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The Saints have begun restructuring their salary cap in order to get out the red by the time the league's new year begins on March 17. That work continued on Saturday, as the Saints restructured the contracts of linebacker Demario Davis and defensive end Cameron Jordan, according to NFL Network's Ian Rapoport. The Saints also re-signed running back/receiver Ty Montgomery to a one-year, veteran benefit deal with a $137,000 signing bonus, according to NFL Network's Tom Pelissero

Prior to Saturday's transitions, the Saints were nearly $62 million over the projected 2021 salary cap, according to Over The Cap. Over the past week, the Saints released veteran tight ends Josh Hill and Jared Cook. Cook was set to become a free agent, while releasing Hill saved the Saints about $2.5 million in cap space. New Orleans also agreed to a two-year deal with special teams standout and backup safety J.T. Gray. 

A 2015 third-round pick, Montgomery spent his first three seasons with the Packers before he was traded to Baltimore midway through the 2018 season. He then spent the 2019 season with the Jets before signing with the Saints last offseason. While a hamstring injury limited him to just six regular-season games, Montgomery rushed for 105 yards on 18 carries in the Saints' Week 17 win over Carolina. He had five touches for 27 yards in the Saints' divisional round loss to the Buccaneers

An All-Pro in 2019, Davis is entering his fourth season with the Saints. Last season, Davis recorded 119 tackles and four sacks while helping the Saints' defense finish fifth in the NFL in scoring and passing, fourth in rushing, eighth in third down efficiency and fifth in red zone efficiency. 

A Pro Bowler each of the past four years, Jordan tallied 7.5 sacks and 51 tackles last season. In 10 seasons in New Orleans, Jordan has recorded 94.5 sacks, 514 tackles, 124 tackles for loss and 11 forced fumbles. He was named to the NFL's All-2010s Team last offseason. 

Quarterback, cornerback and receiver are three positions the Saints will look to upgrade this offseason. With Drew Brees' expected retirement, the Saints may give the reigns to Taysom Hill, who went 3-1 as the team's starter in 2020. Two of our four CBS Sports NFL draft experts currently have the Saints selecting former Alabama quarterback Mac Jones with the 28th overall pick. Conversely, CBS Sports draft analyst Ryan Wilson has the Saints taking former Georgia cornerback Tyson Campbell. CBS NFL senior writer Pete Prisco has the Saints taking former Michigan defensive lineman Kwity Paye.