There is word that Philip Rivers has restructured his deal. It has not come from any of the major outlets yet, but it is coming from Brian McIntyre. I have been following McIntyre for a while and he seems pretty credible. I guess we will have to wait for confirmation from other sources around the league:
Chargers QB Philip Rivers restructured his contract. Cut $12M base to $7M, received $5M signing bonus. Move creates $6.7M in 2013 cap space
— Brian McIntyre (@brian_mcintyre) September 6, 2013
Philip opened up $6.7 million in the books for this season. Interesting timing for this restructure. We could have used that money when we were trying to bring in some free agents. Maybe we are making some room to trade for Jairus Byrd…. just dreaming a little bit.
This will give the team a little bit of wiggle room to bring in some free agents onto the roster during the season. There will be a lot of movement on the roster during the year.
This also could be a move to free up some space to sign Donald Butler to a deal.
UPDATE: Kevin Acee has confirmed the restructured deal.
Chargers gain almost $2 million million in cap space in '13 and $1.6 mil in next 2 years by slight restructure of Philip Rivers' contract.
— UTKevinAcee (@UTKevinAcee) September 6, 2013