Colts restructure WR T.Y. Hilton's contract, open $2.3M in cap space

The Colts have opened up a chunk of cap space. The team restructured the contract of wide receiver T.Y. Hilton Thursday, reports NFL Network’s Ian Rapoport.

The veteran wideout inked a new one-year, $8M deal with the Colts this past offseason, and Thursday’s move will save the organization around $2.3M in cap space. Per Joel A. Erickson of the Indy Star, the team converted some of Hilton’s base salary into a signing bonus while adding a void year.

The Colts placed Hilton on IR before Week 1, and he underwent surgery after suffering a neck injury in practice. The 31-year-old returned to the field last weekend, hauling in all four of his targets for 80 yards. Four wide receivers (Parris Campbell, JJ Nelson, Quartney Davis and Dezmon Patmon) are sitting on injured reserve, so Hilton’s return came at the perfect time.

The veteran hasn’t had a 1,000-yard season since 2018, but he’ll still provide Carson Wentz with a reliable target. Hilton finished the 2020 campaign with 56 receptions for 762 yards and five touchdowns in 15 games.