Steelers Restructure Contract Of LaMarr Woodley To Clear 2012 Cap Space

I posted a while ago about how the Steelers could possibly have some salary cap wiggle room with linebackers LaMarr Woodley and Lawrence Timmons because of the way that their new contracts were structured. It seems like the Steelers did not wait though to just work with the roster bonuses as Brian McIntyre reports that the Steelers have restructured the contract of Woodley to lower his 2012 salary cap charge from $11.5 million to $4.94 million. Reportedly they lowered the base paragraph 5 number of Woodley from $3.4 million down to $700,000 and paid the difference of $2.7 million along with the 5 million roster as a signing bonus that will be amortized out over the remaining five years of the contract. For the record, my numbers say the roster bonus was $5.5 million, but we will not split hairs until I can look at the real numbers myself. The move trims off $6.56 million just like McIntyre suggest it does. This saves the Steelers even more than the $4.4 million I suggested by just guaranteeing the roster bonus and amortizing it out like a signing bonus.

Now with Woodley done, you have to think that Timmons will not be far behind. He has a $2.625 million base salary in 2012 and a $4.5 million roster bonus due in early March. His current cap hit is scheduled to be $9.125 million. I suspect you will see that $4.5 million combined with a good portion of his base salary and turned into signing bonus as well. That should save more than the $3.6 million that I calculated. That would mean that with a stroke of the pen basically, Omar Khan will have carved off likely around $10-$12 million off of the 2012 salary cap.

I am, I'm me. 40 something, retired and a life long Steelers fan.
  • Kenneth Wilt

    And how bad is our cap space situation?

  • Joe D

    Yes…. but…
    it is this type of game of pushing salary to future years is what Steelers in the mess that they are in for 2012.

    Ya gotta just cut some of the expensive senior citizens and stop the CAP games.

  • SteelersDepot

    They will still make a few of the cuts and this was going to be done anyways. They just need to get to 2014 when the new TV contract revenue kicks in and the salary cap increases. Have faith in Omar here.

  • http://www.facebook.com/profile.php?id=670283190 Christina L Rivers

    The cap situation is workable, for sure. Some players may take a cut in order to stay with the team, while the Steelers may aid their cap situation by picking up free agents off of futures contracts to save for the draft.

  • http://www.facebook.com/profile.php?id=670283190 Christina L Rivers

    Some of those ‘expensive senior citizens’ are why the Steelers ended 12-4. The organization has done well in the past by restructuring contracts in order to alleviate their salary cap issues. Some cuts are inevitable, but every team faces the same tough decisions in the off-season.

  • A.C.

    Dave: all steelers plays thus far seem to be willing to re-structure yet they down the line may never collect the last 2-3 years of such HUGE contract pay day… so, why did they agree to this? hands tied behind their back theory? What happens to players who REFUSE?

  • SteelersDepot

    Restructures put instant money in the players pocket & the restructure benefits the team salary cap wise. Do not confuse a restructure with a pay cut. The club accounts for it salary cap wise by stretching it out for accounting purposes.

  • Eric87

    This is how the steelers re-sign their younger players by Mr. Khan manipulating the salary cap system. Great work by upper management to make sure a total upheaval is not necessary to get under the cap. Surely many more restructures should be coming

  • kevin

    It sounds like Hines is willing to take a serious paycut to stay with the Steelers. I don’t know if Hampton is willing to do so, but we may be able to keep some vets on the cheap. Farrior, Smith, Hines and Foote probably have no place else to go.

  • http://pulse.yahoo.com/_2WR4OELC2QGA42XOIRPUZ2SKHQ Nobody

    They should try to renegotiate Timmons salary down a couple of million. I dont see any other team offering him what he makes with the steelers after his disappointing year. Then again, how much did the Stellers already pay him as a signing bonus last year?>

  • Bradleyaoo7

    HE WAS THERE BEST LINEBACKER THIS YEAR.

  • Dave

    Thanks – I wish everyone in the media (who should know better) would stop using the terms “paycut” and “restructure” interchangeably. They are totally different, as you explained above. A restructure costs the player absolutely nothing, does NOT shift any of his salary into a future season, it is actually a cash advance…any player will take a real “restructure” in a heartbeat. Totally different thing than a pay cut.