The Tampa Bay Buccaneers are considering a potential trade for star running back Derrick Henry as they aim to boost their struggling rushing attack. With the NFL trade deadline looming, teams are carefully navigating the salary cap gymnastics necessary to facilitate deals, and the Buccaneers are looking to make a move.

The Tennessee Titans, who recently traded Kevin Byard to the Philadelphia Eagles, have hinted at being sellers ahead of the deadline, particularly after their loss to the Atlanta Falcons. Sitting at the bottom of the AFC South with a 2-4 record, the Titans may be open to dealing their two-time rushing champion, Derrick Henry.

Henry is currently in the final year of his four-year, $50 million contract, which includes incentives that could push the value up to $51 million. The Buccaneers, with a 3-3 record in the weak NFC South, could greatly benefit from Henry's prowess on the ground. Currently ranked 29th and 31st in rushing yards per game and yards per carry, respectively, Tampa Bay's rushing attack is in need of a significant boost.

However, one major hurdle in potential trades is the financial aspect, as the acquiring team must have enough salary cap space to absorb the player's current salary. In this case, the Buccaneers would need to create additional cap space to accommodate Henry's contract.

Henry is set to earn $10.5 million in base salary in the 2023 season, with $5,833,333 remaining after Week 8. He also has a $500,000 incentive for reaching 1,300 or more rushing yards, which is considered likely to be earned based on his impressive performance last season. Altogether, this would require the acquiring team to have around $6,333,333 in cap room.

According to NFLPA data, the Buccaneers currently have just over $3.501 million of cap space for the 2023 season. This leaves a significant gap between their available space and the cap room needed for a potential Henry trade, amounting to approximately $2.833 million.

To bridge this gap, the Buccaneers would have to make adjustments to their roster and contracts. One option is restructuring the contract of wide receiver Mike Evans, whose $23,699,385 cap number is the largest on the team. By converting a portion of Evans' base salary into a signing bonus, the Buccaneers could immediately create approximately $4.5 million in cap space. This would bring Evans' 2023 cap number down to $19,199,385.

With this adjustment, the Buccaneers would have enough cap space to accommodate Henry's contract after the trade, leaving them with a little over $1.665 million in room to spare once he joins the team.

However, the restructure of Evans' contract comes with a downside. The Buccaneers would face a significant dead money charge in the 2024 season, projected to be $16.698 million. This consideration might make the team hesitant to pursue this particular restructuring option.

Restructuring contracts is a common method used in trades to navigate tight salary cap situations, as including cash or cap room directly in trades is not permitted under NFL rules. By restructuring, both the team and the player can find a middle ground to reduce the cap hit while accommodating the trade.

In Henry's case, the Titans could also explore restructuring his contract to increase the draft pick compensation they receive in return. This approach was seen when the Denver Broncos traded Von Miller to the Los Angeles Rams in 2021. The Broncos converted a portion of Miller's salary into signing bonus, reducing the Rams' cap hit and subsequently resulting in a more lucrative return for Denver.

Moving forward, as the trade deadline approaches, teams like the Buccaneers and Titans will face economic challenges in executing deals that involve significant cap space requirements. However, for teams like the Cleveland Browns, who have ample cap space available, acquiring a talent like Henry could be a viable option to strengthen their roster following an injury to running back Nick Chubb.

With just a few days remaining until the trade deadline, it remains to be seen if the Buccaneers or any other team will successfully navigate the salary cap gymnastics necessary to secure a deal for Derrick Henry.