Grading the Chargers' Keenan Allen and Mike Williams restructures

On Wednesday evening, the Chargers submitted two 2023 max restructures for both Keenan Allen and Mike Williams:

Per the original tweet from Field Yates, the Chargers saved roughly $8.2 million by restructuring Allen and around $5-6 million with the Williams move. This brought the Chargers from approximately $20 million over the cap to just a hair under $7 million in the red, according to Over The Cap.

Cap compliancy is now in reach: a Matt Feiler cut would bring the Chargers very close to the break-even point. That's prior to getting to other restructures and extensions the Chargers could work on to move further into positive cap space.

Let's take a look at each move individually before discussing them in conjunction.

Grading the Chargers restructures of Keenan Allen and Mike Williams:

WR Keenan Allen

Allen's restructure saves the Chargers $8.2 million against the cap while effectively locking him into 2024. In some ways, this move comes as no surprise. Tom Telesco reaffirmed the organization's longest-tenured player last week.

Despite his struggles with injuries in 2022, Allen had good production when he returned over the back half of the season. The Chargers don't really have a viable way of replacing his production considering both their cap situation and a weaker receiver class.

Allen's 2024 cap hit will now be $34.7 million. That may seem bad on paper as he turns 32, but the Chargers can operate in a way to reduce that number. A team-friendly Allen extension next year would bring that number down a little bit.

Ultimately, Allen's restructures didn't save the Chargers the most money as say a Khalil Mack or Joey Bosa restructure would've. But it makes sense that the Chargers chose him if they view #13 as the longest-term player going forward. There weren't many paths to replacing Allen this year and the Chargers seem to believe his game will age will enough beyond 2024.

Restructure grade: B