Ian Whetstone first reported that the Chargers have restructured QB Philip Rivers‘ contract and converted $3 million of his salary into signing bonus. This move resulted in $2 million of cap space.
Los Angeles had the least cap space in the NFL before they made this move.
Rivers, 35, is a former first-round pick of the Giants back in 2004 but was traded to the Chargers in return for QB Eli Manning. He’s in the third year of his five-year, $99 million contract that includes $65 million guaranteed and set to make a base salary of $14 million for the 2017 season.
This season, Rivers has thrown for 192 yards while completing 66.7 percent of his passes to go along with three touchdowns and one interception. Pro Football Focus has him rated as the No. 8 quarterback out of 31 qualifying players.