With the 2026 regular season just days away, the New Orleans Saints are still doing a little accounting work before the games start to count. On Friday, the team created more salary cap room by restructuring veteran defensive lineman Nathan Shepherd’s contract.
Shepherd, who is 32 and scheduled to become a free agent in March, carried a $7.12 million cap hit before the adjustment. That was the largest figure among the Saints’ defensive linemen, driven mostly by a $4.77 million base salary. The team lowered that salary to the minimum and converted the difference into a $3.4 million signing bonus, a move that pushes about $2.7 million off this year’s books and into next year’s ledger.
In practical terms, the Saints should now sit about $8 million under the 2026 salary cap, with a little wiggle room either way. That gives them some breathing room during the season if they need to place players on injured reserve, add replacements, or keep cycling the practice squad and the back end of the roster.
It also leaves the door open for a possible trade-deadline swing in November. At the same time, it does not necessarily signal that New Orleans is lining up a major move right now.
The club could also choose to carry unused cap space into 2027.
The downside is the usual one that comes with pushing money forward: dead money later. Because Shepherd’s deal expires after this season, the restructure leaves more than $7.1 million sitting on next year’s books.
On its own, that’s not a huge burden, especially with the salary cap projected to climb past $300 million. But Shepherd is only one piece of a larger picture.
The Saints could also be facing expiring contracts for Davon Godchaux, at $6.04 million, and Cameron Jordan, at $4.92 million. Add that to the dead money already set to count against them next year - about $1.19 million tied to Isaac Yiadom, TJ Hall Jr., Devin Neal, and others - and the total climbs to roughly $31.32 million. That is still far below the $116.19 million in dead money the Saints are carrying this year, but it is a number worth watching if expectations are building for another aggressive offseason.
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