Steeler's contract value (APY) is currently 29th of 32 clubs.

I took the top 53 charged cap players as of August 1st and compared their value to the contract's value for the entire NFL.

Steeler contract extensions restructures, and trades in the next 30 days will impact these numbers. For example, extending TJ Watt would reduce the cap by $16M. On August 1st, the Steeler's contract value was $15M APY less than on opening day in 2023. Only ten clubs currently have a lower contract value than opening week a year ago. The Bills are down by $81M, and the Chargers have declined by $77M. The Texans and Lions currently have a contract value of $75M higher than that of the opening day of 2023.

The Steelers released six of their top twenty-five cap-cost players with contracts worth $38M, and net trades reduced contract value by another $6M. (Diontae Johnson- $13M contract traded to the Panthers, the most significant transaction.) The Steelers added $21M in new free agents with Patrick Queen the largest contract at $13.6M.

Steeler cap costs on their opening-day contract in 2023 were 91%. For 2024, they have increased to 105%. (Extending Watts' contract reduces the total cap cost to 98%.) Only one other club has a higher cap cost at this point than the Steelers—the Rams, at 108%. The average cap cost currently stands at 88%. In 2023, it was 80%.

Of the Steeler top 10 contracts, eight have cap charges significantly higher than the contract value. Extensions, restructures and player cuts can reduce cap costs.

Attached is the current status of all clubs in terms of contract value and cap costs on those contracts.