Jimmy Graham leap against the Falcons

New Orleans Saints tight end Jimmy Graham (80) leaps over Atlanta Falcons cornerback Desmond Trufant (21) during the game at the Georgia Dome in Atlanta Sunday, September 7, 2014.

(David Grunfeld, NOLA.com | The Times-Picayune)

The narrative surrounding the New Orleans Saints this offseason reads like this: Those fiscally irresponsible Saints once again doomed themselves with their exorbitant spending habits of years past.

The Saints stand as the NFL franchise with its head poking through the shattered salary cap ceiling with the team $22.2 million over a projected $143 million cap for 2015, according to ESPN. The number looks impossible to overcome if the Saints yearn to improve their flawed roster from a year ago.

And with each passing day the Saints don't remedy the issue, public panic sets in from their uneasy fan base.

Rest assured, Saints fans. This has become an annual rite of passage with this organization, yet they make it work every year.

Sure, it comes with some wheeling and dealing. And yes, the "fixes" will spill over once again into the next offseason. The Saints will make the necessary moves to not only shoehorn under the salary cap, but also create funds to take at least one shot in free agency.

They had enough in reserve in 2013 to reel in cornerback Keenan Lewis with a five-year, $26.3 million deal (and it was nearly outside linebacker Paul Kruger instead). Safety Jairus Byrd, six years and $54 million, was the all-in acquisition last year.

There's been mixed reviews with the strategy. Lewis had paid off well in his two seasons in New Orleans, while Byrd, who missed most of last season with a knee injury and was hampered by a bad back last offseason, will have to again justify his hefty price tag beginning next season.

This time around, I think the Saints should take their one shot on another cornerback -- and aim high, beginning with Seattle's Byron Maxwell, Cleveland's Buster Skrine and Houston's Kareem Jackson.

After a week after of the initial frenzy, the Saints should still be able to nibble within the free-agent market in that second phase of cheaper options.

How do the Saints make all of this happen? Here are some options the Saints can make to not only squeeze under the salary cap, but also free up enough space to make a run at someone noteworthy free agents:

RESTRUCTURING CONTRACTS

Junior Galette

The maligned pass rusher better be thankful he agreed to a four-year, $41.5 million contract extension in September. There's no doubt in my mind Galette would no longer be wearing a Saints uniform right now after his January arrest if he wasn't tied to a new deal with a glut of guaranteed money attached.

Though his assault charge in Kenner was recently dropped, Galette remains in danger of not being on the roster come Week 1 of the regular season.

In the meantime, the Saints owe him a guaranteed $12.5 million roster bonus, making his 2015 cap number balloon to $15.45 million. The bonus was made as a "roster bonus" by design, though, so the Saints can shift the money into a prorated signing bonus over the next five years of Galette's contract.

By shifting $10 million of the $12.5 million bonus to the next five years, Galette's cap number drops considerably in 2015 to a more manageable $5.45 million.

Galette's potential new cap numbers:

2015: $5.45 million

2016: $8.3 million

2017: $9 million

2018: $10.7 million

2019: $10.9 million

2015 savings: $10 million

Jimmy Graham

The Pro Bowl tight end is set to receive a $5 million roster bonus this offseason, spiking his cap number to $11 million. Like Galette's bonus, the Saints could shift the cap hit through the next three seasons by converting the money into signing bonus.

The move would lower Graham's cap hit to $7.66 million this season.

Graham's potential new cap numbers:

2015: $7.66 million

2016: $13.6 million

2017: $14.6 million

2015 savings: $3.33 million

Jairus Byrd

I'm not going to bag on the Saints for signing Byrd to a deal that averages a maximum of $9 million per season. Not yet anyway.

The Saints could use the same technique as the aforementioned players to lower Byrd's cap hit.

The Saints can turn Byrd's $10.3 million cap figure into $5.5 million by spreading a $6 million roster bonus into a signing bonus over the next five years.

Byrd's potential new cap numbers:

2015: $5.5 million

2016: $10.9 million

2017: $11.2 million

2018: $11.7 million

2019: $9.7 million

2015 savings: $4.8 million

Curtis Lofton

Here's Part 4 of converting a roster bonus into prorated signing bonus.

The Saints could shift the $4.5 million roster bonus into a signing bonus. The shift would drop Lofton's $9 million cap number down to $6.75 million. That still might be too high for the Saints' liking, so a pay cut for Lofton isn't out of the question.

Lofton's potential new cap numbers:

2015: $6.75 million

2016: $9.75 million

(Lofton's contract is voided if he's on the roster five days after the 2016 season's Super Bowl)

2015 savings: $2.25 million

Total restructure savings: $20.38 million

RELEASES

David Hawthorne

A pay cut is an avenue the Saints could take with Hawthorne as well, but they would probably like to upgrade at inside linebacker.

Savings: $4.5 million

Brodrick Bunkley

The defensive tackle took a stiff pay cut last offseason to remain in New Orleans. I doubt that option will be offered this time around with John Jenkins seemingly destined to start in his place.

Savings: $4.5 million

Corey White

This was probably a bad time for White to receive a raise based on his increased playing time. His base salary more than doubled to $1.57 million from $660,000. For someone not starting anymore and without a true position in the secondary, White's time in New Orleans could be up very soon.

Savings: $1.57 million

Total savings on cuts: $10.57 million

The Saints would be $8.75 million under the cap if all of these moves occurred today. We haven't even gotten to potential pay cuts for receiver Marques Colston ($9.7 million cap number in 2015) and guards Jahri Evans ($11 million) and Ben Grubbs ($9.6 million).

For argument's sake, let's say the Saints cut $3 million of cap space for each of those three players. That would give the Saints nearly $18 million of cap space -- and that's without even touching Drew Brees' deal.

The Saints then could sign a starting-caliber cornerback in free agency and give serious consideration to other moves such as retaining running back Mark Ingram in addition to adding an inside linebacker or edge defender.

General manager Mickey Loomis typically smiles and deflects almost all questions concerning the team's financial game plan. He has continuously said this offseason that the team's cap situation isn't as dire as it seems.

Dismiss the annual narratives, and you'll find he's spot-on.