After restructuring a pair of defensive players’ contracts, the Cowboys have turned their attention to Tony Romo, and will rework their quarterback’s contract to reduce his 2014 cap hit, reports Todd Archer of ESPN.com. According to Archer, the team will convert all but $1MM of Romo’s base salary for ’14 into a signing bonus.
By reducing Romo’s 2014 salary by $12.5MM, the club will spread that amount over five seasons, meaning it will apply to the cap at a rate of $2.5MM per season. For 2014, Romo is now slated to have a $1MM base salary, plus $10.773MM in total prorated bonus money, for a total cap number of $11.773MM.
The move creates $10MM in cap savings for the Cowboys for 2014, meaning the club is well on its way to gaining a little cap room. According to Archer, Dallas will be less than $1MM above 2014’s $133MM salary cap once Romo’s restructure is official. The team has until next Tuesday afternoon to get under the cap for the new league year.
Of course, while restructuring Romo’s contract creates some breathing room for the Cowboys in 2014, another restructure will likely be required a year from now to reduce the signal-caller’s exorbitant 2015 cap hit. Adding $2.5MM in prorated bonus money to Romo’s ’15 cap number increases that figure to $27.773MM.