The Redskins have restructured the contract of cornerback Josh Wilson to create more flexibility beneath the salary cap, the seven-year veteran confirmed, Mike Jones of the Washington Post reports.
Set to count $5.3 million against the cap in 2013 – the final season of his contract – Wilson took a pay cut of $1.9 million as his base salary was lowered from $3.9 million to $2 million. He will now receive a signing bonus of $1.3 million and count $3.4 million against the cap.
Prior to restructuring Wilson’s deal, the Redskins had only $30,000 in cap space – not enough to sign the rookies acquired via this week’s draft. But Redskins Coach Mike Shanahan said on Wednesday that the team had a plan to create more spending money.
Wilson said the team only recently approached him about restructuring his contract.
“Everybody understands we’re in a difficult situation and what we have to deal with,” Wilson said referring to the $18 million salary cap penalty Washington had to deal with in each of the last two offseasons. “Sacrifices have to be made. Normally, the sacrifice is your body and time with our family, but you also have to make sacrifices for the better of the team, and hopefully benefits both sides.”