The PIttsburgh Steelers have been working all season long to maneuver under the salary cap and keep as much money free as possible. Prior to their Week 9 match up against the Oakland Raiders, the team has freed up another chunk of change thanks to cornerback Ike Taylor agreeing to restructure his contract.
Taylor’s salary cap hit for the remainder of the season has been reduced from $9.5 million to $8 million after the team and Taylor agreed to take his remaining base salary and convert it into a signing bonus.
Before the move, the Steelers were just $200,000 under the salary cap. Now, they stand at $1.675 million under the $123 million mark.
The move will give Pittsburgh a little of flexibility moving forward, in case there are some injuries that take place or reshuffling on the roster that needs to be made.
The good news for Taylor is that the contract restructure all but guarantees that he will be returning to the Steel City for at least one more year in 2014.
[H/T: Pittsburgh Tribune Review]