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Just days ahead of their 2023 season opener against the Broncos, the Raiders have restructured Jimmy Garoppolo’s contract, clearing $17 million in cap space, according to ESPN’s Field Yates.
Garoppolo, who joined the Raiders earlier this offseason on a three-year, $67.5 million deal, will now play a pivotal role as he takes over the reins from the team’s longtime starter, Derek Carr, who was released by the organization back in February and joined the Saints.
The Raiders have restructured the contract of QB Jimmy Garoppolo, creating $17M in 2023 cap space, per source. pic.twitter.com/uXHI2uwaci
— Field Yates (@FieldYates) September 5, 2023
While the specifics of Garoppolo’s contract restructuring remain undisclosed, it seems the team was in need of the move.
The team had been teetering close to the salary cap ceiling, nearly $7 million over, as reported by Over the Cap, marking one of the lowest cap margins in the league.
The restructuring not only helps the Raiders become cap-compliant but also provides them with a financial cushion to explore potential moves as the 2023 campaign unfolds.
The question now is, what do the Raiders have planned with all the extra cap space.