Eagles Free Agency: Exploring Impact of Philadelphia's Salary Cap

The bad news is the Philadelphia Eagles enter the offseason with a vast array of needs to fill, in addition to re-signing and extending several of their own players. The good news is money should not be an issue.

Thanks to the organization’s expert management of the salary cap—as always—the Eagles should face few restrictions when it comes to spending. Philadelphia is only an estimated $2 million under the cap heading into 2015 but also stands to carry over nearly $15 million in savings from the previous season, so it’s better than it sounds.

Not only that, but the Eagles have a lot of options with several of the larger, existing contracts already on the books. In other words, the front office can free up quite a bit more loose change with the releases of several aging veterans.

Again, it should be stressed the current figures are only estimates. The NFL won’t release the official cap number for 2015 until closer to the start of the new league year in March, yet with revenues constantly on the rise, it could only go up.

Ahead, we take a closer look at the specifics of the Eagles’ situation, but trust me when I say the franchise is in good shape. He may have lost the title of general manager just last week, but the team’s finances are still in good hands under vice president of football operations Howie Roseman.

Impending Free Agents

Matt Rourke/Associated Press

The Eagles have seven unrestricted free agents hitting the market this March, but only two that are a) expensive and b) the team should have a strong interest in retaining.

First and foremost, a long-term extension for Jeremy Maclin seems like it would be a no-brainer. In addition to the wide receiver coming off of a career year in which he posted 85 receptions, 1,318 yards and 10 touchdowns, he only turns 27 this year and has expressed a desire to stay in Philadelphia.

Maclin was quoted as saying to Reuben Frank for CSNPhilly.com that “it’ll get done,” referring to the state of contract negotiations with the team back in December. “Both sides have made it clear that they want me to be here. They want me to be here, I want to be here. This is the place I want to be.”

That’s a strong endorsement.

He won’t come cheap. Gauging recent big-money deals for wideouts, Maclin could be looking at something in the neighborhood of close to $10 million per year over five years. As long as he continues to produce like he did in 2014, it’s well worth it.

As far as Brandon Graham is concerned, the situation is far less certain. Derrick Gunn for CSNPhilly.com reports the Eagles did offer the outside linebacker an extension, but the two sides were not particularly close as of December.

Gunn says the team offered a four-year deal that averaged $6.2 million with $11 million guaranteed. Graham is said to be looking for something closer to $30 million in total cash with $20 million up front. Such a gap is not insurmountable, but it’s not small, either.

Popular thinking is Graham will test free agency, where pass-rushers tend to do very well for themselves. That being said, the Eagles would be foolish to let Graham slip away. Graham will only be 27, he’s coming off a career year in which he registered 5.5 sacks and four forced fumbles in limited playing time and given the club’s lack of depth at outside linebacker, he’d have an opportunity to start in 2015.

Which brings us to a possible Plan B…

Franchise Tag

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Assuming the two sides are unable to meet in the middle, Graham seems like a prime candidate for the franchise tag.

You can understand why a team would be hesitant to reward a player a huge cash deal whose career high is 5.5 sacks and has never started more than six games in a season. Likewise, it’s not hard to see why Graham would want to strike while the iron is hot and get the best possible contract that’s out there now.

By using the franchise tag, the Eagles can continue to attempt to negotiate a long-term contract while simultaneously getting another year to evaluate exactly what they have in Graham.

For the uninitiated, the franchise tag is a guaranteed one-year contract worth the average of the five highest-paid players in the NFL at a given position. There are two versions of the tag—exclusive, which prevents other teams from negotiating with a free agent, and non-exclusive, which allows suitors to submit an offer sheet (rare), allowing the other team to match or accept first- and third-round draft picks in exchange.

Since nobody is giving up those picks for Graham, such a move would essentially lock him in Philadelphia through next season.

According to Jason La Canfora for CBS Sports, the projected salary for an outside linebacker would cost $13 million in 2015.

The Eagles are unlikely to spend that on Graham, even though they could really use his services going forward. However, it is an option, and it's also one for Maclin, for that matter. For the time being, though, I would assume the team keeps the tag in its pocket at those figures.

Contract Extensions

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In addition to keeping a couple of their own impending free agents off the open market, the Eagles are likely to get a head start on several budding stars who are eligible for new contracts.

By NFL rules, players on their rookie contracts are not able to sign extensions until after their third year of service. Of course, thanks to a strong draft in 2012, that puts several young talents in line for a new deal this offseason.

The two that seem like no-brainers are defensive end Fletcher Cox and interior linebacker Mychal Kendricks. Cox may have been snubbed by Pro Bowl voters this year, but he was named second-team All-Pro, which is actually a higher honor. Kendricks is probably Philadelphia’s most versatile defender, registering 189 tackles, 8.0 sacks, three interceptions and five forced fumbles in 27 games over the past two seasons.

Both Cox and Kendricks are only 24, so their best days are still very much ahead of them. Together, they could form the core of the Eagles defense for years to come.

Sticking with the same side of the ball for a moment, defensive end Vinny Curry and cornerback Brandon Boykin are also in line for extensions. Unfortunately, their futures with the club are nowhere near as certain.

Curry had a huge 2014 with 9.0 sacks, which was good for second on the team, and what’s more impressive is he did that while playing just 32 percent of the snaps, according to Football Outsiders. That sounds a lot like Boykin the previous season, when he finished second in the NFL with six interceptions while playing 51 percent of the defensive snaps.

Yet it’s exactly that lack of playing time that clouds both players’ futures in Philly. The coaches’ moves—or lack thereof—suggest they don’t think either player is a full-time starter, which also means they’re unlikely to be paid as such. It’s not difficult to envision Curry or Boykin thinking there will be better opportunities on the horizon as free agents in 2016.

Don’t expect extensions for those two just yet, but don’t be surprised if something does get done for Nick Foles.

That may come as a surprise to some readers, as Foles came nowhere close to duplicating his previous season’s success. In fact, the numbers weren’t very good at all—a 59.8 completion percentage, 13 touchdowns to 13 turnovers (10 INT, 3 FL) and an 81.4 passer rating.

Yet due to the lack of alternatives, Foles is almost certain to under center for the Birds in 2015. And assuming that is the case, it would be unwise to let him play without a new deal, in the event he returns to form. That would only make trying to re-sign him next year all the more difficult. It’s in Foles’ best interest to do something as well, because he hasn’t proved he’ll be worth a big contract on the open market.

Don’t expect something super long-term with a gaudy price tag, but the common-sense thing to do would be a two-to-three-year deal that pays Foles like a low-end starter or high-level backup.

Cap Casualties

Matt Rourke/Associated Press

So far, we’ve only discussed how the Eagles would spend their money, and it may not seem like there’s enough of it to go around based on the original estimates. That being said, there are plenty of opportunities to free up cap space this offseason.

One move that is certain to come involves outside linebacker Trent Cole, whose cap figure balloons from a reasonable $6.6 million to $11.6 million in 2015. There’s simply no way the team is paying that for a soon-to-be 33-year-old pass-rusher who has 17.5 sacks over the past three seasons.

Cole has expressed a desire to stay, meaning he could be back on a restructured deal, but he isn’t worth anywhere near what he was earning. Once the numbers start rolling in from the front office, I wouldn’t be surprised if Cole changed his tune and decided to see what he’s worth on the market.

Releasing Cole would save the team roughly $8.4 million, which goes a long way.

Cole is not the only one who figures to get squeezed. Another likely candidate is Cary Williams, who has one year remaining at $8.1 million. If Williams is released, the Eagles can save $7 million of that.

Williams simply isn’t worth that. Yes, cutting him creates yet another hole in an abominable secondary, but he can be replaced by a mid-level free agent for less money than that. And he isn’t good enough and doesn’t have the history with the franchise that it would desirable to renegotiate. At this point, it would be surprising to see Williams back.

While we’re at it, wave goodbye to James Casey. Signed to a three-year free-agent contract in 2013, Casey never wound up being more than a third-string tight end in Philadelphia. Now entering the final year of his deal, the Eagles can save $4 million by cutting ties with him.

Other potential cap casualties the Eagles might consider include DeMeco Ryans and Todd Herremans.

Ryans will be 31, coming off his second Achilles injury, on the final year of his contract and was always a questionable fit as an every-down linebacker in a 3-4. Herremans is coming off his second season-ending injury in three years and is considered the weak link on an aging offensive line.

Cutting Ryans would save $6.9 million. Cutting Herremans would free up $2.8 million.

However, both releases are unlikely, as there is a lot of uncertainty at both positions. Who is replacing Ryans? Who is replacing Herremans? Is that player on the roster right now? In both cases, the answer would appear to be no.

Again, these are merely options.

Finally, don’t be surprised if there is some restructuring with three-time Pro Bowl running back LeSean McCoy. Speaking to CSNPhilly.com’s Geoff Mosher in the locker room following the season finale, McCoy seemed aware that his nearly $12 million cap hit in ’15 might be a tough pill for the organization to swallow—but don't worry, he seemed amenable to working something out.

What's Left to Spend?

Michael Perez/Associated Press

Considering the cap could spike as high as $145 million in 2015, according to Pro Football Talk—way higher than the $138 million estimate via Spotrac—the Eagles seemingly have no shortage of cash to spend.

The team has more than enough to sign its own players and spend in free agency when you take into account the carryover from last year and another $20 million-plus or so in predicted savings from releases.

The Eagles always do such an excellent job of managing the salary cap, to the point where it’s usually an afterthought in Philadelphia. 2015 should be no exception.

With so many moves expected, and so many estimates involved, it’s hard to pinpoint an exact number the Eagles will have to play with in free agency. What you need to know is that the Eagles’ financial situation is a healthy one, and they will have both the luxury and freedom to do pretty much whatever they like going forward.

All information regarding player salaries via Spotrac.