Steelers Extend Troy Polamalu’s Contract

1:20pm: Polamalu’s three-year extension is worth $20MM overall, and will save the Steelers $4.5MM in 2014 cap space, tweets ESPN.com’s Adam Schefter.

12:26pm: The Steelers have extended Troy Polamalu‘s contract for an additional two years beyond next season, keeping him under team control through 2016, the club announced today. Like Heath Miller‘s new deal, which was also confirmed by the Steelers, Polamalu’s extension is expected to reduce his 2014 cap number.

Polamalu, who has been with the Steelers since the team drafted him in the first round in 2003, had been on the books for a cap number of about $10.888MM for 2014. His new deal should reduce that number, along with his ’14 base salary ($8.25MM), pushing some prorated bonus money into the 2015 and 2016 seasons.

Although he’ll turn 33 next month, Polamalu continues to give the Steelers excellent production at the strong safety position, starting all 16 games for the club in 2013. The USC alum earned his eighth Pro Bowl berth and ranked fifth overall among 86 qualified safeties, according to Pro Football Focus’ advanced metrics (subscription required).

For the Steelers, the Polamalu and Miller extensions will create some much-needed cap flexibility, as the team looks to get under the cap in time for the start of the new league year next Tuesday. Still, depending on how much money is sliced off Polamalu’s cap number for 2014, more moves will likely be required. Pittsburgh may also have to deal with the contracts of LaMarr Woodley and Ike Taylor in the coming days.