Timmons the Latest Steelers LB to Restructure Deal
Another Steelers linebacker has had his contract restructured to clear up cap space.
Just a few days after it was announced that LaMarr Woodley had his deal redone, it’s being reported that LB Lawrence Timmons’ contract has also been restructured to give the Steelers salary cap space.
The new deal for Timmons frees up $ 5.14 million in space on their 2012 salary cap.
Signed to a five-year, $ 47.8 million contract extension in August, Timmons was scheduled to earn $ 2.625 million in base salary and a $ 4.5 million roster bonus, which was due on the fifth day of the 2012 league year, for a 2012 cap number of $ 9.125 million.
According to a league source, earlier this week, Timmons signed a restructured contract that reduced his 2012 base salary to $ 700,000, with the Steelers combining the $ 1.925 million in base salary and $ 4.5 million roster bonus into a $ 6.425 million signing bonus that will be prorated from 2012 through the 2016 season at $ 1.285 million annually.
The restructure reduces Timmons’ 2012 cap number to $ 3.985 million, a a cap savings of $ 5.14 million.
Source: Steelers Gab