Fittipaldo: Steelers Likely To Release Patrick Peterson If He Is Unwilling To Take A Pay Cut

The Pittsburgh Steelers have a lot of decisions to make in the 2024 offseason. Some moves have already been made to create cap space by releasing Mitch Trubisky, Chukwuma Okorafor, and Pressley Harvin. It is likely the Steelers are not done yet, as players like Allen Robinson and Patrick Peterson are set to make a lot of money in 2024 and Pittsburgh could save money by releasing them. Both players have shown their age and releasing them benefits the Steelers organization too much for them to ignore.

Steelers Likely To Release Peterson According To Fittipaldo

The Steelers signed Peterson in free agency during the 2023 NFL offseason. The deal was for two seasons and it was worth $14 million with a $5.85 million signing bonus. Peterson had some flashes during the 2023 season, as he recorded two interceptions and 11 pass breakups on the year. He also proved to struggle at times playing on the outside during his age 33 season, however. Fittipaldo was asked during his Steelers chat on Pittsburgh Post-Gazette about the likelihood of Peterson being released before the start of the new league year.

"Better than 50/50 unless he takes a pay cut to return. That's my analysis. Can't see them taking on a $10 million cap hit for a guy who can no longer play outside. And you don't keep that cap hit for a hybrid safety rotational type player."

Peterson certainly struggled some on the outside in 2023, as he gave up nearly 500 yards and four touchdowns. Despite his age, he was certainly still serviceable for Pittsburgh, as he was on the field for over 95 percent of the team's defensive snaps in 17 of 19 games. Peterson even started at safety when the Steelers were riddled with injuries at the position, and stated that he felt playing safety was a good way to prolong his NFL career.

Regardless of his versatility on defense, Peterson's age has made him too much of a liability for Pittsburgh. Peterson had the highest missed tackle percentage of his career in 2023, and has proven that what he does on the field likely is not worth his scheduled cap hit of nearly $10 million in 2024. Peterson has had a great career in the NFL, and is a great leader for the Steelers off of the field. The organization likely wants to keep him around, but only if he agrees to take a pay cut to benefit the team. 

Levi Wallace is currently a free agent who struggled with Pittsburgh in 2023, and it is unclear whether or not the Steelers will try to bring him back in 2024. This means the top two cornerbacks currently on the Steelers roster are Joey Porter Jr. and Peterson. The Steelers are already projected to find another cornerback at the top end of the 2024 NFL Draft, but if the organization decides to move on from Peterson, the need for a cornerback will grow drastically. 

If the Steelers and Peterson cannot agree on a pay cut and Peterson is released before the start of the new league year, the Steelers will save nearly $7 million and will incur $2.925 million in dead cap. The decision on whether or not to release Peterson will likely be happening sooner rather than later. If he is still on the roster on March 16th, the organization will owe him $3 million in roster bonuses. Therefore, a decision on his release or a possible pay cut will happen before that date.

Peterson can still be effective on the field if he needs to be, and he is a valuable veteran presence to the Steelers. Fans should be rooting for both parties to agree on a new deal that involves Peterson taking a pay cut so he is able stay with the organization in 2024. 

What do you think of the Steelers potentially releasing Peterson? Let us know in the comments below!

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