Bills restructure contracts of Josh Allen, Von Miller to free up almost $32 million in cap space: Source

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Bills restructure contracts of Josh Allen, Von Miller to free up almost $32 million in cap space: Source

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The Buffalo Bills have restructured the contracts of quarterback Josh Allen and outside linebacker Von Miller, a league source confirmed to The Athletic. Here’s what you need to know:

• By restructuring, the Bills have saved just under $32 million in cap space, per a league source.
• Allen threw for 4,283 passing yards and 35 touchdowns last season. Miller had 18 solo tackles and eight sacks in 2022.
• The Bills finished with a 13-3 record, winning the AFC East.

The Athletic’s instant analysis:

Evaluating the Bills’ salary cap situation

The Bills were operating in the red for the 2023 salary cap by at least over $10 million and needed to clear cap space before the new league year started on Wednesday. They didn’t have any obvious players to release for cap savings, which made the restructures of Allen and Miller essential. General manager Brandon Beane said the Bills had a tiered approach for which players they would restructure first, and Allen and Miller were the two most obvious that hurt the Bills the least long term.

Allen is signed through 2028 and will be in Buffalo for a long time to come so there was no hesitation to save nearly $21 million on this year’s cap. Miller’s six-year deal signed last year was effectively a three-year commitment through 2024, and the restructure to save nearly $11 million doesn’t change that. The Bills can still walk away from Miller and save cap space in 2025, but this just lessened how much they’d save that year. — Buscaglia

What’s ahead for the Bills’ offseason

It gives the Bills some breathing room to go after some free agents. Already with an agreement in place for free agent guard Connor McGovern, the Bills could look to sign a linebacker, safety, running back, wide receiver and backup quarterback in the coming days. They might not have enough cap space to sign all those positions, but also have the option to restructure the contacts of receiver Stefon Diggs and cornerback Tre’Davious White, among others. — Buscaglia