Even though the Pittsburgh Steelers have roughly $40 million in cap space, that can dry up quickly. The franchise will need about $8 million, or 20% of that initial total, for the incoming draftees and undrafted free agents. They will also need about another $5 million to have for the 2025 regular season in case of a trade and/or emergency signing. That leaves the Steelers with roughly $27 million in usable cap space as of the beginning of the offseason. If they want more money, the most likely option will be to release three certain players.
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Steelers' Preston Smith rushes off the edge in his first game with the team.
Preston Smith was a trade acquisition in the middle of the 2024 season for the Steelers. Part of the reason that they got him so cheap was because of his high cap hit despite not having much production with the Green Bay Packers. Luckily for the Steelers, the Packers have covered all of Smith's guarantees.
That means the Steelers can cut Smith with no dead cap at all. The Steelers would save $13.4 million in 2025, as well as $14.1 million in 2026. That first number would immediately make up for the money that the Steelers are forced to save for other offseason and regular season needs. For a seventh-round pick, the Steelers will take what they got out of him: two sacks, a fumble, and a fumble recovery in limited snaps.
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Injuries have been an issue over the past few years for Steelers defensive lineman Larry Ogunjobi, and his status for Week 2 is now in question.
On the other end of the defensive line, Larry Ogunjobi is entering the final year of his three-year extension. His snap count has gone down a lot in 2024 as he almost hit career-lows in almost every major category. He was a great signing at the time, and his extension was deserved.
Unfortunately, his time is up in Pittsburgh. It doesn't help that the Steelers are focusing on building the trenches, which means Ogunjobi's replacement will most likely be drafted whether or not he is on the team.
Ogunjobi has a roster bonus of $3 million that kicks in in March, so it's safe to say that he will be one of the first cap casualties. If he is gone before that bonus hits, the Steelers will eat a dead cap of roughly $3.5 million while saving a total of $7 million. Unlike with Smith, Pittsburgh will still be charged his signing bonus proration, since it extended him itself.
Steelers' May Have To Do The Harshest Part Of Sports Business
Even though it's not Cole Holcomb's fault that he was unable to play in the 2024 season, that may not matter in this case. When you miss an entire season, there is no telling how you will bounce back after that. After suffering a major knee injury in the middle of 2023, he was unable to practice until New Years Eve of 2024, heading into 2025.
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Linebacker Cole Holcomb after suffering a season-ending injury during the Pittsburgh Steelers' 2023 season
Since that injury, Holcomb has had a total of two weeks of practice (six days total: three each week). With Patrick Queen entering year two of his contract and Payton Wilson looking like a breakout candidate for his second year, Holcomb is out of a starting gig. They may keep him around as depth, especially if they can't re-sign Elandon Roberts. However, that knee injury could lead the Steelers to just sign or draft another backup linebacker.
Cutting Holcomb would result in just a $1.64 dead cap hit with the team saving $6 million. Like with Ogunjobi, the veteran linebacker has a roster bonus that would take effect in March, which means the Steelers would need to make a decision on him quickly. That dead cap also comes from his signing bonus proration. As mean and unfair as this move would be, sport is a cruel business, and some people just get unlucky.
What do you think about the potential cap casualty options for the Steelers? Who else may be released to save some money? Let us know in the comments.
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