The Eagles have significant holes to fill on both sides of the football this offseason with much of the focus on wide receiver. Many are clamoring for the Eagles to add free agent receiver Alshon Jeffery, but is it even a financially feasible move?
Last week, Jason La Canfora of CBS Sports reported that the Eagles are expected to make a push to sign Jeffery. However, with limited cap space and a largely talent devoid crop of free agents at the position, Jeffery simply might not be a realistic option as the Eagles look to rebuild around young quarterback Carson Wentz.
No question about it, Jeffery would be a game-changing weapon and immediately ascend to the top of the Eagles’ wide receiver depth chart.
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Spotrac projects Jeffery’s market value at an average salary of $12.2 million per season on a five-year deal worth roughly $61 million. With the franchise tag at the wider receiver position set at $15.8 million and the cap-space rich market in the NFL, Jeffery’s value could be pushed even higher once free agency opens on March 9.
Given market conditions, it isn’t unrealistic to think that Jeffery could command $16-$18 million per year.
According to Spotrac, the Eagles currently have $11.68 million in spending flexibility under the cap. The Eagles’ cap space currently ranks 29th in the NFL.
Even if the Eagles cut ties with, trade or otherwise move on from Jason Kelce, Ryan Mathews, Connor Barwin, Mychal Kendricks, the team would only clear $17.35 million. Convincing 35-year-old left tackle Jason Peters to take a pay cut and trim his $11.2 million cap number would help as well.
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Assuming the Eagles are unsuccessful at convincing Peters to restructure his deal, the team would wind up with $28.45 million. If no other team in the NFL makes even a single transaction to free up cap space, the Eagles spending flexibility would rank 23rd in the league.
Getting back to Jeffery and a free agent class that also includes Kenny Stills, DeSean Jackson, Pierre Garcon and others, the Eagles could add a veteran might find it difficult to win a bidding war against teams like the New England Patriots (with Tom Brady, five Super Bowl rings and roughly $63 million in cap space), Indianapolis Colts (Andrew Luck, $61 million in cap space), Tennessee Titans (Marcus Mariota, young core, $68 million in cap space) and the Tampa Bay Buccaneers (Jameis Winston, Mike Evans, $73 million in cap space).
Eagles executive vice president of football operations Howie Roseman is a salary cap wizard but shoehorning Jeffery, Stills or Jackson under the cap and outbidding other teams for their services while also not losing sight of needs at cornerback, running back, defensive end and along the offensive line could make landing a marquee free agent receiver a tall order.
However, if Roseman is able to significantly backload a contract to Jeffery in the range of this proposed contract, the Eagles just might be able to pry him away from the Bears and other more financially flexible suitors:
While it’s still early, my guess for Alshon Jeffery is that he’ll end up with the #Eagles at a 5/$70M+ deal with $33M+ guaranteed.
— Aaron Leming (@AaronLemingNFL) February 13, 2017
Adding Jeffery, Jackson, Stills or another top wide receiver is not impossible for the Eagles.
However, Roseman would be wise to act prudently in free agency while remaining mindful of the fact that the team is $3.28 million over the salary cap for 2018 and could benefit from utilizing some of the cap space created by roster moves this offseason carried over to lessening the burden ahead of next offseason.
Not to mention, investing close to half of a team’s available cap space is not a sound way to build a roster capable of competing for the playoffs in other the near or long-term future.
Moreover, after hiring Joe Douglas and Andy Weidl to oversee the personnel department the Eagles would be wise to further embrace the mentality of building around Wentz through the draft rather than investing heavily in free agency.
Whether or not Roseman and Co. adopt that mentality or continue to act boldly in free agency remains to be seen.
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Matt Lombardo may be reached at MDLombardo@yahoo.com. Follow him on Twitter @MattLombardo975.
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