KC Chiefs gain more cap space by restructuring contracts for Chris Jones, Travis Kelce
The once cap-strapped Chiefs will have spending ability ahead of the NFL’s new calendar year and 2021 free-agency period, which kicks off Wednesday at 3 p.m. Central Time.
The Chiefs are restructuring the contracts of defensive tackle Chris Jones tight end Travis Kelce as part of a series of moves that will provide more than $20 million in salary cap space, sources informed of the situation confirmed Monday morning with The Star.
In the case of Jones, his roster bonus is being converted to a signing bonus, according to a source.
Sports Illustrated’s Albert Breer first reported the news on the restructuring of contracts for Jones and Kelce.
It was just last week that the Chiefs were a little more than $20 million over the NFL’s salary cap, which was set this year at $182.5 million — tens of millions less than previous years because of lost attendance revenue during the height of the COVID pandemic. The situation prompted the Chiefs to get creative with multiple moves in an effort to get below the cap.
First, the Chiefs released veteran offensive linemen Eric Fisher and Mitchell Schwartz. Those two moves gained an estimated $18 million in cap space and left the Chiefs just a little more than $4 million over the cap.
Then, it was reported that the Chiefs were expected to restructure quarterback Patrick Mahomes’ deal by converting his roster bonus to a signing bonus, a move that would free up to $17 million and push the Chiefs out of the red and into the green.
The Chiefs have also chosen to not tender a contract to tight end Deon Yelder, a source familiar with the situation told The Star Sunday. The 6-foot-4, 255-pound Yelder entered the league in 2018 out of Western Kentucky as an undrafted free agent with the New Orleans Saints.
Since landing in Kansas City, Yelder had appeared in 26 games with two just starts, totaling only 10 catches for 86 yards.
Yelder’s departure means Travis Kelce is the only tight end who was under contract with the Chiefs in 2020 and is still with them now. Nick Keizer, Kelce’s primary backup, is an exclusive-rights free agent and has yet to receive a tendered offer. Ricky Seals-Jones is scheduled to be an unrestricted free agent.
The flurry of salary-cap maneuvers now has the Chiefs in position to spend in the free-agency open market.
The league-wide open negotiation period for teams to talk to agents representing players who are scheduled to become unrestricted free agents opened Monday at 11 a.m. CT and closes Wednesday at 2:59 p.m. CT. During this time, teams and players can agree to deals, which can then be executed when the league’s new calendar year begins Wednesday at 3 p.m.
