What is the Patriots' updated cap space for 2023? Latest New England cap space updates as Jonnu Smith gets traded to the Falcons

According to Ian Rapoport of NFL Network, the New England Patriots are dealing tight end Jonnu Smith to the Atlanta Falcons in exchange for a seventh-round pick in the draft.

This trade is a straight salary dump due to the fact that Smith is being traded in exchange for a low draft choice.

In addition to having over $12.8 million in dead cap space, the Patriots will generate over $4.4 million in cap room.

After the Jonnu Smith deal, the Patriots' salary cap space has increased by $3,668,529 to a total of $34,573,844. Also, the Patriots freed up $18.405M in cap space for the 2024 campaign. The Patriots will have no dead money in 2024 and $12.81M in dead money on their 2023 books.

Smith was acquired by the Patriots during their March 2021 free agency shopping binge. Together with another TE in Hunter Henry, the team signed Jonnu Smith to a four-year, $50 million contract that summer, evidently attempting to create a good combo at the role moving forward. Yet, as Smith struggled to establish himself in New England, that plan never materialized.

After only 55 catches for 539 yards and one TD in 30 outings over 2 years, he proved to be a disappointment for New England.

Is the decision to trade Jonnu Smith a smart one?

Jonnu Smith's 2022 campaign was another poor season, and the Patriots looked to benefit nothing via a trade or straight release.

The trade has a lot of advantages for the Patriots. A team can easily rework contracts in the modern era to free up more salary cap room. But in this instance, canceling a contract is much simpler.

Both organizations will benefit from this transfer. The Atlanta Falcons have a chance to have a productive attack with a tight end pairing that will thrill the crowd.

Hunter Henry can continue to be the Patriots' top TE while they still have enough cap space to explore the free agency market.

Smith will have the chance to start over following a disappointing spell in New England. He also gets a chance to compete for Arthur Smith.

In Tennessee, where Arthur Smith was the tight end coach, Jonnu Smith enjoyed some success. Over the course of four years, Smith totaled 114 receptions and 16 receiving TDs in 60 appearances with the Titans. He will be teaming up with one of the league's most intriguing young tight ends, Kyle Pitts, in Atlanta.