Ryan Jensen Restructures Contract For 2024 Cap Relief

Ryan Jensen most likely has played his last down with the Bucs and possibly in the NFL. Although the Bucs Pro Bowl center’s ligaments have healed from a devastating injury suffered on the second day of training camp in 2023, cartilage damage remains. Jensen tried valiantly to return to action this year, but stem cell therapy aimed at regrowing the cartilage in his knee has failed.

While he plans on exhausting all efforts in an attempt to return to football next year after being placed on season-ending injured reserve for the 2023 season, Jensen turns 33 next year and will likely retire. In fact, Jensen and the Bucs have taken steps in that direction with a mutually beneficial restructure affecting his salary and cap charge in 2024.

According to OverTheCap.com, Jensen restructured his salary this summer to help the Bucs create some additional cap space in 2023.

Jensen was slated to make $11 million in base salary and have a whopping cap charge of $17.267 million due to money from the restructure this summer rolling into the 2024 salary cap year.

Now, with the new restructure for next year, Jensen’s cap charge is reduced to $5.977 million, which the team will have to carry throughout the initial part of the 2024 offseason during free agency. But that’s a big cap savings of $11.299 million for the Bucs in 2024.

Now by doing this restructure, Tampa Bay can release Jensen after June 1, which would make his final cap number in 2024 be just $4.767 million.

Ryan Jensen’s Restructure Helps Bucs’ 2024 Free Agency Plans

Bucs GM Jason Licht and C Ryan Jensen – Photo by: Cliff Welch/PR

If the Bucs didn’t do this restructure for 2024 they would wind up cutting Ryan Jensen prior to free agency next year with just a minimal cap savings around $700,000 in savings. Having Jensen’s entire $17.267 million cap charge on the books for 2024 would consume a great deal of cap space and limit the Bucs in free agency next year.

The Bucs are currently working on a contract extension for Mike Evans, and have new contracts on the horizon for safety Antoine Winfield Jr. and left tackle Tristan Wirfs (although he could play on a fifth-year option next season), in addition to possible new deals for quarterback Baker Mayfield, inside linebacker Devin White, strong safety Ryan Neal and left guard Matt Feiler – depending on how each performs in 2023.

This restructure helps the Bucs spread out Jensen’s cap charge and create over $11 million in cap room that can available to use in free agency next year. Without the reduction, Tampa Bay would have had to hold onto Jensen’s entire $17.267 million cap charge throughout free agency, which would have stymied their efforts to sign new players and re-sign their free agents.

Bucs Will Likely Cut Ryan Jensen Post-June 1 – Or That’s When He’ll Retire

Bucs C Ryan Jensen – Photo by: Cliff Welch/PR

If Bucs center Ryan Jensen is going to make a miraculous comeback from his knee injury the new deadline for doing that is June 2, 2024. If he doesn’t, that’s when the Bucs are expected to cut him – or when it is expected that he will retire at that time to help Tampa Bay’s salary cap. This latest restructure will push $11.801 million worth of dead money into the Bucs’ 2025 salary cap.

It may seem like kicking the can down the road, but for Jensen’s dead cap money that’s when it will end – in the 2025 season. Pushing that down the road will be okay as the NFL salary cap is expected to grow by more than $20 million over the next two years. So Jensen’s dead cap money will account for a smaller percentage of a cap charge in Tampa Bay by then.