Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary-cap space.
The Super Bowl MVP was to receive a multi-million-dollar roster bonus during the offseason but by converting the money into a regular signing bonus, the Colts can prorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.
The restructuring was disclosed to The Associated Press by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.
Colts spokesman Craig Kelley said the team had no comment.
Manning Restructures Contract To Give Colts Cap Room