Most overpaid, underpaid players in NFC South

Here are the most overpaid and underpaid players for each team in the NFC South. (All salary cap numbers are provided by Spotrac)

Atlanta Falcons

Overpaid: David Onyemata, defensive tackle | With his $8M cap hit this season, he is overvalued as a situational pass-rusher. He struggled against the run last year, contributing to the Saints dipping from fourth against the run in 2021 to 24th in 2022. Atlanta finished 23rd against the run last season and also was one of the worst at rushing the passer. Onyemata, 30, should help in that regard, but his career high in sacks is 6.5 in 2020. He'll certainly need to do more than that to justify his cap hit, the sixth-highest on the team this season.

Underpaid: A.J. Terrell, cornerback | Terrell is entering the fourth year of his rookie contract and carries a cap hit of $4.55M, well below what he's worth. While he struggled in 2022, he showed during his second year in the league that he can be a shutdown corner. Per Pro Football Focus, Terrell was credited with allowing 200 yards on 66 targets and quarterbacks posted a dismal 47.5 passer rating against him in 2021. Only 10 corners have more passes defended than Terrell since he entered the league in 2020. (h/t Stathead)

Carolina Panthers

Overpaid: Donte Jackson, cornerback | Jackson is Carolina’s highest-paid corner with a $7.5M cap hit but hasn't played like the team's best. Per data from PFF, Jackson allowed a reception once every seven targets last season. Only four corners with at least 150 coverage snaps allowed receptions at a higher rate. Quarterbacks completed 76.6 percent of passes targeting Jackson, the highest mark of his five-year NFL career. Playing opposite No. 1 corner Jaycee Horn, Jackson struggled against secondary passing options. Per Football Outsiders, only New England allowed more receptions per game to No. 2 receivers and only Dallas allowed more yards.

Underpaid: Jeremy Chinn, safety | ($3.3M)

Chinn is expected to be a jack-of-all-trades in defensive coordinator Ejiro Evero's scheme and will be a steal with his $3.3M cap hit if he has the type of impact the Panthers hope. Chinn showed glimpses of being a game-changer on defense during his first two years in the league when he primarily played in the box and closer to the line of scrimmage. PFF credited him with 24 pressures in 134 pass-rush opportunities (as opposed to just two in 22 attempts in 2022), three forced fumbles and two interceptions and eight pass breakups.

New Orleans Saints

Overpaid: Andrus Peat, left guard | Some might say wideout Michael Thomas belongs here because injuries have forced him to miss the majority of the past three seasons, but as he showed in a small dose at the beginning of 2022, he's worth his contract when healthy. The same can't be said for Peat, who restructured his deal this offseason and is still among the roster's highest-paid players with a cap hit of $8.8M. After three consecutive Pro Bowl appearances from 2018-20, Peat has struggled during the past two seasons and the offensive line has underwhelmed because of it. The team's chances of competing in 2023 are tied to that unit — and Peat specifically — holding up its end of the bargain.

Underpaid: Tyrann Mathieu, free safety | It's difficult to put a price on Mathieu's veteran leadership but if forced to, it would certainly be more than $4.2M, his cap hit. And as much as he's a strong leader off the field, Mathieu is still one of the better safeties in the league. New Orleans ranked second against the pass in 2022 and Mathieu had three interceptions. His cap hit will increase to $12.06 million in 2024, which is much more in line with his value.

Tampa Bay Buccaneers

Overpaid: Devin White, linebacker | The Bucs would probably rather not be staring at an $11.7M cap hit for White, who doesn't want to be in Tampa. He requested a trade this offseason and didn't participate during the team's mandatory minicamp, although he did attend. White wouldn't be missed too much on the field if traded. He's been nothing short of a disaster in coverage during his career. Since entering the league in 2019, Pro Football Focus noted he has allowed 238 receptions on 289 targets (82.4 percent) for 2,190 yards, 11 touchdowns and one interception.

Underpaid: Tristan Wirfs, left tackle | Wirfs, meanwhile, is one of the top tackles in football but has a cap hit of just $3.7M in 2023. Like Atlanta's Terrell, Wirfs is a 2020 first-round pick and had his fifth-year option picked up this offseason, meaning he's scheduled to make $18.6M in 2024 if the two sides don't agree to a multi-year extension. Wirfs can be the cornerstone of Tampa Bay's offensive line for the next decade, but it will take a lot more than $3.7M to make that happen.