Raiders gain $19.7M in cap space, why re-signing WR Hunter Renfrow should be top priority
The Las Vegas Raiders will gain $19.7M. in cap relief tomorrow due to releasing both ILB Cory Littleton and OLB Carl Nassib as designated post-June 1 cuts. The way contracts are structured for each individual player will determine the cap relief or cap hit the team endures.
For Littleton and Nassib, their 2022 cap number minus “dead money” will be the cap savings for LVR. Below is a breakdown of those numbers so you can see visually how it works:
ILB Cory Littleton
2022 cap number: $15,768,000
Dead money: $4,018,000
2022 cap savings: $11,750,000
OLB Carl Nassib
2022 cap number: $9,652,000
Dead money: $1,652,000
2022 cap savings: $8,000,000
Total cap savings: $19,750,000
Salary cap-health
The Raiders currently sit at $4,759,843 in salary-cap health. Removing Littleton and Nassib off the books ($19,750,000) gives the team a total of $24,509,843 of salary cap flexibility.
Now the question remains, what direction do they allocate those resources? Do they use the funds to solidify the offensive line OR do they retain homegrown talent and give slot WR Hunter Renfrow a long-term deal?
If it was me, I would use the money to extend a top-5 slot guy in Renfrow. He’s entering a contract year, and you don’t want to enter a bidding war at season’s end.
WR Hunter Renfrow
Last year, Renfrow racked up 103 catches for 1,038 receiving yards & 9 TDs. Furthermore, when peeling back layers of the onion to get to the core, a whopping 50% of his catches were good for moving the chains (1st downs)--the ultimate SLOT MACHINE!!!
The argument for Renfrow’s extension can be further analyzed by his NFL rankings on those gaudy stats:
103 catches | T-9th in NFL
1,038 receiving yards | 21st in NFL
9 TDs | T-9th in NFL
452 yards after contact | 15th in NFL
Originally a 2019 R5 pick (No. 149), Renfrow is the perfect WR for HC Josh McDaniels’ system. Remember while in New England and how he utilized WR Wes Welker & WR Julian Edelman? Look for that type of production from Renfrow as he understand leverage, spacing, and finding soft spots in zone-coverage.
A silky smooth route-runner who wins early in the down, Renfrow is a joy to watch from snap to finish. You can watch my YouTube video below as I praise Renfrow’s game while being fundamentally sound--”The Raider Way.”
How much is Renfrow worth?
When evaluating NFL contracts and assessing wide receiver money, it has definitely sky-rocketed. In today’s NFL, you need a trio of wide receivers. That’s just the way the league is trending.
While he’s not in line to make WR Davante Adams money--somewhere in the ballpark of $15M. APY is fair market value. That’s WR Allen Robinson, WR Adam Thielen, and WR Cooper Kupp price range. Anything below that you’re entering WR Corey Davis, WR Michael Gallup, and WR Curtis Samuel territory. Renfrow is far better than those latter players mentioned, so $15M. APY seems reasonable and fair.
4-year, $60-$65M. deal
Should the Raiders sign a veteran?
If Renfrow gets paid, that leaves the team with only $9.5M. of cap-health. Enough funds to give a seasoned veteran OT or CB a one-year deal. Whether that’s OT Darryl Williams or going after CB Chris Harris Jr., GM Dave Ziegler will continue doing his “due diligence” in fielding the best 53.
For what it’s worth, I wouldn’t sign any of those players mentioned and would rather give OT Alex Leatherwood the right to win RT (no pun intended).
Salary cap outlook
What the Raiders plan to do with the extra cash remains to be seen, but one thing is for sure--Renfrow needs to be re-signed sooner rather than later, as he is a foundational player the team can build around.
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