With free agency just days away, there’s a lot going on around the NFL. Whether it be cuts, re-signings, or restructures, pretty much every team has gotten involved. Now, it’s the Seattle Seahawks and Tyler Lockett working things out. What is Lockett’s new contract?
Tyler Lockett Restructures Deal With Seahawks
In 2021, at 29 years old, Lockett signed a four-year, $69 million deal that included a $19 million signing bonus and $37 million guaranteed. The deal did, however, include a potential out in 2024 when he’d have a $26.8 million cap hit.
As a result of his cap hit, the two sides had to get to the drawing board. Instead of a release that would have left the Seahawks with $19.7 million in dead cap, Lockett restructured his contract. According to Mike Garafolo of NFL Network, the deal is two years, $30 million. It includes a max value of $34 million with $13 million guaranteed.
Lockett had two years and $34 million left on his deal, so this moves back some money and guarantees his spot on the team in 2024. Lockett will be 33 years old when his deal ends. Considering his major cap hit, there was initial speculation that Lockett could have been cut had the two sides not agreed to this restructure.
Lockett was a third-round pick in the 2015 NFL Draft and has spent his entire NFL career with the Seahawks. He’s a one-time Pro Bowler, one-time first-team All-Pro, and two-time second-team All-Pro. He’s caught 612 passes for 7,994 yards and 59 touchdowns. He also has 4,266 return yards.
In 2023, Lockett had 894 yards and five touchdowns, his lowest totals since 2017. While he is taking less money per year on his new deal, he will get $13 million guaranteed, which he was making none of before the restructure.
The Seahawks have already released Jamal Adams, Quandre Diggs, and Will Dissly this offseason.
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According to Over the Cap, the Seahawks have $42 million in cap space, and that number will likely increase significantly when Lockett’s new cap hit is learned. Quarterback Geno Smith now holds the highest cap hit on the team at $26.4 million.
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