Report: Chargers QB Philip Rivers restructures contract

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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CBS Sports Writer

John Breech has been at CBS Sports since July 2011 and currently spends most of his time writing about the NFL. He's believed to be one of only three people in the world who thinks that Andy Dalton will... Full Bio

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