Allen’s deal restructured, frees up $16.7M in cap

BUFFALO, N.Y. — With the league year set to begin in less than two days, the Buffalo Bills continued to create cap space for 2024 by restructuring the contract of quarterback Josh Allen to open $16.7 million for the upcoming season, per ESPN’s Field Yates.

Allen was set to account for $47.056 million in cap space this year as part of the six-year contract extension that he signed just prior to the 2021 season. The Bills instead restructured much of his compensation for this year into a signing bonus, and he will now account for $30.356 million against the cap. Allen, 27, is under contract through the 2028 season.

Allen’s contract was also restructured prior to the 2023 season. Last week, the Bills renegotiated the contract of pass-rusher Von Miller to create $8.645 million in cap space, in addition reworking tight end Dawson Knox‘s deal for a lower cap hit (scheduled at $14.4 million), per ESPN’s Jeremy Fowler.

The move was the latest for the Bills in a series of cap-clearing measures with the team set to be more than $40 million over the cap as recently as last week. The Bills released safety Jordan Poyer and center Mitch Morse, in addition to a variety of other moves. Cornerback Tre’Davious White will also be released with post-June 1 designation, so those savings won’t come into play until then.

Earlier on Monday, a three-year, $60.5 million extension with left tackle Dion Dawkins was announced, in addition to the team re-signing several of its own free agents including safety Taylor Rapp and defensive end AJ Epenesa.

The moves get the Bills to cap compliance but also create more breathing room — albeit still relatively limited — for signing potential free agents from other teams.