The 2024 season isn’t over for the Bucs. They have made it into the post-season tournament, as a three-seed nonetheless, and will continue to vie for the ultimate of NFL prizes. But as is the case in the week following the conclusion of the regular season, conversation begins about off-season moves. I have tried to keep you abreast of where the Bucs stand in terms of financial flexibility to build upon the current playoff roster.

Based on a salary cap estimate of $272,500,000, Over the Cap has Tampa Bay 23rd in cap space with $23,777,040 and 22nd in effective cap space, space remaining after accounting for draft picks and a top 51 cutoff. The Bucs have lots of ways they can increase that number.

Extending wide receiver Chris Godwin before his current contract tolls could actually save cap space while returning the offense to its most dangerous form. The team could also restructure the contracts of high-priced veterans like quarterback Baker Mayfield, safety Antoine Winfield Jr., nose tackle Vita Vea, and/or left tackle Tristan Wirfs. Those moves could open up plenty of additional space to add to the roster (an elite edge defender, perhaps?).

But there’s another move that could save some cap space while also exciting fans to no end.

Bucs Should Consider Extending Mike Evans

Bucs WR Mike Evans Photo by: USA Today

Fresh off of his record-setting 11th-consecutive 1,000-yard season to start a career, Mike Evans is playing some of the best ball of his life. At age 31, he shows no sign of slowing down thanks to an incredible dedication to preserving his body. Evans just signed a two-year contract extension with the Bucs this past off-season so there is no need to extend him. But it sure makes sense.

Evans is entering the final year of that extension and is due $21 million in cash now that he hit his performance escalators of 70 catches, 1,000 yards and 10 touchdowns in 2024. Add in the $4,358,000 proration of his 2025 roster bonus and he is currently slated to count $25,358,000 against the 2025 salary cap.

The Bucs could free up some of that cap space with an extension that could increase Evans’ cash flow, improve his current guarantees and secure his services for 2026 in one fell swoop.

Proposed Extension

Bucs WR Mike Evans and GM Jason Licht – Photo by: Scott Reynolds/PR

The deal would be a simple one-year extension of his current deal for $23 million, of which $17.5 million would be guaranteed. That APY is about 8.4% of the projected $272.5 million 2025 salary cap and would represent a slight rise from his last deal when Evans secured a $20.5 million APY on a $255.4 million cap. That APY was 8.0% of this year’s salary cap.

The $17.5 million guaranteed would be about 76% of the new cash flow, a small step up from his 2025 deal.

The structure of the deal would reduce his 2025 salary from $21 million to $1.5 million while also giving him a $22 million prorated bonus. Evans would see an increase in his 2025 cash flow from $21 million to $23.5 million. His 2026 cash flow would be $20.5 million for a pretty even split on the new remainder of the deal.

If the Bucs and Evans’ camp were to consummate this deal Tampa Bay would save $14,666,668 in 2025 salary cap space. That’s a significant help to a team that looks to be re-opening its Super Bowl window just two years after closing it with Tom Brady’s retirement.

From Evans’ perspective this is a good deal on multiple fronts.

First, it offers him additional cash flow in 2025. At minimum it becomes a raise for another fantastic season after he gave the Bucs a bit of a hometown discount on his last deal. It also shores up his total cashflow in 2025 in the form of guarantees. Technically, only $6 million of his $21 million salary for 2025 is currently guaranteed. Another $6 million vests on fifth day of the 2025 league year. This extension would automatically guarantee the entire amount and give him an extra $5.5 million in guarantees.

This structure would turn his current 2026 dead cap hit of $13.074 million into a real cap hit of $30.358 million. That would potentially secure Evans’ services in 2026 for just an additional $17.284 million in cap space.

Second, would also give the Bucs the flexibility if Evans wanted to hang up his cleats after 2025 to designate his retirement as a post June 1 transaction. In that scenario the team could reduce his 2026 salary cap hit by $20.5 million. Evans’ 2027 dead cap hit would be $19.716 million. If the NFL salary cap continues to grow at about 7.5% per year that would represent about 6.25% of that year’s salary cap as opposed to his current 2026 dead cap hit which is projected to be about 4.4% of that year’s cap.

A Win-Win Scenario

There’s always going to be risk involved with extending a receiver like Mike Evans, who is in his 30s. But this represents a minimal risk for the Bucs to give them some additional cap flexibility in the short term while continuing to honor the player who brought this moment to Tampa Bay.

“MR. 1K! MR. 1K! MR. 1K!” 👏

Go behind-the-scenes of the catch that made @NFL history… A Mike Evans moment we’ll never forget. pic.twitter.com/cFfsYwXl3Y

— Tampa Bay Buccaneers (@Buccaneers) January 7, 2025