How quickly it vanishes, Rams are burning through salary cap space

Don't look now, but the LA Rams are spending their 2024 available salary cap funds, and at a pretty rapid clip.

In one day, the team spent an estimated $21 million in the effort to extend two NFL players. We have yet to see and digest the details of the new agreement reached between IOL Kevin Dotson and the Rams. but we can see the average cost per year and expect the team has placed a significant dent in their $40+ million available salary cap space.

Immediately following the news of Dotson's extension, the Rams are also rumored to be making the prescribed Qualifying Tender Offer to retain RFA starting left tackle Alaric Jackson on the roster through 2024. So, let's sum up what the Rams front office has done so far before free agency even arrives:

1. Cut C Brian Allen - generated savings of $7 million
2. Extend FA WR Demarcus Robinson - 1 year $4.0 million with an additional $1 million in incentive clauses
3. Extend ERFA RB Ronnie Rivers - 1 year $985K
4. Extend IOL Kevin Dotson - 3 years $48 million $32 million guaranteed. $12.67 million in 2024
5. Qualifying Tender Offer to OT Alaric Jackson (rumored) - 1 year $3 - 5 million (Qualifying Tender Offer - Right of first refusal or Second Round)

Without knowing all of the details, it's safe to estimate that after factoring in the savings of Allen's release, the team has committed anywhere from an estimate $10 to 17 million of 2024 salary cap dollars to extend four players.

Keep in mind that the Rams had just over $40 million to work with. And the team will need to keep approximately $9 million of the 2024 salary cap in reserve to sign the incoming rookies from the 2024 NFL Draft.

It is no stretch of the truth to admit that the LA Rams front office is burning through their 2024 salary cap space.

We previewed the 5 steps that the team must do before the 2024 NFL Free Agency market. So far, the front office is following that menu on schedule. With three steps accomplished, the team needs to review their positional spending and create an affordable shopping list for the 2024 NFL Free Agency market.

Still, does the team have sufficient funds to restock the roster far enough to be in the discussions over Super Bowl LIX? Perhaps. Perhaps not.

The Rams could create more than $65 million additional salary cap space in 2024 if necessary. While that has the unpleasant consequence of kicking salary expenses down the road, it could prove to be a very useful tool as the team searches for bargain-priced value in the 2024 NFL Free Agency market.

UPDATE: The details of Kevin Dotson's contract are now released, and the 2024 salary cap impact is $12.67 million. That places the team's known outlays at $17.65 million, savings of $7 million, and a pending tender offer that will range from $3-5 million. At the least, the Rams have spent nearly $14 million of their $40 million salary cap (Now projected at $29 million without Alaric Jackson's tender offer)

I love what Rams GM Les Snead has done so far. I simply hope that the team does not lose sight of the fact that value and passion are more important than sizzle or name recognition. Not every player on the roster needs to be All-Pro.

In fact, if you ask the players on the roster, even they will admit that a Championship team is only as good as the role players who seldom get recognition.

Thanks for reading.