Murphy: A look at Torrey Smith, the trade deadline and the Eagles' cap situation
As you might have read elsewhere on this site, the Eagles popped up in trade rumors involving 49ers wide receiver Torrey Smith. With the NFL trade deadline a week away, it's worth taking a look at the situation. Though a player such as Smith doesn't seem to be the thing standing between the Eagles and the Super Bowl, he's a fine enough test case to look at the feasibility of any sort of move by the Eagles.
First and foremost, it's hard to imagine that a deal would involve anything more than a player-for-player or player-for-late-round-conditional-pick swap, since the Eagles clearly are not in a position to be parting with the draft picks they still have over the next couple of years. The question moreso is how much salary they are in a position to take on. They doled out a lot of money this offseason, and Smith's contract would cost $9.6 million against the cap in 2017 and 2018 if the Eagles decided to move on.
Because of Lane Johnson's suspension, the Eagles should get about $4.85 million of additional salary cap room to use either this year or next year in the form of a credit for the salary Johnson will not be paid (unused cap room can be rolled over from year to year). That credit would be enough to cover the balance of Smith's $4.5 million annual salary this year.
The question is whether the money Smith would be paid next year, assuming he remains on the team, would be worth the opportunity cost. If the Eagles are holding out any hope of signing Bennie Logan after this season, the answer is almost certainly no, given how well Logan has been playing.
There are several areas in which the Eagles might free up some spending money for next season, starting with the $7.75 million they'd save by releasing Connor Barwin. He is a popular player and active in the community, but it doesn't make a ton of sense to have three defensive ends signed to starter-level money, particularly since Barwin is playing out of position already. Another obvious area for savings is running back, where the Eagles can save $4 million by releasing Ryan Mathews or Darren Sproles.
They could pick up another $9.9 million if Jason Peters is released or retires, but you have to figure those funds would need to be reinvested in the offensive line. Same goes for the $2.95 million they'd save by releasing cornerback Leodis McKelvin.
There's no question the Eagles could use a speed threat at wideout, which Smith would give them. This was obvious throughout the game against the Vikings, when Minnesota's safeties rarely ventured more than 10 yards from the line of scrimmage before the snap. I suppose if the Eagles think that Smith's contract would give them more value than any they'd sign this offseason, then a deal would make sense. No doubt, Smith is a burner, and he would certainly help open up the offense. But Howie Roseman and Doug Pederson have a lot of other needs that will require cap room this offseason.