Found September 06, 2013 on Pro Sports Daily:
This is....kind of meaningless. So if I'm understanding this correctly the team handed Philip Rivers a check for $5 million dollars and said "Your salary will now be $5 million less this season." Well I suppose that's one way to clear cap space. Many were left wondering after the San Diego Chargers went over the cap by cutting WR Robert Meachem how they would go about getting that cap space back. It would appear that they had a handshake agreement with Rivers to move that money from salary to signing bonus. I don't think this changes the team's situation with Rivers next year. I believe they're still able to release him with almost no cap penalty and his salary is still gigantic.
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