and he only caught nine passes of 20+ yards, his fewest since 2017. He is still one of the Seahawks’ best route runners and key 3rd down targets, even if there will likely come a point where JSN will overtake his target share. There’s no doubt that Lockett remains an important part of the Seahawks offense, and this should indicate that Seattle will roll with the Lockett/DK Metcalf/JSN trio for at least 2024.
If Lockett’s cap hit is reduced by $13 million, the Seahawks should have well over $50 million in cap space ahead of the legal tampering portion of free agency on Monday, March 11.
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