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Report: Chargers QB Philip Rivers restructures contract

By John Breech | CBSSports.com

Thanks to Philip Rivers, the Chargers have $3.32 million in extra cap space this year. (USATSI)
Thanks to Philip Rivers, the Chargers have $3.32 million in extra cap space this year. (USATSI)

While Peyton Manning was busy throwing an NFL-record tying seven touchdown passes on Thursday, another AFC West quarterback was busy doing something too: Philip Rivers.

Rivers and the Chargers put the finishing touches on a contract restructure that will clear $3.32 million in 2013 cap space for the team, according to UT San Diego.

The 31-year-old quarterback won't be making less money in 2013, he'll just be making it in a different way. Before reworking the contract, Rivers was set to make $12 million in base salary in 2013. However, under the restructured deal, Rivers will make $7 million in base salary and the other $5 million will be converted into signing bonus money.

The conversion from base salary to bonus money means the $5 million can be counted over the life of the contract, which in this case means the money will be spread over the final three seasons of Rivers' current deal.

Restructuring a deal this is close to the regular season is definitely a little odd, but UT San Diego has a theory: the paper believes the Chargers will use the $3.32 in cap savings to sign linebacker Donald Butler to an extension.

The Chargers kick off their 2013 season on Monday when they host the Texans.

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