5 Cuts That Could Create Cap Space for the Miami Dolphins

Miami Dolphins general manager Dennis Hickey is about to be rewarded for his frugal ways in 2015, but he could benefit from continued thriftiness as well.

The Dolphins don't have a whole lot of extra salary-cap space this offseason. They are only about $3.6 million in the clear, according to Spotrac. But a little extra money never hurt anyone, and it could be the difference in the Dolphins landing a big-name free agent if they have any on their mind.

The Dolphins busted out a Brinks truck in the 2013 offseason, throwing money at anything that moved. They took aim to go all-in, and linebackers Philip Wheeler and Dannell Ellerbe, wide receivers Mike Wallace, Brandon Gibson and Brian Hartline, cornerback Brent Grimes and others were in the crosshairs.

The results since then: Two seasons out of the playoffs, a 17-15 record, a new general manager in Hickey and a new consultant in Mike Tannenbaum. A new regime has taken over, meaning the Dolphins could be looking to make some wholesale changes. Hickey's second year with the Dolphins offers a few notable opportunities to create cap space—not just for this season, but for years to come. 

Here's a look at some of those opportunities.

Philip Wheeler

J Pat Carter/Associated Press

Of all the 2013 free-agent signings, Philip Wheeler has been the most disappointing so far.

Wheeler led the Dolphins in missed tackles in 2013, according to Pro Football Focus, and allowed completions on more than 72 percent of throws into his coverage. He followed up his act by allowing more than 77 percent completions into his coverage in 2014, and he was also bothered by a thumb injury all season.

The seventh-year pro inked a five-year, $26 million deal with $14 million guaranteed. This year, Wheeler is set to count $4.4 million against the salary cap, but the Dolphins would only save $200,000 on the cap by cutting him. That means the Dolphins would be spending $4.2 million for Wheeler to not be on the team.

So, why do it now? As I mentioned in the intro, the point isn't just to create cap space now. It's to create cap space now and for the future.

If the Dolphins release Wheeler in 2016, they'll still be $2.8 million in the hole against the salary cap. If they wait until 2017, they'll still owe $1.4 million on the cap. But if they cut him now and eat his salary this year, they'll get his full salary back on the cap ($7.875 million in 2016, $7.425 million in 2017).

Brandon Gibson

Wilfredo Lee/Associated Press

It must be painful for a player to watch his team draft his replacement, but that's exactly what it appears has happened to Brandon Gibson. The Dolphins drafted LSU wide receiver Jarvis Landry in the second round in 2014, and the rookie receiver made an immediate impact in a role very similar to the one Gibson was signed to occupy in the Dolphins offense.

With Landry making plays all over the field, Gibson was targeted only 51 times and caught only 29 balls, falling outside the top five pass-catchers on the team in both categories. 

Gibson signed a three-year contract worth $9.78 million with $3.75 million in guaranteed money. Gibson is slated for a $4.26 million cap hit this coming season, but the Dolphins would only lose $1 million of that by cutting him. 

The Dolphins envisioned a big role for Gibson as a slot receiver, and there is still a chance he could fill that role. With so much money in a redundant player, though, it's unclear whether he'll fill that role for the Dolphins or someone else.

Cortland Finnegan

Lefteris Pitarakis/Associated Press

When the Dolphins signed Cortland Finnegan to a two-year, $11 million contract in 2014, it was clear he was a rental. How could he not be? Looking at the construct of his contract, the Dolphins have an opportunity to create a lot of wiggle room on the salary cap by releasing his $6.475 million cap hit and losing only $1 million of it in the process ($5.475 million net gain on the cap).

The 31-year-old veteran cornerback is far from a spring chicken, and allowed completions on 66.2 percent of throws into his coverage, according to Pro Football Focus. Finnegan failed to log an interception for the first time since his rookie season.

The only thing working in Finnegan's favor is the Dolphins' lack of depth. Brent Grimes is the king of the depth chart, the closest thing the Dolphins have to a shutdown cornerback. Players like Jamar Taylor and Will Davis should be given an opportunity to step up in their roles, or the Dolphins should seek more frugal options on the market. Or both.

Shelley Smith

Paul Sancya/Associated Press

The Dolphins offensive line play was so horrid in 2013, no one can blame them for taking matters into their own hands in the 2014 offseason by throwing money at anything with two arms and two legs that could block. Guard Shelley Smith was part of a full-blown offensive line rebuild, but he was one of the pieces that never held up quite as strong as was expected.

Last offseason, Smith signed a two-year, $5.5 million contract with $1.25 million guaranteed. His cap hit of $3 million for 2015 comes with only $250,000 in dead money if the Dolphins release him. Smith moved back and forth from the first team to the second team during 2014 training camp and missed much of the season with injuries to his knee. He was relegated to spot duty in Weeks 12-15 before missing the final two games of the season.

Mike Pouncey moved from center to guard, and the Dolphins also have young offensive lineman Billy Turner on the roster and are grooming him into a guard. If the Dolphins like their other options better, releasing Smith seems like an easy way to get cash fast. 

Mike Wallace

Wilfredo Lee/Associated Press

Why should the Dolphins cut their most talented receiver? Well, first of all, he's not happy in Miami, with reports that he quit on the team multiple times in 2014, according to Armando Salguero of the Miami Herald. The fact that Dennis Hickey refused to say whether Wallace would be back with the team in 2015, according to Andrew Abramson of The Palm Beach Post, only compounds the curiosity over his job status.

Aside from all of that, he's also not a fit for the Dolphins' new offense under coordinator Bill Lazor. His vertical speed was rarely put to use; Ryan Tannehill targeted him on only 24 passes of 20 yards or more this season and completed only six of those passes, according to Pro Football Focus. 

Wallace's contract counts for $12.1 million against the salary cap in 2015, but the Dolphins could save $6.6 million on the cap by cutting him. They would also save the full $13.7 million of his salary in the 2016 and 2017 seasons. 

The Dolphins would be in sore need of a No. 1 receiver if they released Wallace. But if he keeps quitting on his team, the Dolphins may need a No. 1 receiver anyway.

All contract and salary-cap information provided by Spotrac.com.