A lot of eyes this offseason will be on Keenan Allen’s contract and him being a potential cut candidate for the Los Angeles Chargers. After an injury-hit season, what is Allen’s current contract situation, his salary cap number for 2023, and the Chargers’ options when it comes to managing that number?
Keenan Allen’s Contract Details
Allen’s contract is a four-year, $80.1 million deal that is fully guaranteed. His average annual salary is $20.025 million, and the contract contained a $13.5 million signing bonus. In 2023, Allen’s contract expects to count for $21.7 million against the Chargers’ salary cap, with $15.5 million in base salary.
Allen’s extension was signed in 2020 with one year still remaining on his previous deal. Therefore, he’s set to be under contract with Los Angeles through the 2025 NFL season and become a free agent in 2026. Allen’s new contract contained $26.5 million guaranteed at signing and $43 million in total guarantees. His $20.025 million average salary puts him just outside the top 10 highest-paid WRs.
As mentioned, as of Feb. 13, Allen will count for $21.7 million against LA’s salary cap for the 2023 season. As of now, that’s the 10th-highest number for a wide receiver.
Here’s how Allen’s salary cap number breaks down for 2023:
- Salary: $15.5 million
- Signing Bonus (Prorated): $2.7 million
- Roster Bonus: $3.5 million
- 2023 Cap Number: $21.7 million
There is just $1.5 million left in guaranteed money for the 2023 season. Yet, when combined with $5.4 million in remaining prorated signing bonus — $2.7 million in both 2023 and 2024 — that leaves a dead money number of $6.9 million as a pre-June 1 release.
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If the Chargers were to release Allen as a pre-June 1 cut, then they would save $14.8 million against the cap. If they did it as a post-June 1 release, then he would have a $4.2 million cap number in 2023 — a saving of $17.5 million — with the remaining $2.7 million in 2024. However, there is a $3.5 million roster bonus due on March 19, so the Chargers will be looking to make the decision before that.
LA’s other option would be to restructure the deal. If they added three void years and reduced Allen’s salary to the minimum, they could cut his cap number by $14.268 million. However, doing so would push his cap number in 2024 to almost $30 million. Additionally, it would leave $10.701 million in dead money for the Chargers when the deal is voided in 2025.
Allen’s Net Worth
There is a reasonably wide range of net worth estimations for Allen, but they generally sit around $1.5-5 million. Estimating net worth is tricky without knowing a player’s other financial situations and other income.
What we do know is that Allen’s career NFL earnings are $91.012 million through 10 years in the league. If he plays out the final two years of his current contract, Allen would have earned $133.112 million.