According to Florio, DeVito has agreed to reduced his $3.75 million base salary and $250,000 workout bonus to a base salary of $870,000 (fully guaranteed) and a signing bonus of $300,000.
DeVito will also receive a $30,000 workout bonus, which bring his total guarantees to $1.2 million.
Conor Orr of NFL.com, citing multiple league sources familiar with the situation, reports that the Chiefs are likely to approach DL Mike DeVito about accepting a pay cut to be back with the team next year.
According to Orr, DeVito received several inquiries from other NFL teams at the combine last week, and could have a decent market if he ends up being available.
Unfortunately for DeVito, he sustained a torn Achilles during Week 1’s came against the Titans, and subsequently missed the remainder of the season.
DeVito, 30, signed a three-year, $12.6 million contract that included $6.2 million guaranteed with the Chiefs last March. He has a base salary of $3.75 million for the 2015 season to go along with a cap figure of $5.4 million.
According to OverTheCap.com, releasing DeVito would free up $4 million in available cap space and create $1,4 million in dead money.