Receiver Adam Thielen agreed to restructure his contract with the Vikings, buying the team a much-needed reduction in the salary cap and giving the veteran receiver additional security through guaranteed money. Thielen’s agency announced the deal on Friday.
The move is expected to create $5 million to $6 million of salary cap space with accounting measures that spread out costs over the entire duration of the contract, which now includes a void year added in 2025, according to a league source.
The full terms of the restructuring were not immediately available, but the agency – the Minneapolis Athletes’ Institute – announced that he would be guaranteed $18 million. Half of that amount will be paid in the form of a $9 million signing bonus, the source said.
“I guess you can’t get rid of me yet,” Thielen said through his agency. “Very happy to be back in purple to ultimately try and win the championship in this city that deserves it so much. So excited about the leadership and everything this organization creates. really build something special.”
It’s the latest move by Vikings general manager Kwesi Adofo-Mensah to increase purchasing power after the team also received nearly $14 million with a one-year extension for quarterback Kirk Cousins, $6 million in payroll conversion for safety Harrison Smith and another $6 million. dollars release of Michael Pierce’s bow tackle.
The Vikings are still walking a financial tightrope after moving about $15 million over the limit into the 2022 league season. Since then, they have signed two starting defensemen Harrison Phillips ($3.8 million) and linebacker Jordan Hicks ($3.5 million), as well as signing player Jordan Berry to a one-year deal. Restricted free agent kicker Greg Joseph was offered a small $2.433 million bid for next season.
Closing deals with former Rams No. 2 tight end Johnny Mundt and former Broncos offensive lineman Austin Schlottmann would also provide some ceiling space. Mundt, who is recovering from an ACL tear sustained in October, was scheduled to undergo a physical on Friday before signing a two-year contract worth up to $2.4 million, according to a league source.
While Thielen has a contract until the 2024 season, his new contract and guaranteed money boosts his chances of staying in Minnesota until at least 2023. He didn’t have any guaranteed money left on his old contract.
Thielen had to pay $16.8 million against this year’s ceiling, a figure raised by a 2021 restructuring that converted part of his salary into a signing bonus to spread cap fees. These conversions may be made without the consent of the player. This time, Thielen had to agree to a second deal for a lighter cap, and he did.
Only two NFL wide receivers, Davante Adams of the Raiders and Mike Evans of the Buccaneers, have scored more touchdowns in the past two seasons than Thielen’s 24. Thielen, who turns 32 in August, has finished his final season. with December surgery to repair a high ankle sprain.
Star Tribune staff writer Ben Gessling wrote a report on the story.