With Bobby Wagner’s contract unveiled, here’s how much salary cap space the Seahawks have

The full details of Bobby Wagner’s contract for the 2023 season were revealed Thursday, showing that he will count for $5.5 million against the salary cap.

Wagner’s one-year contract was initially reported as worth $7 million, but that includes $1.5 million in incentives. The specifics of the incentives were not immediately available.

Wagner’s contract includes a $3.23 million base salary, a signing bonus of $1.25 million and a roster bonus of $1.02 million, which combine to make up the base of $5.5 million which is fully guaranteed.

Wagner’s signing gives the Seahawks 57 players under contract. Teams can have up to 90 for training camp.

Counting his contract means the Seahawks have little salary-cap space left — just $4.1 million according to OvertheCap.com. OTC calculates the Seahawks are in the red by $5.49 million in “effective’’ cap space, which accounts for the space needed to sign the team’s 10 draft picks. That number will fluctuate if teams trade picks.

Their current “effective’’ cap space is the least in the NFL via OTC as the Seahawks are one of just five teams in the red.

That logically means the Seahawks will have to make a few more moves to create cap space if they are to make any more significant signings.

Wagner was released by the Rams on March 15 in a cap-cutting move and he signed with the Seahawks on Saturday.

Seahawks general manager John Schneider revealed on his weekly radio appearance on Seattle Sports 710 AM that he flew back to Seattle following Pro Day last week to hammer out the details of Wagner’s contract with him at the house of Maurice Kelly, the team’s vice president for player engagement.

Schneider reiterated Thursday what he said earlier in the week at the league meetings that adding Wagner’s contract just about taps out the Seahawks cap wise, barring any moves to add cap space, which he said the team could do.

“We’ll continue to make some salary-cap adjustments and keep working, trying to help our team as much as we possibly can through the way,” he said. “But we are pretty close to not being able to go out there and be signing big-name guys right now, or I shouldn’t say big-name guys but people fans would know exactly who they are.”

Schneider said the team will try to continue avoid making cap-related moves that eat into the caps of future seasons — such as restructures, that turn salary into bonus and allow for that money to be spread out cap-wise over the life of the contract.

“As a matter of practice you definitely don’t want to do that because you’re biting into future years,” he said. “You try to balance that every single year, being able to put the best product on the field that you possibly can as well as being able to protect your future.”