The NFL has set a target of $25B in revenue by 2027, which would be about a 60% increase from last season, That would put the cap somewhere around $330m-$335m, in a few season. The saints are effectively borrowing against their houses projected increase in value. There's definitely risk, but the market USUALLY goes up. Also, they have a bunch more opportunities to kick that can once they have Watson's Salary-only, mostly guaranteed contract on the books.