June 26, 2022

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Thielen restructures contract to exempt Vikings from maximum salary cap

Thielen restructures contract to exempt Vikings from maximum salary cap

Receiver Adam Thielen agreed to restructure his contract with the Vikings, buy the team some of the maximum salary they needed, and give the veteran recipient extra security with guaranteed money. Thielen Entertainment announced the deal on Friday.

The move is expected to create $5 million to $6 million in salary cap space with accounting procedures that spread the fees over the life of the contract that now includes a void year added in 2025, according to a league source.

Full terms of the restructuring were not immediately available, but the agency – the Minneapolis-based Institute of Athletes – announced that it would receive a guaranteed $18 million. Half of that amount will be paid out in the form of a signature bonus of $9 million, a source said.

“I guess you can’t get rid of me yet,” Tellin said through his agency. “So excited to be back in purple to try and bring a championship to this much-deserved city. So excited to lead and everything this organization puts in its place. Can’t wait to get back to work and really build on something special.”

It is the latest move by Vikings general manager Kwesi Adofo-Mensah to generate purchasing power after the team also approved Approximately $14 million with a one-year extension To the sons of quarterback Kirk, $6 million in salary transfer For the safety of Harrison Smith and others $6 million through the launch of Michael Pierce’s nose treatment tool.

The Vikings are still on a financial tightrope after approaching the 2022 league year with about $15 million over the cap. They have since signed two defensive start-up nose tackle Harrison Phillips ($3.8 million cap hit) and linebacker Jordan Hicks ($3.5 million), and have re-signed Jordan Perry on a one-year deal. Kicker Greg Joseph, a restricted free agent, was awarded a low-profile bid of $2.433 million for the following season.

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Closing deals with former Rams tight end No. 2 Jonny Mondt and former Broncos forward Austin Sheltman would also count some cover space. A league source reported that Mondt, who is recovering from a ruptured ACL in October, was expected to undergo physical therapy on Friday before signing his two-year contract worth up to $2.4 million.

While Thielen is still under contract until the 2024 season, his new deal and guaranteed money boost his chances of staying in Minnesota until at least 2023. He didn’t have any guaranteed money left in his old deal.

Thielen is set to account for $16.8 million against this year’s cap — a number raised by a 2021 restructuring that turned some of his salary into a signing bonus to distribute the cap fees. These transfers can be made without the player’s consent. Thielen needed to agree to redo his deal this time to loosen the cap, and he did.

Only two NFL recipients, Davante Adams of the Raiders and Mike Evans of the Buccaneers, have had more moments caught than Thielen’s 24 in the past two seasons. Tylen, who will turn 32 in August, had just finished his last season With December surgery to fix an ankle sprain.

Star Tribune staff writer Ben Gosling contributed to this story.