Colston, 29, received a five-year deal worth $36.3 million last year. He had a $4.5 million base salary coming his way next season.
Mike Florio of PFT reports that $2.8 million of that figure was converted to a signing bonus that will be paid out over the duration of the deal. Florio adds that this should free up $2.1 million in cap space for New Orleans.
Pat Yasinskas of ESPN.com reports that a league source has informed him that the Saints have also restructured the contract of G Jahri Evans.
The deal will create $3.12 million in cap space as Evans receives a $4.16 signing bonus, while agreeing to reduce his 2013 base salary of $7.2 million to $3.04 million. This will reduce his cap figure to $6.74 million.
The also reworked G Ben Grubbs’ contract so that his 2013 base salary of $5.2 million will be reduced to $1.2 million.
The remaining $4 million will probably be turned into a signing bonus that’s pro-rated over the final four years of his deal.
This should free up another $3 million in cap space for the Saints.
The Saints converted David Hawthorne’s $3 million roster bonus into a signing bonus.
Bonus will be pro-rated over the final four years of his contract and should free up $2.05 million in cap space.