Mike Jackson agrees to pay cut after Seahawks draft pair of CBs

The offseason began with a lot of questions for the Seattle Seahawks to answer in the secondary, though the biggest of those questions revolved around the high-paid safeties on the Seattle roster. John Schneider wasted no time addressing that, releasing both Quandre Diggs and Jamal Adams ahead of free agency.

Then, as free agency opened, the Hawks extended a right of first refusal tender to Mike Jackson, which they announced he had signed on April 8. However, after selecting a pair of cornerbacks in the 2024 NFL Draft, it appears Jackson has agreed to a pay cut.

So, Jackson now has a base salary of $1,055,000 and a signing bonus of $167,500, giving him a cap hit of $1,222,500 for the 2024 season.

Some readers may recognize the $167,500 signing bonus as the maximum signing bonus allowed on a veteran salary benefit contract, however, Jackson’s contract does not qualify for the cap relief associated with a veteran salary benefit contract. Under Article 27 of the collective bargaining agreement, in order for a contract to qualify for veteran salary benefit treatment, the player must have four or more credited seasons, and in Jackson’s case he has just three credited seasons.

The restructure creates $1,893,500 of 2024 cap space, and leaves the Seahawks with $2,151,870 of cap space based on the NFLPA Public Salary Cap Report after signing first round pick Byron Murphy.