The Seahawks and wide receiver Tyler Lockett have agreed to a restructured contract that will lower his cap number for 2024 and keep the team's second all-time leading receiver in Seattle for at least another season, a source confirmed to ESPN on Saturday.
Lockett had two years and a nonguaranteed $34 million remaining on his 2021 extension, which called for him to make $17 million in both 2024 and 2025. His new deal is for two years and a base value of $30 million, with an additional $4 million available in incentives and nearly $13 million guaranteed for this coming season.
The Seahawks had roughly $42 million in salary cap space after releasing safeties Jamal Adams and Quandre Diggs, tight end Will Dissly and nose tackle Bryan Mone last week.
Lockett, 31, was set to count $26.895 million against the salary cap in 2024, leading to speculation that he could be a cap casualty. Instead, the reworked deal provides him security for this coming season in the form of the nearly $13 million in guarantees, and it gives him the chance to earn all the money he was scheduled to make over the next two seasons if he hits his incentives.
Lockett caught 79 passes for 894 yards and five touchdowns last season, snapping a streak of four straight 1,000-yard seasons and five consecutive seasons with at least eight touchdowns. Lockett, a third-round pick by Seattle in 2015, has 612 career receptions for 7,994 yards. Both figures rank second in franchise history behind Hall of Famer Steve Largent.
The Seahawks also plan to release special teams captain Nick Bellore, a source confirmed to ESPN on Sunday. That will save Seattle $2.85 million in cash and cap space.
Between the five players they've released in the past week and the Lockett restructure, the Seahawks are projected to enter free agency with more than $50 million in cap space.
NFL Network first reported Lockett's restructured deal and Bellore's release.