The Tennessee Titans have restructured the contract of veteran wide receiver Robert Woods, according to a report from Field Yates and ESPN.
The Titans restructured the contract of WR Robert Woods by converting base salary into a signing bonus, creating $2.6M in salary cap space. Tennessee was tight to the cap prior to the move.— Field Yates (@FieldYates) November 29, 2022
Yates reports that Titans general manager Jon Robinson converted a portion of Woods’ base salary into a signing bonus. The move creates approximately $2.6 million in salary cap space. The Titans were previously up against the cap.
According to OvertheCap, the Titans possessed a league-low $90,000 in cap space prior to Woods’ restructure. The Titans now possess roughly $2.489 million in cap space following Woods’ restructure, per Spotrac. It provides Robinson with additional in-season flexibility.
Titans fans may begin dreaming big. The timing of Woods’ restructure is fairly curious. Free agent wide receiver Odell Beckham Jr. is the biggest fish on the open market. All reports indicate Beckham will soon sign with a team of his choosing. I wouldn’t expect the Titans to enter the Beckham sweepstakes. Beckham is currently linked to the Dallas Cowboys, New York Giants and Buffalo Bills. Beckham probably wouldn’t possess much interest in signing with the run-heavy Titans. Nor do the Titans currently have enough cap space to make him a serious offer.
The market has heated up in recent weeks. The Philadelphia Eagles recently signed a pair of defensive tackles in Linval Joseph and Ndamukong Suh. Postseason contenders are strengthening their rosters ahead of January and February.
Woods’ contract is signed through the 2025 campaign, but Woods shouldn’t be expected to fulfill his current contract. The Titans could save approximately $12-plus million against the 2023 cap by releasing Woods during the upcoming season. We’re awaiting word on how Woods’ restructure impacts that figure, but it’s not expected to make a sizable impact. Woods’ isn’t guaranteed to be a Titan in 2023.
The Titans originally acquired Woods in a trade with the Los Angeles Rams. Robinson sent a 2023 sixth-round selection to the Rams in exchange for Woods’ pass-catching services. Woods has recorded 32 receptions for 351 yards and one touchdown through 11 regular-season appearances. Woods has failed to meet expectations, although Tennessee’s anemic passing attack hasn’t helped.
Robinson will likely utilize his newly created financial freedom for typical in-season moves.