Wide receiver Keenan Allen saved the Chargers $8.9 million in cap space by agreeing to a restructured contract as Los Angeles scrambles to shed money and comply with the 2023 salary cap.
NFL Network reported Allen, 30, met with general manager Tom Telesco to iron out details of the deal. Telesco was adamant rumors of a potential trade or a release of Allen weren't options for the Chargers.
Before the restructure, Allen had a $21.7 million cap charge. Fellow wide receiver Mike Williams also agreed to restructure his contract, saving $5.46 million, NFL Network reported.
Telesco said last week that Allen "isn't going anywhere," and repeated his desire to keep "all of our good players."
"He's our Andre Reed. He's our Charlie Joiner," Telesco said.
A third-round pick in 2013, Allen is entering his 11th NFL season. He has 796 career catches for 9,287 yards with 52 career touchdowns. He ranks second in franchise history in receptions, is third in receiving yards and is fourth overall in touchdown catches.
But next year could be a crossroads for the Chargers and Allen, whose new cap charge for 2024 becomes $24 million. At that point, the Chargers can sign Allen to a new deal to spread out the cap hit, or decide to separate.
Telesco knows the clock will start ticking on a contract extension with quarterback Justin Herbert, who is eligible for a fifth-year option at just over $20 million in 2024. But his salary could easily double for 2025 to be in line with recent deals. New York Giants quarterback Daniel Jones will make $40 million next season on his new four-year deal, which matches the an annual average salary of Cowboys quarterback Dak Prescott and Rams quarterback Matt Stafford.
--Field Level Media