Brian McIntyre of Mac’s Football Blog reports that a league source has informed them that the Pittsburgh Steelers have restructured LB LaMarr Woodley‘s contract which will create $6.56 million in cap space for the team.
Woodley was designated with the team’s franchise tag last year but wound up signing a five-year deal worth $52.5 million.
Pittsburgh was able to drop his base salary from $3.4 million to $700,000 for the 2012 season. They took the remaining $2.7 million and added it to his $5.5 million roster bonus ($8.2 million) and prorated it over the next years.
The Steelers will have to continue being creative if they’re going to get in better standing before the start of free agency. McIntyre mentions that Ben Roethlisberger, James Harrison, Lawrence Timmons, and Troy Polamalu could be approached to renegotiate their contracts considering that they all count over $9 million against the cap.