The Indianapolis Colts made a surprising move Tuesday, waiving linebacker Shaquille Leonard.
Despite having three seasons remaining on his current contract, the Colts felt this direction was the best for the team. And as surprising as the timing of this move is, it will have a major impact on the salary cap.
Because the trade deadline has passed, all released players are subject to waivers. If a team claims Leonard, they will take on his remaining contract.
As it pertains to the Colts, they will save a lot of money in terms of the future salary cap. According to Over The Cap, the Colts will take on $8 million in dead money due to the prorated guaranteed money for the 2024-2025 seasons ($4 million in each season).
However, that is the only guaranteed money left on the contract beyond the 2023 season. His $15.7 million base salary in 2023 became fully guaranteed during the offseason so the Colts are still on the hook for that over the remainder of the season.
In 2024, Leonard was due $13.61 million in base salary with a $2 million roster bonus and $510,000 total in per-game roster bonuses.
In 2025, Leonard was due $14.84 million in base salary with a $4.2 million roster bonus and $510,000 total in per-game roster bonuses.
In 2026, Leonard was due $19.19 million in base salary with $510,000 total in per-game roster bonuses.
With this move, the Colts will have roughly $90 million in salary-cap space to work with during the 2024 offseason, which theoretically gives them a chance to make some moves with Anthony Richardson still on his rookie deal.