Buccaneers' Updated Salary Cap After Chris Godwin's 3-Year, $60M Contract

The Tampa Bay Buccaneers have re-signed wide receiver Chris Godwin to a three-year, $60 million contract with $40 million guaranteed, per ESPN's Adam Schefter.

Godwin, 26, had 98 catches for 1,103 yards and five touchdowns last year. He suffered a torn ACL against the New Orleans Saints on Dec. 19, ending his season.

Tampa Bay had used the franchise tag on Godwin for the second straight year, but he'll be sticking around for at least a few more seasons. 

Per Rick Stroud of the Tampa Bay Times, Godwin will carry a salary-cap hit of $5 million in 2022. ESPN's Jenna Laine reported that the Bucs were able to decrease the cap hit by adding void years to the end of the deal.

Greg Auman of The Athletic provided more details, including where the team's cap space is projected to be at the moment:

Per Danny Bennett of Gridiron on Tap, the Bucs were $21.5 million over the salary cap as of Wednesday morning. They needed to be under the cap by 4 p.m. ET Wednesday (the start of the league new year).

Since then, the Bucs have added Breshad Perriman on a one-year deal, restructured linebacker Shaquil Barrett's deal to free up just under $10 million in cap space, reworked tight end Cameron Brate's contract to free up roughly $3 million in cap space and signed Godwin to an extension, per Auman, who provided some cap context throughout the day.

However, Auman pointed out some other deals that will affect the cap:

Ultimately, there is a lot of fluidity when it comes to Tampa Bay's cap situation.

Regardless, the Bucs made huge headway on the cap with the Godwin contract, and that's arguably the team's second-biggest offseason win outside Tom Brady's return.