AP

Despite speculation that the offer sheet signed by Steelers receiver Emmanuel Sanders with the Patriots is worth as much as $4 million for one year, Adam Schefter of ESPN reports that the offer sheet is worth $2.5 million.

That’s roughly $1.2 million more than the value of Sanders’ one-year tender offer.

As of last week, the Steelers had $2.0 million in cap space. Which means that they could match the Sanders offer sheet, since $1.32 million already counts against the Steelers’ cap for Sanders’ tender offer.

But that wouldn’t give them much room to maneuver, and they’d need to create more space to sign their draft picks.