LATEST NEWS: He has restructured his deal with the Saints worth over $10.6 million

This is complicated, so stay with us: Jameis Winston has restructured his contract with the New Orleans Saints for the 2024 season, per ESPN’s Jeremy Fowler. But a complicating factor is that Winston’s contract will still expire before the start of the new league year, making him a free agent. The Saints did this on Jan. 6, the last day they were allowed to change any contracts for the purposes of facilitating a post-June 1 cut in 2024. Coincidentally, it was also Winston’s birthday.

How does this work? Why did the Saints do this? Let’s break it down.

Winston’s contract was previously set to expire in March, leaving behind more than $10 million in dead money from past restructures. What the Saints have done is restructure it into a new signing bonus (that has effectively already been paid) which temporarily lowers his 2024 salary cap hit to about $4.5 million. When — or if — his contract runs out in March, it will return to the $10.6 million cap hit.

This gives the Saints some short-term financial flexibility and expands their negotiating window to work on a new extension with Winston if both sides are up for it. They’ll each explore their options in the months ahead before making a decision, but this gives them a couple of paths forward where previously there was just one.

Another point to consider: the Saints can now designate Winston a post-June 1 release, meaning they’ll carry that $4.5 million cap hit until June 2, at which point the team will get about $1.2 million in savings while paying $7.3 million in dead money next year. One downside to that move is that teams are only allowed to designate two post-June 1 cuts each year, limiting their possible savings by processing those releases early. Michael Thomas is the other leading candidate for a post-June 1 cut designation, unless Ryan Ramczyk is forced into a premature medical retirement. Taking this path with Winston would limit the Saints’ options on other fronts.

So does this mean Winston is returning to the Saints for another year as Derek Carr’s backup? Not necessarily. That’s a route they can take if Winston doesn’t find a better opportunity during the legal tampering window, but it’s not the only path available to them. With more than $72 million left to clear before the Saints will reach salary cap compliance, their work is far from over.