Cap expert breaks down why he's 'a bit baffled' by Myles Garrett's contract

The reworked contract Myles Garrett signed with the Los Angeles Rams appears to benefit the team more than the player, according to salary cap expert Jason Fitzgerald of Over The Cap. That’s what makes it so unusual, especially given the capital the Rams just gave up to acquire Garrett.

Fitzgerald broke down Garrett’s revised deal with the Rams in a piece for Over The Cap, and after diving into the details, he came away “a bit baffled by the decision-making process” on the part of Garrett.

Though Garrett does get a $5.5 million raise this year, the Rams didn’t simply move money up from a future year. Instead, he’ll make $10.7 million less in 2027 and $5.2 million more in 2028. Over three years, that’s a wash for Garrett, but it begs the question of why he would take so much less money in 2027 just to get a little more this year.

“That is such an oddity in a league where you should be looking to get as much up front as possible,” Fitzgerald wrote.

By lowering Garrett’s cap number to $15.02 million in 2027, Fitzgerald argues that it prevents Garrett from negotiating a new deal until at least next June because the general rule of thumb is that “the cap charges of a new contract can not exceed the cap charges of the old contract,” which will be difficult to accomplish with how low Garrett’s 2027 cap hit is.

The structure of the contract puts Garrett’s cap number about as low as it can go for 2027. That actually works as a block on Garrett from renegotiating his deal until next June if he was looking for a new contract to bring his overall contract more in line with the exploding market for pass rushers. While there are some ways around this the general rule is that the cap charges of a new contract can not exceed the cap charges of the old contract and the structure here doesn’t leave the wiggle room many other do. He still can get a great new contract, but likely will need to wait a bit longer to do it. Not a big deal, but not really necessary either.

The structure of the contract puts Garrett’s cap number about as low as it can go for 2027. That actually works as a block on Garrett from renegotiating his deal until next June if he was looking for a new contract to bring his overall contract more in line with the exploding market for pass rushers. While there are some ways around this the general rule is that the cap charges of a new contract can not exceed the cap charges of the old contract and the structure here doesn’t leave the wiggle room many other do. He still can get a great new contract, but likely will need to wait a bit longer to do it. Not a big deal, but not really necessary either.

Furthermore, if Garrett does get a new deal from the Rams before 2028, he will have only gotten a $5.5 million raise in 2026 and taken a $10.7 million reduction in 2027, thus a $5.2 million loss.

Obviously, the Rams can work something out to ensure Garrett isn’t losing out on any money with an extension in the future, but this revision complicates things a bit.

The only way this really makes sense for Garrett is if he is able to land a new contract next season from the Rams. With that he gets his raise this year and then increases his compensation next year. If he takes a net loss over two years and gets a new deal in 2028 the overall numbers kind of work a bit against him. Under his prior contract had he played out 2026 and 2027 and for the sake of argument signs an extension where the Rams say the most they can pay in 2028 is $45 million he would earn about $119 million. Under the new deal it would be about $114 million. Eventually it will balance out but it does seem as if it’s a deal that benefits the Rams from a cash perspective far more than Garrett.

The only way this really makes sense for Garrett is if he is able to land a new contract next season from the Rams. With that he gets his raise this year and then increases his compensation next year. If he takes a net loss over two years and gets a new deal in 2028 the overall numbers kind of work a bit against him. Under his prior contract had he played out 2026 and 2027 and for the sake of argument signs an extension where the Rams say the most they can pay in 2028 is $45 million he would earn about $119 million. Under the new deal it would be about $114 million. Eventually it will balance out but it does seem as if it’s a deal that benefits the Rams from a cash perspective far more than Garrett.

Fitzgerald notes that Garrett got more guaranteed money from the Rams than he was set to receive from the Browns because his 2028 pay will be guaranteed in Los Angeles and there were minimal guarantees in 2028 on his previous deal with Cleveland. That works in Garrett’s favor, but it seems the two sides are headed toward the negotiating table next offseason.

Fitzgerald “would be surprised” if Garrett’s contract remains as-is in 2027, as this seems to be a temporary band-aid for cap purposes rather than a way to give Garrett a significant raise.