The Colts have converted $12M of new QB Matt Ryan’s 2022 compensation into a signing bonus, creating $6M in cap space, per source.— Field Yates (@FieldYates) March 24, 2022
Ryan’s cap number drops to $18,705,882 for this year, while Indy has even more cap space to make other maneuvers this offseason.
While it was reported that Ryan restructured his Colts contract early Tuesday morning, it was initially speculated that Indianapolis would have $11.8M of additional team salary cap space in 2022. After Yates’ report, that number is now closer to $6M (with the Colts shifting more guaranteed cap hits toward 2023).
Certainly still a nice chunk of plus cap space, but not quite as large as was first thought. It would roughly place the Colts around $22M of total available team salary cap space right now (via OverTheCap).
What will be interesting to see is if other highly paid veterans for the Colts such as DeForest Buckner or Ryan Kelly also soon follow suit in restructuring their current contracts to provide some extra wiggle room under the salary cap this early offseason.