According to Yates, the Jets converted $1.78 million of Folk’s $2.5 million base salary into a signing bonus that will be prorated over the remainder of the agreement.
This move will create $1,186,667 in cap space for the 2015 season.
Folk, 30, is entering the third year of his four-year, $12 million contract that included $2.1 million guaranteed. He stands to make base salaries of $2.75 million and $3 million over the remainder of the agreement.
In 2014, Folk converted 32 of 39 field goal attempts (82.1 percent), which includes three of six from 50 yards or more. Folk added 21 touchbacks and was 23 of 23 in extra point tries. Pro Football Focus has him rated as the No. 55 kicker out of 57 qualifying players.