Bears’ cap space changes after cutting Eddie Jackson, Cody Whitehair

The Chicago Bears made waves in the NFL community with a surprising double move on Friday, opting to cut veteran players Cody Whitehair and Eddie Jackson from their roster. These unexpected cuts were aimed at freeing up significant cap space for the offseason, as both Whitehair and Jackson were commanding substantial salaries heading into the final years of their contracts.

Under Whitehair’s previous contract, he was earning upwards of $10 million annually, while Jackson’s deal saw him pocketing just over $14 million per season. With these hefty contracts off the books, what does the Bears’ cap space situation look like now?

According to Spotrac, the Bears managed to save a considerable $21.7 million in cap space with these moves. With the top 51 contracts accounted for, the Bears now boast a projected cap space of just over $70 million heading into the offseason. However, factoring in the funds earmarked for draft picks, the Bears’ effective cap space is estimated to be around $55 million.

This substantial increase in cap space propels the Bears just over the New England Patriots, placing them third in the NFL in terms of available cap space (based on each team’s top 51 contracts). They trail only the Washington Commanders, with approximately $83 million in cap space, and the Tennessee Titans, who have around $73.9 million in cap space.

As for the dead cap values associated with Whitehair and Jackson, Spotrac indicates that Whitehair carries a dead cap value of roughly $4.1 million, accounting for about 1.66% of the Bears’ total cap. On the other hand, Jackson’s dead cap value is approximately $5.5 million, representing approximately 2.26% of the Bears’ overall cap space. These dead cap payments are the most significant ones the Bears will bear in the 2024 season.

With two top-ten picks in the upcoming 2024 NFL draft (No. 1 and No. 9) and the third-most cap space in the league, the Bears are poised for an impactful offseason. Additionally, the team retains their franchise tag, which many anticipate will be used on All-Pro cornerback Jaylon Johnson, with an expected salary of around $19 million for the next season.

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Eddie Jackson was a prominent figure in Chicago, known for his playmaking prowess in the Bears’ defensive backfield, which included numerous defensive touchdowns. His two pick-sixes during the 2018 season led the NFL and helped solidify the Bears’ defensive identity.

Meanwhile, Cody Whitehair, drafted by the Bears in the second round of the 2016 NFL draft, immediately made an impact as a starter at center. Whitehair’s consistency and reliability earned him recognition, including a spot on the PFWA All-Rookie Team in his debut season.

The Bears’ decision to part ways with these veteran players signals a strategic shift in their roster composition and financial strategy. With ample resources at their disposal, including cap space and draft assets, the Bears have the opportunity to reshape their team and position themselves for future success in the highly competitive NFL landscape.