Saints' Top Contracts to Consider Cutting Ahead of NFL Free Agency

The New Orleans Saints received a bit of salary-cap relief when Drew Brees' base salary for the 2021 season was dropped to $1.075 million.

The Athletic's Katherine Terrell reported on Tuesday that the transaction was officially finalized. The move was first reported by Over The Cap's Jason Fitzgerald. 

The restructuring of Brees' contract opened up $24 million in salary cap space for the 2021 season, but the Saints still have a bit more to do to get under the cap. 

With that in mind, the Saints will have to shed some expensive contracts, or change the structure of others, to feel less strain on their cap situation. 

New Orleans' cap peril could force it to part ways with a few experienced offensive players, which would create larger opportunities for younger players, or pave the way for draft picks to be made at those positions. 

Emmanuel Sanders earned the most receiving yards of any Saints wideout in 2020, but he could be on the way out to save the team some cash. 

Sanders is set to make a $6 million base salary and has a $2 million roster bonus due on the fifth day of the new league year. 

If the Saints part ways with the 33-year-old, they would save $4 million on the cap, but they would have $6 million in dead money. 

Sanders' age and contract could convince New Orleans to cut him, which would open up a larger role for Tre'Quan Smith beneath Michael Thomas on the depth chart. 

If New Orleans and Sanders split, the Saints would have to develop Marquez Callaway, Deonte Harris and Lil'Jordan Humphrey into contributors beneath Thomas and Smith to ensure the new quarterback has enough weapons to work with. 

If the Saints cut Sanders and are not satisfied with their young crop of wide outs, they could always look for a cheaper alternative in free agency, or land a wide receiver in the 2021 NFL draft.

Latavius Murray falls into the same category as Sanders. 

The 31-year-old running back was a key piece for New Orleans' success over the last few years, but he should be viewed as expendable. 

Murray's release would come with $2.5 million in salary-cap relief. He is scheduled to make a base salary of $2.95 million in 2021. 

Murray earned 656 yards and four touchdowns in a supporting role of Alvin Kamara, but the Saints may be ready to move on from him because of his age and salary situation.

New Orleans' solution to its lack of running back depth can be solved through a mid-to-late-round draft pick or an undrafted free agent. 

In the 2020 NFL draft, the best rookie running backs were chosen between the second and fourth rounds. D'Andre Swift, Jonathan Taylor, Cam Akers and J.K. Dobbins were all second-round picks, Antonio Gibson and Zack Moss were selected in the third round, and Joshua Kelley landed in the fourth round. 

The decision to cut Kwon Alexander could be the most logical one for the Saints front office to make. 

The linebacker's potential release would save the Saints over $13 million in salary-cap space, and the move would not come with any dead money. 

Alexander only played seven games for the Saints after he was acquired in a trade with the San Francisco 49ers. He suffered a season-ending injury in Week 16.

The Saints did not give up much to bring in Alexander, as they sent a fifth-round pick and Kiko Alonso in the other direction.

The low trade price paid for Alexander should make the Saints feel a bit better about possibly cutting a player who has been with them for less than a season.

Alexander is now four seasons removed from his 108-tackle season with the Tampa Bay Buccaneers. He has not had more than 70 solo tackles since that 2016 campaign. 

If New Orleans was in a better cap situation, it could have considered keeping Alexander, but he seems like one of the top candidates to be let go this offseason. 

Follow Joe on Twitter, @JTansey90.

Statistics obtained from Pro Football Reference.

Contract information obtained from OverTheCap.com.