According to Liz Mullen of the Sports Business Journal, the New England Patriots are looking to restructure the contract of wide receiver Chad Ochocinco.
Ochocinco has two years and $6 million remaining on a contract that was renegotiated after he was acquired from the Cincinnati Bengals last August. Ochocinco has $3 million base salaries in each of the next two seasons with $5.3 million available in incentives.
After Ochocinco produced just 15 receptions for 276 yards and one touchdown in 15 games, and not contributing on special teams, the Patriots are likely seeking to lower his base salary (and $4.683 million cap number) and possibly increasing his available incentives. Because the Patriots gave Ochocinco a $4.75 million signing bonus on a three-year contract, releasing Ochocinco would clear just $1.517 million of cap space.