Full contract details for Steelers newest cornerback Patrick Peterson

In only a matter of hours, the Pittsburgh Steelers went from losing Cameron Sutton to adding veteran cornerback Patrick Peterson. The former three-time All-Pro and eight-time Pro Bowler isn't the same player that he used to be, but he's coming off a very respectable season that included an impressive 5 interceptions and 15 passes defended, per ESPN stats.

Like many things, however, the devil is in the details. Many fans were cautiously optimistic about this move, but Peterson turns 33 years old this summer, and we have the right to wonder how much is actually left in the tank. When Pittsburgh signed him to a two-year, $14 million contract, it was important to see how this money was structured.

Contract details for Steelers CB Patrick Peterson

Over the Cap now has all the details. In 2023, Peterson will have a very low base salary of just $1.3 million with a total cap number of $4,225,000. This means that he won't cost the Steelers a lot this year, and they will have some flexibility to perhaps make a few other moves in free agency.

Here's where things get a bit stickier. During the 2024 season at the age of 34, Peterson will have a base salary of $3.85 million with a roster bonus that will kick in on the third day of the 2024 league year. Along with the prorated bonus, this means that his cap charge will be $9,775,000 in 2024.

This seems like quite a bit of money to dish out to a player who may very well be washed up by this point in his career. The good news is that the Steelers do have an out here. They can choose to cut Peterson before the 2024 league year begins and save $6,850,000. However, even by doing so, they would still be forced to eat $2,925,000 in dead money.

Judging by what we know and what we've seen the Steelers do in the past, the will essentially have two options next offseason. They may either elect to cut Peterson for cap savings while absorbing the dead money hit or, if he plays well enough this season, they could have him play out his deal. This may require asking for a paycut or tacking on voidable years if they are really serious about keeping him around.

Ultimately, it's probably safe to look at this as a one-year deal for the Steelers that gives them a very reasonable cap number for a quality player in 2023, but they will take on some dead money when they likely get out of his deal prior to the 2024 league year. It will be interesting to see how this plays out.