A few days ago Michael Huff tweeted that he liked the direction the team was headed under head coach Dennis Allen. Richard Seymour has long said that he would be open to a restructure with an extension. Now both players have restructured their deals to remain with the team and bring the Raiders salary cap hit down. This according to Brian McIntyre of Football Outsiders at macsfootballblog.com.
The reported restructure of Richard Seymour nearly cuts his cap hit in half for 2012. He contract was set at a guaranteed $14.06 million. In doing so, he was extended one season through 2014. His salary in 2012 will go from $7.5 million base down to the league minimum of $925 thousand with the remaining $6.575 million made into a signing bonus. His cap hit for 2012 is now a sleek $8.8 million for a savings of $5.98 million this year.
The Raiders did the most sensible thing with Huff's contract-- they turned his roster bonus into a signing bonus. But they did one better. Before they did that, they reduced his base salary to $700 thousand and added the remaining $3.3 million to his roster bonus. THEN they changed it to a signing bonus. His previous roster bonus was $4 million, now it is $7.3 million and changing all that into a signing bonus allowed it to be spread out over the life of the deal which lowers his cap hit from (I hope you're sitting down) $9.8 million to $3.988 million. That clears out $5.8 of cap space. By Grapthar's Hammer, what a savings.
Between the two of them, their restructures have saved the Raiders nearly $12 million off the cap. The Raiders go from being around $22 million over, to $10 million. Just. Like. That. (If the team can't reach a long term deal with Tyvon Branch and he signs his franchise tag, this figure will rise by $6.2 million)
And we still haven't gotten word of any cuts or the restructure or cut of Kamerion Wimbley. What was I just saying about the Raiders being players in free agency?