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What effect does the June 1st release of Landon Collins have on a Terry McLaurin extension? Probably not much

Before the Landon Collins release is processed, Over the Cap estimates that the Commanders have about $7.4m in available cap space.

Since Jahan Dotson has already been signed, there will be only minor adjustments to this number when the other draft picks ink their contracts; right now, OTC has a $705,000 charge in place for each of them for the ‘22 season.

As you can see, when Landon Collins release is processed at 4pm today, the team will gain $11.88m in cap space for the 2022 season. That should mean that the Commanders suddenly have the cap space they need to extend Terry McLaurin, right?