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Financial details of Patrick Peterson’s contract with the Steelers released

The Pittsburgh Steelers got the veteran cornerback without breaking the bank.

Indianapolis Colts v Minnesota Vikings Photo by Stephen Maturen/Getty Images

The Pittsburgh Steelers entered the 2023 offseason with roughly $10 million dollars in salary cap space after they released William Jackson III prior to the start of the new league year. After losing Cameron Sutton via free agency to the Detroit Lions, the team made their first outside move of the offseason by signing veteran cornerback Patrick Peterson to a two-year contract.

At the time the new was reported, the financial terms of the deal were still unknown. However, those details have now be released thanks to Tom Pelissero of the NFL Network. According to Pelissero, the Steelers’ two-year deal for Peterson is for $14 million dollars with $5.85 million of that as guaranteed money.

At this point it becomes clear the Steelers didn’t have to break the proverbial bank to sign Peterson to what is likely his last contract as a professional. So, most want to know exactly what this contract means for the Steelers salary cap space?

According to BTSC’s Dave Schofield, without seeing the full financial details of the contract, it is projected Peterson will count for roughly $4 million for the 2023 season. Do the simple math and the Steelers will have about $6 million remaining of their cap space heading into the second day of legal tampering before the new league year begins on Wednesday at 4 p.m. ET.

Be sure to stay tuned to BTSC for a complete salary cap update, as well as all the other news and rumors surrounding the Steelers as they prepare for the rest of the 2023 offseason.