The Miami Dolphins’ decision to give cornerback Brent Grimes a four-year contract instead of the franchise tag will end up saving the team more than $7 million in cap space in the 2014 season.

According to details of the contract obtained by the Miami Herald, Grimes’ cap hit will be $4 million for this upcoming season, leaving the Dolphins with more than $36 million in cap space entering the start of free agency.

Grimes’ cap hit will be $10 million in 2015.

Grimes received a $6 million signing bonus and will make a guaranteed $2.475 million in base salary in 2014. He is due to earn $8.475 million in 2015, with $7.5 million of that guaranteed.

Grimes, 30, will end up collecting $16 million in guaranteed money. The Dolphins would have a cap hit of $3 million if they cut Grimes in 2016, when he will be 33, or $1.5 million if they cut him in 2017.