NFL Rumors: Bills' Josh Allen Restructures 2024 Contract; Saves $16.7M in Cap Space

The Buffalo Bills have reconstructed quarterback Josh Allen's six-year, $258 million contract, per ESPN's Field Yates.

The reconstructor converts a chunk of his 2024 compensation into a signing bonus, creating $16.7 million in 2024 cap space. His updated 2024 cap charge is now $30.356 million after initially being $47 million heading into this season.

Allen threw for 4,306 yards, 29 touchdowns and 18 interceptions, leading the Bills to the divisional round, where they came up short against the Kansas City Chiefs.

Before Allen's restructured contract, the Bills had just $4.22 million in estimated cap space, per Spotrac, so adding an additional $16.7 million will be huge for Buffalo as it looks to make potential moves in free agency.

Bills general manager Brandon Beane said Monday that the salary cap was one of the biggest challenges at the start of free agency, but Allen taking a restructured deal will certainly help ease the burden. Buffalo also cut Mitch Morse, Jordan Poyer and Tre'Davious White, creating some more cap space.

That leaves the Bills in a decent position to be a player in free agency.

Of Buffalo's priorities in free agency, finding a new No. 2 wide receiver is likely near the top of the list. Gabe Davis, who had 746 yards and seven touchdowns last season, departed to sign with the Jacksonville Jaguars on Monday, leaving a void to be filled.

Top free agent wide receivers Tee Higgins, Michael Pittman Jr. and Mike Evans are all off the market at this point, but other solid options like Marquise Brown, Calvin Ridley and Darnell Mooney are still at play.

Allen gave the Bills a huge break by freeing up cap space with his reconstructed deal. Now Buffalo has the chance to repay him by getting him a receiver.