Willie Colon the Latest to Restructure His Contract
The Steelers have restructured the contract of right tackle Willie Colon, reports Ed Bouchette of the Pittsburgh Post-Gazette.
Signed to a five-year, $ 29 million contract last July, Colon was due a $ 4.5 million base salary with a cap number of $ 5.7 million in 2012.
According to Bouchette, Colon’s base salary has been reduced to the league minimum ($ 700,000) with the remaining $ 3.8 million converted to a signing bonus that will be prorated over the remaining four seasons. Colon’s cap number for 2012 is now $ 2.85 million, a $ 2.85 million cap savings.
The Steelers cleared over $ 18 million of cap space with the releases of Arnaz Battle and Bryant McFadden and restructuring the contracts of LaMarr Woodley, Lawrence Timmons and Ike Taylor. The Steelers remain about $ 5-$ 6 million over the cap, so more work needs to be done before March 13.
Colon, 28, missed all of 2010 with an Achilles injury and only appeared in one game in 2011 after suffering a torn triceps in the season-opener. Colon is projected to open the 2012 season as the starting right tackle, with 2011 second-round pick Marcus Gilbert kicking over to the left side.
Source: Steelers Gab