Saints Restructure DE Will Smith's Deal, Clear $4.78 In Cap Space

The New Orleans Saints have saved $4.78 million in salary cap space by restructuring the contract of veteran defensive end Will Smith, according to numbers obtained by ESPN.com. The deal was finalized Monday as the Saints position themselves to be under the salary cap at the start of free agency. That could be a challenge because the Saints have placed a franchise tag of almost $15 million on quarterback Drew Brees and want to attempt to re-sign guard Carl Nicks and receiver Marques Colston, as well as some other free agents. The Saints likely will be releasing some veterans in the coming days, but restructuring Smith gives them some added flexibility. The deal was signed Monday and it dropped Smith’s 2012 base salary from $7 million down to the veteran minimum of $825,000.

Source: ESPN.com
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