How Much Cap Space Do the Jaguars Have After Evan Engram's Extension?

With Evan Engram's cap hit coming in at $5 million, how much cap space do the Jaguars have for the rest of the offseason?

The Jacksonville Jaguars have worked hard this offseason to create cap space, whether via contract restructures or extensions. 

They helped inch closer to a bounty of cap space on Sunday when they signed tight end Evan Engram to a three-year $41.25 million deal with $24 million in guarantees. As a result, Engram's previous cap hit of $11.345 was reduced to just $5 million for 2023, according to Demetrius Harvey of The Florida Times-Union. 

#Jaguars TE Evan Engram’s 2023 cap hit is $5M with his new deal agreed to today.

That’s down from $11.345 (value of the fully gtd franchise tag).

— Demetrius Harvey (@Demetrius82) July 16, 2023

As a result of the over $6 million in cap savings, the Jaguars' cap number should now come to a little over $21 million. The Jaguars now have options, whether the Jaguars want to use this cap space to make another move in free-agency before the start of training camp next week, or whether they want to rollover cap to the 2024 season as they attempt to re-sign Calvin Ridley and Josh Allen and potentially work on an extension for Trevor Lawrence.

Among tight ends, Engram ranks No. 6 in average annual value, No. 9 in total value and No. 9 in guarantees. 

Engram had a career year in 2022 as he caught 73 passes for 766 yards and four touchdowns, along with 12 catches for 124 yards and a touchdown in two playoff games.

Engram not only finished fourth among all tight ends in receiving yards, but he set a franchise record for receptions and receiving yards by a tight end in a single season. 

When speaking to SiriusXM NFL Radio in February prior to being tagged, Engram stated that he viewed the franchise tag as a temporary solution, with a long-term deal being the end goal for fair compensation.

“It's a hypothetical. So it could happen, it could not. But you know, if that happens, I think that'll be a placeholder, you know, to get something done,” Engram said. “I think that’s kind of just the way I feel about it. "And if it does come to that, you know, there'll be conversations had with my team and we'll move forward from there, but if that does happen, I'm gonna be blessed either way, and we'll figure something out long- a term that can mean that both sides will be happy with this."