Agent’s Take: Derrick Henry, Mike Gesicki and more players who should have been dealt by NFL trade deadline

By James On Nov 3, 2023

There was a flurry of activity as the trade deadline approached. Most notably, new owner Josh Harris left his mark on the Commanders by revamping the defensive line, which was considered the team’s strength.

Edge rusher Montez Sweat, who is playing under an $11.5 million fifth-year option, was treated to the Bears for a second-round pick in 2024. Young, Sweat’s counterpart on defense, was purchased by the 49ers for a compensatory third-round pick in 2024. The 2020 N.F.L Defensive Rookie of the Year is also in a contract year as the Commanders declined to pick up his $17.452 million fifth-year option this offseason.

Here are three more trades that should have been made before the deadline that may have improved teams’ chances of making the postseason or making a deep playoff run. The financial consequences of the measures are emphasized. Salary cap space is based on NFLPA data.

A trade for major players like Raiders wide receiver Davante Adams, Panthers edge rusher Brian Burns and Broncos cornerback Patrick Surtain II was not considered. There was no chance that any of these three would be addressed before the deadline.

An acquiring team would have needed enough salary cap space to absorb the remainder of the player’s current salary. Since the transactions would have occurred after the Week 8 games, the acquiring team would have been responsible for 10/18ths of a player’s 2023 base salary and any other applicable salary components in his contract.

Transactions cannot be executed again until the 2024 competition year starts on March 13.

Trade compensation: Conditional 2024 fourth-round pick (third round if Ravens advance to AFC Championship Game or Henry rushes for at least 1,300 yards) and RB Gus Edwards
Henry remaining salary 2023: $6,333,333 (including $500,000 likely to be earned)
Edwards remaining salary 2023: $602,222
Titans 2023 salary cap space: $10,175,673 ($4,231,111 2023 salary cap savings with $4.5 million salary conversion before trade)
Ravens 2023 salary cap room: $3,556,328 ($1,231,111 salary cap expenses)
Titans 2024 dead money: $7,735,294 (with salary conversion and 2024 and 2025 void contract years)
Ravens 2024 dead money: $1.84 million (2024 through 2026, with contract years void)

The Titans dealt two-time first-team All-Pro Bowl safety Kevin Byard to the Eagles for safety. Terrell Edmunds, a 2024 fifth-round pick and a 2024 sixth-round pick, suggested last week that he wouldn’t be the only player leaving Tennessee via trade. Will Levis, 2023 second-round pick, with a good debut start in a 28-23 win about the Falcons on Sunday may have changed Tennessee’s thinking. Realistically, the Titans, who have a 3-4 record, will be fighting for a wild card spot at best, as the 6-2 Jaguars are clearly in control of the AFC South.

The Titans and Ravens reportedly had some discussions about a trade. The Ravens have a history of being aggressive at the trade deadline with acquisitions of edge rusher Yannick Ngakoue, cornerback Marcus Peters and linebacker Roquan Smith in recent years. Henry would have added another dimension to the rushing attack for a team that has Super Bowl ambitions. The last time the Ravens advanced past the divisional playoffs was during the 2012 season, when they won Super Bowl XLVII.

Henry is unlikely to fit into Tennessee’s plans after this season as his contract expires and he will turn 30 in January. The Titans used a third-round pick this year NFL draft on Tyjae Spears to seemingly be Henry’s replacement. By losing Henry, Spears would be the only one back on Tennessee’s 53-man roster. Edwards is a bigger running back (6-foot-1 and 238 pounds) in the mold of Henry, though not nearly as talented. He also has an expiring contract.

The Ravens don’t have enough cap space to pick up Henry’s contract even if Edwards’ remaining salary comes off their books. Henry will make $10.5 million during the 2023 season, all base salary. He also has a $500,000 reward for 1,300 or more rushing yards, which is classified as likely earned because he had 1,538 yards on the ground last season.

If the Titans had converted $4.5 million of Henry’s remaining $5,833,333 into a signing bonus to facilitate the trade, the Ravens would have only been responsible for $1,333,333 in salary plus the $500,000 rushing incentive cap . This could have easily been handled by the Ravens.

The Titans would have picked up $4,2311,111 of the 2023 cap space by adding Edwards and trading Henry, thanks to the loss of his remaining base salary, incentive and signing bonus that is prorated at $1 through 2025. 5 million per year as the contract is declared invalid for 2024 and 2025. Years were added during a contract restructuring in 2022.

There would be $4,735,294 in dead money in 2024 when Henry’s contract expired after the season due to the restructuring. It would have increased to $7,735,294 with the additional $3 million prorated related to 2024 and 2025 due to the salary conversion prior to the transaction.

Trade compensation: 2024 fifth-round pick
Remaining salary 2023: $1,138,889 (Patriots 2023 salary cap savings)
Bengals 2023 salary cap room: $10.81 million
Patriots 2024 dead money: None (expiring contract)

It would have been unusual for the Bengals to make a move at the trade deadline. An upgrade at tight end could have been warranted because Irv Smith, Jr. doesn’t have much impact. He has not been an adequate replacement for Hayden Hurst, who parlayed his one-year stay in Cincinnati into a three-year, $21.75 million contract with the Panthers as a free agent last season.

The Patriots probably should have been sellers before the trade period ended. The 2-6 start to the season is the worst in Bill Belichick’s illustrious head coaching career since 2000, when he took over at New England.

Gesicki demonstrated he could be a reliable threat in the passing game with the Dolphins prior to the arrival of Mike McDaniel last season. The Patriots have some depth behind Hunter Henry in Pharaoh Brown.

Trade compensation: 2024 sixth-round pick
Remaining salary 2023: $3,944,111 ($3,235,111 Raiders 2023 salary cap savings with $1.8 million salary conversion before trade)
Saints 2023 cap room: $4.244 million
Raiders 2024 dead money: $6.858 million ($6.268 million salary cap savings with salary conversion)

According to Ian Rapoport of NFL Media, the Raiders and Saints were close to a trade. The holdup was reportedly how much of Renfrow’s remaining 2023 salary the Raiders would eat up in the deal. Considering Renfrow has been virtually non-existent this season and a salary cap hit likely occurred in the offseason, the Raiders should have been willing to convert a significant portion of Renfrow’s money into a pre-trade bonus signing. He has 10 catches for 92 yards in eight games this season.

Renfrow would be reunited with quarterback Derek Carr in New Orleans. He was Carr’s favorite target in 2021 as he caught 103 passes for 1,038 yards with nine touchdowns. The Raiders rewarded Renfrow with a two-year, $31.7 million extension worth up to $32 million in June 2022.

Renfrow’s remaining compensation for 2023 consists of $3,611,111 in base salary and $333,000 in active roster bonuses per game. Because Renfrow was active for ten games in 2022, only $74,000 of the $333,000 is currently a cap amount. For each subsequent game in which Renfrow is active above last year’s total, $37,000 of the 2023 cap will be lost. There is also the 2024 contract year worth $11.882 million.

Renfrow would have taken up $1,885,111 of the Saints’ 2023 cap space, while the Raiders would have converted $1.8 million of Renfrow’s remaining base salary into a signing bonus. The dead money for 2024 would have increased by $1.35 million because the new signing bonus would be prorated annually at $450,000 because the contract years of 2025 and 2026 in Renfrow’s deal would be void.

Adding $11.882 million to the 2024 salary would be a dealbreaker for virtually any other team, when there is already nearly $322 million in cap commitments for next year, as the Saints have done. Shifting as many cap obligations as possible into the future by restructuring contracts does not deter the Saints. It’s standard procedure.

New Orleans has a legitimate chance to win a weak NFC South. The Falcons and Saints are tied for first place with 4-4 records.