With the restructure of Tyreek Hill’s contract, the Miami Dolphins created even more cap space for themselves for next season, though their 2025 outlook still doesn’t look great at this time.
Details of Hill’s contract and how it affects the Dolphins salary cap came out Monday, via cap sites overthecap.com and spotrac.com, and the biggest immediate takeaway is the almost $14 million cap savings for 2024 with Hill, with his cap number going from $31.3 million to $18.4 million.
Hill’s cap number remains the highest on the team for 2024, but the big news here is the Dolphins having eliminated all their cap numbers over $20 million by extending, restructuring or releasing not only Hill but Tua Tagovailoa, Terron Armstead, Jalen Ramsey and Xavien Howard.
After the Hill contract adjustment, the Dolphins have $35.8 million of cap space remaining for 2024, a figure that ranks fifth in the NFL. On the flip side, though the Dolphins are $44.4 million over a projected 2025 cap limit of $260 million (projecting a slightly increase over this year’s $255.4 million). That is the third-worst figure in the NFL, ahead only of the Cleveland Browns and (of course) New Orleans Saints.
After they acquired him in that blockbuster trade with the Kansas City Chiefs in March 2022, the Dolphins signed Hill to a four-year contract extension worth $120 million and he proceeded to earn team MVP that season and last year.
The revised three-year contract, per overthecap.com, includes additional new money and shifted money forward to 2024 and 2025. The new contract is worth a base value of $90 million with $54 million fully guaranteed at signing with an additional $11 million vesting in 2026 for a $65 million total guaranteed package.
Hill received a $7 million signing bonus, guaranteed salaries in 2024 and 2025, a $15.85 million option bonus in 2025, and guaranteed workout and per-game roster bonuses in 2024 and 2025.
The revised contract includes three void years to spread out the signing bonus charge against the cap. Hill is scheduled to become an unrestricted free agent in 2027.