Financial terms of the free agent signings the Steelers made on Tuesday

The Steelers signed three new contracts on Tuesday where overall financial numbers were initially reported. But now, as the totals for signing bonuses and yearly base salary come out, the calculation for how they will affect the salary cap for 2020 can be done precisely.

First is the contract the Steelers signed for fullback Derek Watt. Initially reported at $9.75 million for three years, the exact breakdown comes courtesy of Aaron Wilson of the Houston Chronicle.

With these numbers, Watt’s $3.25 million signing bonus will be split up over the three years of his contract. With $1.083 million going to each year, along with his $1 million base salary, Watt comes in on the 2020 salary cap at $2.083 million.

As for beyond 2020, Watt’s salary would count $2.833 million in 2021 and $4.83 million in 2022.

Other financials released by Wilson are that of a long snapper Kameron Canaday.

Canaday’s numbers come in a little bit higher then some, like myself, may have projected. His $450K signing bonus will be split up into $225K each season. Adding it to his base salary, Canaday’s cap hit for 2020 is $1.135 million and $1.29 million for 2021.

As for Zack Banner, his one-year deal was reported at $1.75 million. With his deal being only for this season, calculating the value against the salary cap is nonexistent as all the money goes towards 2020.

In all, the three free agent signings by the Steelers on Tuesday will count just under $5 million on the 2020 salary cap. For those who would like a more precise number, it is $4.968 million for 2020, plus a little bit of extra as Watt’s salary had a repeating three as a decimal. With the exact financials of Steven Nelson and Ben Roethlisberger’s restructures coming soon, the exact amount the Steelers are within the salary cap will be able to be calculated at that time.