Christian McCaffrey's Panthers Contract Restructured to Create $5.5M in Cap Space

The Carolina Panthers restructured running back Christian McCaffrey's contract to create $5.5 million in salary-cap space, per Tom Pelissero of NFL Network.

McCaffrey signed a four-year, $64 million extension with the Panthers in April 2020. His contract runs through 2025.

Jason Fitzgerald of Over the Cap provided more information:

Carolina had $23,516,921 in effective cap space before the move, per Over the Cap. Effective cap space is defined as "the cap space a team will have after signing at least 51 players and its projected rookie class to its roster."

Cat Scratch Reader, SB Nation's Panthers site, wrote on Twitter that the move likely means "a Christian McCaffrey trade is not imminent."

McCaffrey led the NFL with 2,392 scrimmage yards and 19 touchdowns in 2019 after amassing 1,965 total yards and 13 scores the year before. However, he's played just 10 games over the past two years because of injuries.

CMC's name has appeared in trade rumors, with ESPN's David Newton reporting the following March 8:

"Multiple teams have called the Carolina Panthers about a possible trade for Pro Bowl running back Christian McCaffrey, a league source confirmed."

"Although the Panthers aren't looking to unload McCaffrey, multiple league sources said they would consider a deal if offered a first-round pick and another player without a big salary-cap number."

It appears McCaffrey will be staying in Carolina for now as he looks to reclaim the form that made him one of the top offensive weapons in football in 2018 and 2019.