New England would take a $3.17 million salary cap hit upon releasing WR Chad Ochocinco, per Greg Bedard.
This is most likely why they have approached him about restructuring his current contract. It’s possible that they could prorate his salary in a bonus that pays him over the next two years but that’s just specualtion.
Many believed that Ochocinco was a candidate to be released and that’s still a strong possibility even if his contract is restructured. Earlier in the week, the Boston Globe mentioned that the team may do exactly that.
There’s a good chance that he’ll be a free agent in the coming weeks and at this point in time, it’s hard to assume that he’ll draw much of any interest on the open market.