After reportedly spending $10 million to sign former Pro Bowl cornerback Patrick Peterson to a one-year contract on Wednesday, the Minnesota Vikings have chipped away at their growing salary cap by restructuring wide receiver Adam Thielen’s contract.
According to ESPN’s Courtney Cronin, part of Thielen’s 2021 base salary was converted to a signing bonus, which saves the Vikings more than $8 million against the cap.
Thielen’s base salary in 2021 is now $5.698 million, down from $13.468 million, per Cronin.
The restructure leaves the Vikings with just enough salary cap space to sign their 2021 draft class, according to Chad Graff of The Athletic. Graff notes that Minnesota can create more cap space by signing safety Harrison Smith to a contract extension.
Around $6 million if they move money around with Adam Thielen's contract. Keep in mind two things:
1. The Vikings need around $6 million to sign their draft class/have a cushion.
2. They can create more cap space with an extension for Harrison Smith. https://t.co/23ZcUHP37E— Chad Graff (@ChadGraff) March 18, 2021
