Dead money is the worst. It really is.
What is dead money (or a dead cap hit, if you prefer), you ask? Well, when an NFL player signs a contract, their signing bonus is paid up front, in cash. The value, however, is spread out over the life of the contract for salary cap purposes. If a player is released or traded prior to the end of their contract, any remaining bonus money is immediately allocated to the team’s salary cap figure.
Simply put, dead money is the cap hit a team takes for players who aren’t on the team any longer.