According to Yates, the Saints converted Byrd’s $6 million roster bonus into signing bonus. This move dropped his cap figure from $10.3 million to $5.5 million.
Any move to create cap space is a big deal to the Saints right now and wouldn’t be surprising to seem them rework a few more contracts in the coming days given how bad of a financial situation they’re currently in.
Reports from Wednesday said that the Saints have a few players with bad contracts on the trade block right now, so there will likely be a few moves coming.
Byrd, 28, still has another five years remaining on his six-year, $54 million contract that included $26.3 million guaranteed. He stands to make base salaries of $2 million (2015), $7.4 million (2016), $7.9 million (2017), $8.4 million (2018), and $8.6 million (2019).
Last year, he appeared in just four games and recorded 22 tackles, a forced fumble and two pass defenes for the Saints.