According to Tom Pelissero of USA Today, Saints LB Dannell Ellerbe took a $2.7 million pay cut to be back with the team.
He now stands to make a base salary of $2.5 million in 2016, which is down from $4.1 million. $1.7 million of his base salary is fully guaranteed.
Field Yates reports that the Saints cleared $2.7 million in cap space with this move.
Should Ellerbe play 80 percent of the team’s snaps in 2016, his 2017 year would void, according to Yates.
This implies that Ellerbe took a pay cut to be back with the team, but the contract details aren’t available as of now.
Ellerbe, 30, came over in a trade with the Dolphins last year that sent WR Kenny Stills to Miami. He is entering the fourth year of his five-year, $34.75 million contract that included $14 million guaranteed and was set to make base salaries of $4.1 million over the final two years of the agreement.
According to OverTheCap.com, the Saints could free up $2,107,500 in cap space by restructuring Ellerbe’s contract.
In 2015, Ellerbe was limited to appearing in six games and recording 39 tackles, a forced fumble, a recovery and a pass defense for the Saints.
We’ll have the contract details posted as they’re available.