Larry Fitzgerald Restructures Contract With Arizona

Update:

Kent Somers reports that Larry Fitzgerald‘s restructured deal of the “simple” variety in that it will convert his salary to a bonus and create close to $10 million of cap space.

Mike Florio of Pro Football Talk provides more information regarding Fitzgerald’s restructured contact:

• Cardinals converted $11.795 million of his $12.75 million salary into a bonus.
• Fitzgerald will now make the veteran’s minimum of $955,000.
• Fitzgerald’s future cap figures will increase $2.359 million or $9.436 million total.
• In 2014, Fitzgerald will count $9 million against the team’s cap, which is down from $18 million.

Overthecap.com has Fitzgerald’s future cap figures as:

• 2014: $8.364M
• 2015: $23.659M
• 2016: $17.659M
• 2017: $17.409M
• 2018: $17.409M

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Back in AZ from #SB48 & the 1st order of business this AM was signing a restructured contract to help the @AZCardinals get better for 2014!

— Larry Fitzgerald (@LarryFitzgerald) February 4, 2014

• Albert Breer mentions that there is “no chance” the Cardinals are trading Larry Fitzgerald now that his contract has been restructured.

Fitzgerald, 30, has four years remaining on his eight-year deal worth $128.5 million contract that included $50 million guaranteed.

Fitzgerald was set to count $18 million against the Cardinals’ 2014 salary cap with an $8 million roster bonus coming his way in 2015 to go along with a staggering $21.25 million cap figure.

With this in mind, it makes plenty of sense for Arizona address his contract now so that they are in better shape financially heading into the offseason.

The Cardinals had roughly $2 million in cap room, so they really had to do something.

We’ll have updates regarding Fitzgerald’s contract as the news is available.