The Dallas Cowboys are the first team to employ the new Veteran Salary Benefit mechanism in the new collective bargaining agreement.
NFL Network's Mike Garafolo reported Friday that the deal for Cowboys offensive lineman Joe Looney was a one-year deal worth $2.4375 million, per sources informed of the pact.
Using the Veteran Salary Benefit, which is similar to the NBA's mid-level exception rule, the deal will count $1.25 million less than the normal cap hit.
Each team is allowed to employ the VSB up to twice per year, which allows clubs to exclude up to $1.25 million in total on the salary cap. Teams can divvy up the $1.25 million between the two players, or, as the Cowboys did, use it all on a single player.
To be eligible for the VSB, a player must have continuous service with a team for four seasons (he cannot have been cut any time), be a free agent re-signing with the franchise, and can only sign a one-year deal.
The Veteran Salary Benefits pot increases every two seasons: $1.35 million in 2022, $1.45 million in 2024, $1.55 million in 2026, $1.65 million in 2028, and $1.75 million in 2030, the final year of the current CBA.
Adding the Veteran Salary Benefit was one way the league and players union strengthened the amount of money middle- and lower-tier players can earn in the new CBA.
Dallas also re-signed cornerback C.J. Goodwin to a one-year deal worth over $1 million, NFL Network Insider Ian Rapoport reported.
Elsewhere in transactional news Friday:
»NFL teams can begin signing XFL players on Monday at 9 a.m. ET, NFL Network's Tom Pelissero reported. The XFL officially canceled the remainder of its 2020 season on Friday.
»We have an intra-divisional trade! The Pittsburgh Steelers are finalizing a deal with the Ravens to acquire defensive lineman Chris Wormley and a 2021 seventh-round pick in exchange for a 2021 fifth-round pick, Pelissero reported. Wormley, 26, has one year left on his rookie deal. The former third-round pick has logged 2.5 sacks in 39 games played and 15 starts over his three-year career.
»The Cleveland Browns are signing veteran safety Andrew Sendejo to a one-year, $2.25 million contract, per Garafolo.
»The Tampa Bay Buccaneers are signing offensive lineman Joe Haeg to a one-year, $2.3 million deal worth up to $3.3 million, Garafolo and Rapoport reported.
»Free-agent safety Deon Bush is signing with the Chicago Bears on a one-year contract worth $1.4 million, per Rapoport.
»The Minnesota Vikings agreed to terms with kicker Dan Bailey on Thursday. Bailey is receiving a three-year, $10 million deal that includes $4.25 million in 2020 and is worth up to $12 million depending on his field goal percentage, Pelissero reported.
Carolina had also agreed to terms with tight end Seth DeValve, Pelissero reported per DeValve's agent.
»The Atlanta Falcons are releasing punter Ryan Allen on Friday, but are expected to re-sign him, Pelissero reports, adding it's a move that's "procedural."