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The Bucs were staring at a huge amount of dead salary money from Tom Brady’s retirement this offseason. With Brady having $32 million in dead cap money, Tampa Bay was expecting to absorb $8 million in 2022 and push the remaining $24 million into 2023 by putting the quarterback on the reserve/retired list after June 1.
But now Brady will account for $17 million in dead cap space, as first reported by Greg Auman of The Athletic on Twitter. Brady will still account for $8 million in dead cap money in 2022, but will only affect the 2023 cap with $9 million in dead cap room.
Good news for the Bucs and their salary cap regarding Tom Brady's retirement. Instead of the $32 million in dead cap as they could have had, Bucs will have only $17 million total — $8 million this year, $9 million in 2023. His retirement will officially go through after June 1.
— Greg Auman (@gregauman) February 28, 2022
That’s because Brady was supposed to receive a deferred $15 million bonus in February. Yet his contract allowed the Bucs to retrieve $16 million of his total bonus money if Brady retired before his contract expired after the 2023 season. As Auman put it on Twitter, it’s essentially a wash for the Bucs.
Brady was scheduled to get a deferred $15 million bonus paid in February, and his contract allowed for Bucs to ask for $16 million to be repaid if he retired. Looks like neither of those will go through, essentially a wash. Huge help for Bucs from a cap standpoint down the road.
— Greg Auman (@gregauman) February 28, 2022
This move doesn’t do much to help Tampa Bay’s current salary cap situation for the 2022 season. Brady was always going to take up $8 million worth of cap space in 2022 after June 1. But the Bucs do get some significant help help for the 2023 season – a savings of roughly $15 million in cap room for next year.
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