Found March 07, 2012 on Down and Distance:
Kansas_city_chiefs_1825

According to league sources, the Oakland Raiders cleared $11.82 million of cap space today by restructuring the contracts of DE Richard Seymour and S Michael Huff. These are big steps in clearing the financial mess that the Raiders faced going into the offseason. They were over the projected salary cap by at least $20 million, and these deals will help get them to the required cap number, whenever that number is released.

Seymour had a cap hit of $14.068 million that was lowered to the league minimum salary of $925K with the remainder of the $6.575 Million turned into a guaranteed roster bonus that will be treated as a signing bonus to avoid the cap hit. Seymour’s contract was also extended another year adding another $7.5 Million base salary and another $7.5 Million roster bonus  tacked on to allow the roster bonus to be prorated over the league maximum five years. The move reduces Seymour’s cap number from $14.068 million to $8.808 million, a cap savings of $5.98 million for the 2012 season.

Michael Huff was scheduled to be a $9.828 million cap hit this season after signing a four-year $32 million dollar deal last August. With the restructured deal Huff will have a $3.988 million cap hit.  The remaining $3.3 million combined with his $4 million roster bonus to create a guaranteed $7.3 million roster bonus that will be treated like a signing bonus. Huff also added two years to his deal to allow the bonuses to be prorated over the five year max. The restructured contract lowers his cap number from $9.828 million to $3.988 million, clearing $5.84 million in cap space for the 2012 season.

This should be a sigh of relief to Raider Nation, many of whom were worried that there wouldn’t be any room for the upcoming Free Agency period.

There are several other contracts being restructured to allow for more wiggle room, some of those players are believed to be LB Kamerion Wimbley ($11 million), LB Aaron Curry ($5.7 million), DL Tommy Kelley ($8.892 million) and QB Carson Palmer ($12.5 million) who both have high cap numbers and should be willing to restructure their deals.

In recent past it has paid to be a Raider, but under the direction of new GM Reggie McKenzie, times are changing in Oakland. Expect several more moves to be made by the team this offseason.

 

Follow me on Twitter @NFLGuy_SK        Follow Down and Distance on Twitter @DownandDistance

THE BACKYARD
BEST OF MAXIM
RELATED ARTICLES

Oakland Raiders restructure Huff and Seymour Contracts

The Oakland Raiders have reached agreements with Michael Huff and Richard Seymour to restructure their contracts cutting nearly 12 million dollars off their salary cap. According to reports, the Raiders converted 6.575 million dollars of his 7.5 million cap hit into a guaranteed roster bonus and is pro-rated over the course of his contract, and [...]

Oakland Raiders Need to Focus on Linebackers, Secondary in Free Agency

Free agency is just days away, and Raider Nation is unsure if whether or not its team will be a major player in free agency. Every major media outlet still has the Raiders over the projected salary cap, despite restructuring the contracts of Michael Huff and Richard Seymour. Hopefully, the Raiders are able to work [...]

The New Oakland Raiders, Part 5

Hello again RaiderNation, it is time for part five of my article on the new Oakland Raiders. In this article, we are going to talk about the Oakland Raiders new defensive position coaches, Defensive Line Coach Terrell Williams, Linebacker Coach Johnny Holland, and Defensive Backs Coaches Johnnie Lynn and Clayton Lopez. Let’s start up front [...]

Raiders DE Seymour, S Huff restructure contracts

The Oakland Raiders restructured the contracts of defensive end Richard Seymour and safety Michael Huff in an effort to move closer to salary cap compliance. The moves - which were reported by the Oakland Tribune - cleared nearly $12 million in salary cap space. Seymour will make a league minimum of $925,000 this season after $6.565 million of his $7.5 million base salary was shifted...

Report: Raiders restructure Richard Seymour and Michael Huff

According to Jerry McDonald of the Contra Costa Times, the Oakland Raiders have restructured the contracts of defensive lineman Richard Seymour and safety Michael Huff.  This should help them get additional cap relief as we get closer to the beginning of the new league year. Seymour dropped his base salary to the league minimum of $925,000 and converted $6.5 million to guaranteed...

Raiders restructure Carson Palmer’s contract

Not only did the Oakland Raiders restructure the contracts of Richard Seymour and Michael Huff, but they were also able to redo quarterback Carson Palmer’s contract. We don’t have the details of what Palmer’s contract looks like now, but the Raiders likely turned most of his 2012 base salary into a bonus, in order for it to not count against the 2012 salary cap.

Raiders' Free Agency needs: Linebacker

2012 Free Agency begins next Tuesday, March 13th at 4pm.  The second in a series of looks at positions the Raiders may target.2011 starters:Strong side, Kamerion WimbleyMiddle: Rolando McClainWeak Side: Quentin Groves initially, Aaron Curry after tradeOffseason Moves so far: none On the Roster:Rolando McClainKamerion WimbleyAaron CurryTravis GoethelPractice Squad:Carl Ihenacho...

Richard Seymour, Michael Huff restructure deals

Hot News for DE Richard Seymour

Raiders Restructure Huff, Seymour’s Contracts, Carson Palmer Next?

Photo Credit: Tony Gonzales/Raiders.com The cap-strapped Oakland Raiders have started to shave away at their cap conundrums as 2012 NFL Free Agency approaches.  The Raiders restructured a couple of contracts with defensive tackle Richard Seymour and free safety Michael Huff, saving the team $11.82 million. Seymour dropped his base salary to the league minimum ($925,000) and managed...

Raiders Restructure Deals With Carson Palmer, Seymour, Huff

Photo Credit: Tony Gonzales/Raiders.com The cap-strapped Oakland Raiders have started to shave away at their cap conundrums as 2012 NFL Free Agency approaches. The Raiders restructured a couple of contracts with defensive tackle Richard Seymour and free safety Michael Huff, saving the team $11.82 million. Seymour dropped his base salary to the league minimum ($925,000) and managed...

Raiders’ Free Agency needs: Cornerback

2012 Free Agency begins next Tuesday, March 13th at 4pm.  The first in a series of looks at positions the Raiders may target.2011 starters: Stanford Routt and variedOffseason Moves so far:cut Stanford Routtsigned Brandon Underwood On the Roster:Chimdi ChekwaDeMarcus Van ****Brandon UnderwoodChris JohnsonPractice Squad:Terrail Lambert – signed to reserve/future contract 1/3...

Palmer also restructures

In an expected move, the Raiders have announced that quarterback Carson Palmer has restructured his contract with the team.  Interestingly, they announced the move via Twitter a sign the times have changed.According to PFT, the team could create as much as $7.71 million in cap space if he dropped to the league minimum and converted the rest into a signing bonus.  It's also...

Raiders restructure contracts of Palmer, Seymour and Huff

The Oakland Raiders restructured the contracts for quarterback Carson Palmer, defensive lineman Richard Seymour and safety Michael Huff on Friday.Palmer was due a $12.5 million base salary for 2012 with $5 million guaranteed. The quarterback has now reduced his base salary to $825,000 for next season with $11.675 million converted to a guaranteed roster bonus. The move frees up ...

Raiders’ Free Agency needs: Defensive Line

2012 Free Agency begins next Tuesday, March 13th at 4pm.  The third in a series of looks at positions the Raiders may target.2011 starters:Defensive End: Lamarr Houston, Matt ShaugnessyDefensive Tackle: Richard Seymour, Tommy KellyOffseason Moves so far: noneOn the Roster:Defensive TackleRichard SeymourTommy KellyJohn Henderson Defensive End:Matt ShaughnessyLamarr HoustonPractice...
Raiders News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
Help
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.