The move reportedly lowers his 2012 base salary from $5.75 million to the veteran’s league minimum of $825,000. The remaining $4.925 million will then be converted into a signing bonus.
This will save an addition $3.283 million in cap space and brings the Steelers total cap space savings to over $18 million. Pittsburgh will have to continue restructuring players’ deals until they’re down to the projected salary cap.
This is reminiscent of anyone that has played Madden and spent too much money the year prior and can’t afford to re-sign their players the following season.