Chiefs Restructure OLB Tamba Hali’s Contract, Free Up $7M In Cap Space

Update:

Joel Corry of CBS Sports reports that the Chiefs will free up $7 million of cap space by reworking OLB Tamba Hali‘s contract.

• Corry adds that Hali’s 2015 salary has been dropped from $9 million to $6 million.
• The Chiefs added four voidable years added for bonus proration purposes.
• Hali can earn the $3 million pay cut back by reaching sack incentives, according to Corry.

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Adam Caplan of ESPN reports that the Chiefs and OLB Tamba Hali have agreed to a restructured deal.

• Terez A. Paylor confirms the reports that Hali has agreed to a pay cut to remain with the team.

The Chiefs are in a tough financial position and are reportedly signing WR Jeremy Maclin to a contract, so they need to free up some additional cap room if they’re going to address their other roster needs.

Hali recently confirmed that his agent had been talking to the team about his contract and trying to find a way to bring him back next year.

“It’s not about the numbers for me,’’ Hali said, via ESPN.com. “It’s about whether the situation makes sense for them because I want to be there and play for the Chiefs. The general manager [John Dorsey] and coach [Andy] Reid, they know I want to be there. That’s why I say it’s a matter of how I fit into what the Chiefs want to do for the season.

“They’re talking numbers so I’m optimistic I’ll still be there.’’

Hali, 31, was entering the final year of his five-year, $57.5 million contract that included $35 million guaranteed and would have made a base salary of $6.75 million. Hali has a cap figure of $11.9 million.

This year, Hali appeared in all 16 games for the Chiefs and recorded 59 tackles, six sacks, three forced fumbles and a recovery. Pro Football Focus has him rated as the No. 13 outside linebacker in a 3-4 defense out of 46 qualifying players.

We’ll have the details posted regarding Hali’s new contract and how this impacts their cap as the news is available.