Field Yates of ESPN reports that Panthers WR Torrey Smith has agreed to a $2 million pay cut on Thursday.
Smith was set to make a base salary of $5 million for the 2019 season, but this was none-guaranteed. According to Yates, the contract restructure includes a $2 million base salary and another $1 million available in bonuses.
The Panthers will pick up $2 million of cap space with this move.
It’s certainly interesting timing to see the Panthers creating cap space ahead of their meeting with free agent DT Gerald McCoy on Friday.
Smith, 30, is a former second-round pick of the Ravens back in 2011. After finishing his four-year rookie deal with the Ravens in 2015, the 49ers signed him to a five-year, $40 million contract but released him two years into the deal.
Smith later joined the Eagles before being traded to the Panthers last year in exchange for CB Daryl Worley. Smith is in the final year of his three-year, $15 million contract.
The Panthers picked up Smith’s option back in March.
In 2018, Smith appeared in 11 games for the Panthers and caught 17 passes for 190 yards receiving and two touchdowns. Pro Football Focus has him rated as the No. 104 receiver out of 117 qualifying players.
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