Per Yates, the deal comes with a $3 million signing bonus while reducing Benjamin’s 2019 base salary from $5.25 million to $1 million.
The move creates $2.75 million in cap space for the Chargers.
Benjamin, 29, was taken in the fourth round of the 2012 NFL draft by the Browns. He played out the final year of his four-year, $2.577 million rookie contract and signed on with the Chargers in 2016.
Benjamin was entering the final year of a four-year, $24 million contract that contains $13 million guaranteed and made a base salary of $5.75 million in 2018.
In 2018, Benjamin appeared in 12 games and caught 12 passes for 186 yards receiving and one touchdown for the Chargers.