What Reported Jonnu Smith Trade Means For Patriots Salary Cap

The Patriots’ reported trading of Jonnu Smith is a pure salary dump. New England got back a 2023 seventh-round pick, but it’s all about the money.

Smith will join the Falcons, according to multiple reports, and in doing so reunite with Atlanta head coach Arthur Smith, who was his tight ends coach and offensive coordinator with the Tennessee Titans. The 27-year-old tight end will leave the Patriots after two disappointing seasons in New England, which signed him to a lucrative free agent deal in 2021.

The Patriots put themselves in this position after restructuring Smith’s contract last summer in a move that seemed like a bad idea at the time. After Smith put together another underwhelming season, New England stood to gain little compensation in either a trade or outright release. That’s why Smith returning in 2023 felt like the most likely offseason outcome.

But that doesn’t mean there aren’t any positives for the Patriots to the deal.

The Smith trade will create about $12.8 million in dead money for next season while generating $4.4 million in salary cap savings, per Over the Cap. Additionally, the move increased the Patriots’ current salary cap by just under $3.7 million and created $18.405 million in cap space for the 2024 season, according to salary cap guru Miguel Benzan.

With Smith gone, New England is left with Hunter Henry and practice-squadders Matt Sokol and Scotty Washington as its only rostered tight ends. It’s easy to envision the Patriots now targeting a new tight end this offseason, be it in free agency, on the trade market or during the 2023 NFL Draft.

Henry is scheduled to hit free agency after next season.

To say that Smith was a disappointment in New England would be a huge understatement. After catching 28 passes for 294 yards and one touchdown in 2021, Smith caught just 27 passes for 245 yards and zero TDs in 2022. He never fit well in the Patriots offense.

NFL free agency is scheduled to start Wednesday with the legal tampering period opening at noon ET on Monday. You can click here for a list of potential free agent tight end targets.