As of now, Garafolo doesn’t have any details regarding the move, but this will allow him to return to New Orleans for the 2015 season.
There was talk that Colston would likely have to agree to a pay cut that would come with a “significantly reduced rate,” so it wouldn’t be surprising to hear that he’s reduced his compensation to help the Saints financial position.
Colston, 31, signed a five-year, $36.3 million contract that included $17.7 million guaranteed with the Saints back in 2012. He still has another two years remaining on this agreement with base salaries of $6.9 million and $7.7 million coming his way.
Releasing Colston would have freed up $4.3 million and create $5.4 million in dead money, according to OverTheCap.com. His cap number currently sits at $9.7 million.
In 2014, Colston caught 59 passes for 902 yards receiving and five touchdowns. Pro Football Focus has him rated as the No. 100 receiver out of 110 qualifying players.
We’ll have more updates as the details of his Colston’s restructured deal are available.