Less than a week before the start of the 2012 league year, no team has more work to do to become salary cap compliant than the Oakland Raiders, who were over $20 million over the cap.
This week, the Raiders got to work on that issue, restructuring the contracts of defensive tackle Richard Seymour and Michael Huff.
According to a league source, Seymour lowered his $7.5 million fully guaranteed base salary to the league minimum ($925,000) with the remaining $6.575 million converted to a guaranteed roster bonus that will be treated as a signing bonus for salary cap purposes. Seymour's adjusted base salary is fully guaranteed and another season was tacked onto Seymour's contract to allow the roster bonus to be prorated over the maximum allowable number of years (five).
The restructure, which is a one-year, $15 million extension, reduces Seymour's cap number from $14.068 million to $8.808 million, a cap savings of $5.98 million for the 2012 season. Seymour's cap numbers in 2013-15 will increase from $17.818 million to $19.133 million and the extension year, 2016, Seymour has a $7.5 million base salary and $7.5 million with a cap number of $16.315 million.
Huff signed a four-year, $32 million contract extension last August that included a $7.315 million signing bonus and $685,000 base salary in 2011 with $4 million base salaries and $4 million roster bonuses in each of the final three seasons of the deal.
Under the restructured contract, Huff's base salary base salary was reduced to $700,000, which is fully guaranteed, with the remaining $3.3 million combined with his $4 million roster bonus to create a guaranteed $7.3 million roster bonus that will be treated like a signing bonus for salary cap purposes. Two additional years with $4 million base salaries and $4 million roster bonuses were added to allow the 2012 guaranteed roster bonus to be prorated over five seasons.
Huff's restructured contract lowers his cap number from $9.828 million to $3.988 million, clearing $5.84 million in cap space for the 2012 season.