While signing almost no free agents. Their GM has used his cap wizardry to load the roster up, but now the bill is coming due on a lot of those contracts they have restructured.

Brees’ retirement will help, but they’ll still have at least another $65m to shed, maybe more depending on where the cap figure is.

Sure he can restructure more contracts but they don’t have all that much leverage to renegotiate some of those contracts and if they keep restructuring contracts it will delay an inevitable rebuild. It’s going to take a lot of work just to be able to sign their draft picks. If they make the playoffs next year that would be very impressive.