Blog Entry

Report: Big Ben restructures contract for PIT

Posted on: February 23, 2012 5:09 pm
Edited on: February 23, 2012 9:19 pm
 
It's not ideal, but the Steelers can survive in a Wallace-less offense. (US PRESSWIRE)
By Josh Katzowitz

Since it now seems that the most important thing in the world for the Steelers to do this offseason is keep Mike Wallace in the organization -- clearly the franchise is being truthful when it says it wants the receiver to spend his entire career in Pittsburgh -- even Ben Roethlisberger is willing to sacrifice.

According to the Pittsburgh Post Gazette, Roethlisberger has restructured his contract so the Steelers can save about $8 million in cap space for 2012. Reporter Ed Bouchette writes that the cap space saved by the Roethlisberger restructuring will put the Steelers at about the cap limit of $120 million (the deadline is March 13).

Roethlisberger signed an eight-year, $102 million deal in 2008, and though he was originally supposed to make $11.6 million in 2012, Pittsburgh has taken $10.7 million of that and converted it into a signing bonus. As Mac’s Football Blog points out, the signing bonus will then add $2.675 million to the Steelers salary cap from 2013-2015. Roethlisberger, who now has restructured his deal for the second time in six months, will make at least $11.6 million per year in those three seasons.

Pittsburgh clearly wants to keep Wallace, a restricted free agent this offseason, for the long term, and in order to do that, the Steelers will have to sign him to a long, rich contract. Or they could franchise tag him, which would cost the team about $9.5 million for 2012. Even with Roethlisberger’s restructuring -- and he's not the only one, as the team has reworked the contracts of Lawrence Timmons, LaMarr Woodley and Ike Taylor -- reaching that mark probably will be tough.

And at this point, Wallace isn’t sure he’ll return to his team.

"(Pittsburgh is) where I would like to be, but we all know that it is a business and you have certain things you have to handle," Wallace told Sirius XM NFL radio on Wednesday. "So if I have to go elsewhere, you know Pittsburgh will always be in my heart, but I have to do what I have to do.

"Yeah, we are talking, but I don`t know how far they are going to get right now because of the situation. I know that they are working hard trying to take care of it, but I don`t know. We`ll see.”

Steelers general manager Kevin Colbert is a bit more optimistic, saying Thursdasy (via the AP), "I'm confident Mike wants to finish his career with the Steelers."

Most likely, the Steelers will place a first-round tender on Wallace, but a team that needs receiver help and that has plenty of space under its respective salary cap (and can let go of a first-round pick) might have a better chance of making an offer to Wallace the Steelers simply can’t match. Then, it won’t matter what Roethlisberger has sacrificed, because one of his top targets will be gone.

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Comments

Since: May 17, 2008
Posted on: February 23, 2012 6:47 pm
 

Report: Big Ben restructures contract for PIT

I love it when articles try to make "restructuring" a contract look like some noble thing --and I am not picking on Ben here, happens all the time.  It is not like most of these guys, Big Ben included, are taking a paycut.  They simply converted "salary" into "signing bonus" which can be spread over the remaining term of the contract even though it is all paid now -- better for the player as signing bonus is guaranteed, salary is not--if for some reason the team decided to cut him mid-year (I know, highly highly highly unlikely) he still gets all $10.7million instead of a pro-rated amount.  Again, players don't have to do it, true, but its not like he's taking less money or even deferring money to a later date...its just semantics.


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