The move saves the Vikings at least $5 million in cap space, maybe more depending on if they give him a June 1 designation, which would spread his remaining prorated signing bonus over two seasons. Jennings was due an $8.9 million salary in 2015, had an $11 million cap number and still had $6 million left in prorated signing bonus.
The move also clears $11 million in cap space in each of the 2016 and 2017 seasons, depending on his designation.
Jennings was the team’s leading receiver in 2014, catching 59 passes for 742 yards and six touchdowns. He also led the team in 2013, his first season with the Vikings, when he caught 68 passes for 804 yards.
The Vikings signed Jennings to a five-year, $44.9 million deal on third day of free agency in 2013. He had $17.8 million in guarantees.
While Jennings was hailed for his route running, when the Vikings hired Norv Turner as the offensive coordinator in Mike Zimmer’s first year as head coach, finding a deep threat became a priority. That isn’t Jennings’ forte, but is Wallace’s calling card.
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