Cuts cap by 5 Million
Cuts cap by 5 Million
It's a start
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Lawrence Timmons restructures contract, Steelers save $5 million
By SteelCityRoller on Feb 26,
Hours after rumors began to swirl about possible restructures before the end of the week, Albert Breer reports Timmons' deal is done.
The first restructure of the off-season has been reported for the Pittsburgh Steelers. According to Albert Breer of NFL.com and NFL Network, Lawrence Timmons restructured his deal today, and the team is expected to save approximately $5 million against the 2013 NFL salary cap.
The restructures of Timmons and Ben Roethlisberger were expected. With Timmons confirmed, news on Roethlisberger should come shortly. LaMarr Woodley is also widely considered a candidate for restructure, leaving the team about $6 million to clear with his.
Timmons was scheduled for a base salary of $5.375 million plus a $2.5 million roster bonus - which is restructurable - in 2013. His restructure turned part of his convertible salary into a signing bonus, which for cap purposes spread the amount of converted salary across the four years remaining on his contract, counting 2013. In other words, the Steelers saved $5 million against 2013, but added almost $1.7 million in dead money to each of the three remaining years. This also means, Timmons' resulting signing bonus was in the neighborhood of $6.7 million, which he received up front. Any remaining money will be paid out to him on a weekly basis per CBA policies.
The Steelers still have some work to do to prepare for the March 12th deadline, when they must be cap compliant to the rule of 51. Good news speculated by PFT is placing the new salary cap even higher, suggesting it could surpass $123 million. This alleviates some of the need for cap space, but not all.
Mr. Roethlisberger, you're on the clock.
I wouldn't rule out Harrison yet from restructuring. He is due 6.57 mill this year and I think 7.57 in 2014, they could convert most of his 2013 salary into a signing bonus to free up cap space and the possibility of retaining Harrison for one more year.
I don't know if the Steelers are that confident in Worlids in all phases of that position, Harrison when healthy can get to the QB, stop the run where Worlids hasn't shown he can do both when he got his chance.
When Harrison and Woodley are both healthy they still are two of the best in the game, they can be difference makers to help our team and I think most fans would be happy if they work out a deal
Harrison will need to either take a pay cut or, unfortunately, be released.
Per article in the Post Gazette Ed Bouchette:
Harrison's case might be different. He is due $6.57 million this year and $7.57 million in 2014. Conceivably, they could turn most of his 2013 salary into a bonus and save some room. They also could ask him, at age 35, to take a pay cut, something they have done on occasion in the past, most recently with nose tackle Casey Hampton in 2012. Parise said neither option was discussed in Indianapolis, but they plan to meet again.
Read more: http://www.post-gazette.com/stories/...#ixzz2M7qJjhry
And to be clear, a restructure is when the player takes current salary and has it turned into SB. No less money received in total, and he gets that portion up front. Cap hits in total remain the same in through the remaining years.