- ESPN’s Adam Schefter reports that Polamalu receives a three-year contract worth $20 million.
- Schefter adds that the Steelers will save $4.5 million in cap space for the 2014 season.
- Ed Bouchette reports that Polamalu receives no new money in his contract.
- Pittsburgh converted $6.75 million of his $8.2 million 2014 salary into bonus, which leaves him with a $1.5 million base salary.
- Polamalu had a cap figure of $10.8 million, so the Steelers will free up $6.3 million in available caps space with this move.
- Polamalu will now be under team control through the 2016 season.
The Steelers also announced that they have signed Heath Miller to a two-year extension on Wednesday as well.
Pittsburgh is working to get under the cap as they currently one of the only teams still projected to be over the $133 million figure.
Polamalu, 32, was entering the final year of his four-year, $36.5 million contract and would have made $8.25 million for the 2014 season.
Polamalu missed nine games during the 2012 season, but managed to return at a reasonably high level this past season. He totaled 69 tackles, two sacks, two interceptions — one of which was returned for a touchdown — five forced fumbles and a fumble recovery.
Pro Football Focus has him rated as the No. 5 safety in the league last year.
We’ll have the contract details as the news is available.