The Pittsburgh Steelers have restructured the contract of linebacker Lawrence Timmons, freeing up $5.14 million in space on their 2012 salary cap.
Signed to a five-year, $47.8 million contract extension in August, Timmons was scheduled to earn $2.625 million in base salary and a $4.5 million roster bonus, which was due on the fifth day of the 2012 league year, for a 2012 cap number of $9.125 million.
According to a league source, earlier this week, Timmons signed a restructured contract that reduced his 2012 base salary to $700,000, with the Steelers combining the $1.925 million in base salary and $4.5 million roster bonus into a $6.425 million signing bonus that will be prorated from 2012 through the 2016 season at $1.285 million annually.
The restructure reduces Timmons' 2012 cap number to $3.985 million, a a cap savings of $5.14 million.
The club took the exact same approach earlier this week on a restructured contract for outside linebacker LaMarr Woodley, which saved $6.56 million in cap space. The Steelers also trimmed $3.5 million off their cap by releasing cornerback Bryant McFadden ($2.5M) and wide receiver Arnaz Battle ($1.0375M) on Wednesday.
More reductions are need and are possible, as quarterback Ben Roethlisberger, safety Troy Polamalu and linebacker James Harrison each have cap numbers in excess of $9 million and are due a combined $23.665 million in total compensation, including $23.4 million in base salaries that can be reduced and prorated over a number of seasons to lower each player's cap number in 2012.