Patrick Peterson has made his desire to stay with the Minnesota Vikings abundantly clear. Despite all the turnover within the organization this offseason, including a complete overhaul of the defensive scheme, Peterson’s interest in returning has remained steadfast.
Lately, things have been taking a turn in the opposite direction, though, with the Vikings exploring the free-agent cornerback market. They just signed Chandon Sullivan, who spent last season with the Green Bay Packers, and are bringing in former Denver Broncos corner Nate Hairston for a visit.
Additionally, fans have been speculating that Peterson may be on his way out based on the wording of this tweet by Chris Tomasson.
A changing of the guard in Minnesota’s front office has brought a set of different priorities. No longer are the Vikings willing to overpay for an established veteran who is past his prime. That’s not to say that Peterson isn’t a productive player anymore, but his days of being greeted with leis and alohas at the Pro Bowl in Honolulu are behind him.
Still, the Vikings would love to have Peterson back in the fold next season. He’s an established veteran in this league who has a proven track record of success. However, with the direction the team seems to be going, does Minnesota still make sense for Peterson? He turns 32 this July, and it won’t be much longer until he decides to hang up the cleats. It’s likely that he’ll want to maximize his last big contract, so money is an important factor to consider.
Cap space
Over The Cap has Minnesota sitting with $11.5 million in cap space, but that doesn’t take into account Adam Thielen‘s newly restructured deal, nor does it factor in the contracts of Chandon Sullivan, Jesse Davis, Hairston, and Tye Smith. As it stands, the Vikings have an estimated $13.3 million in cap space.
However, that’s before accounting for the 2022 draft class, which will cost the Vikings $9.75 million without any trades. That leaves the team with $3.5 million in disposable income. My guess is the Vikings initially offered Peterson a one-year deal in the $5-6 million range before they signed Sullivan. But Peterson may not have wanted to take a pay cut and turned down the offer.
The Vikings would have to up their offer if they want Peterson to return. I am not advocating they do this. It’s hard to determine the market for him in free agency, and you don’t want to bid against yourself. However, for the sake of argument, let’s explore some possible suitors and what it would take for him to re-sign with Minnesota.
POSSIBLE LANDING SPOTS
Peterson mentioned that “a couple” of teams were interested in signing him on NFL Network. Among them are the Philadelphia Eagles, who currently have $22 million in cap space. At first glance, it seems as though the Eagles can outbid everyone for Peterson. However, they have three first-round picks, which brings up the price of their draft class to just over $15 million. That leaves them with $7 million they could use to sign Peterson.
The Eagles may be the Vikings’ biggest threat to land Peterson, but with plenty of draft capital at their disposal, they may decide that it’s more economical to draft someone like Derek Stingley Jr. in the middle of the first round.
During the Vikings coaching search, Peterson said he would be more likely to re-sign with the team if they hired Tampa Bay Buccaneers defensive coordinator Todd Bowles as head coach. Peterson previously played under Bowles, who was the Arizona Cardinals’ defensive coordinator from 2013-14. The Bucs have $8.9 million in cap space, but most of that is going to their upcoming draft class, which will cost them $6.9 million, leaving them with $2 million left over.
I don’t see the Buccaneers signing Peterson, especially because they signed another veteran cornerback in Richard Sherman late last season. Sherman will probably cost Tampa less, especially given his recent legal troubles. The need simply isn’t there for the Bucs.
DO THE VIKINGS MAKE SENSE FOR PATRICK PETERSON?
Not really. The Vikings still have a need at CB, even after signing Sullivan, Hairston, and Tye Smith. However, they are not in a position to make a competitive offer unless they restructure the contracts of Eric Kendricks and/or Dalvin Cook. Minnesota could create $1.9 million in cap space by cutting C.J. Ham before June 1, but the Vikings would lose the bidding war if Philadelphia is interested in Peterson.
The best the Vikings can do in this situation is to wait it out. The market for Peterson seems to be limited to a couple of teams, and none of them are paying more than what he made last season. The Eagles could offer Peterson a one-year, $7 million deal, but I’m not sure if they’re rushing to sign him. Not only is it a deep cornerback class, but there are still some big names like Stephon Gilmore available in free agency.
There is a scenario where Peterson’s hand gets forced due to a lack of interest, which could mean a return to the Vikings on another one-year deal, but that’s wishful thinking. Essentially, Minnesota is a fallback option for Peterson.
