2012 Salary Cap

Steelers Restructure Contract Of Willie Colon

Now we see why Willie Colon was probably headed to the Pittsburgh Steelers facility today and it wasn\’t just to meet new offensive coordinator Todd Haley. Ed Bouchette from the Pittsburgh Post Gazette reports this morning via Twitter that Colon has restructured his contract to help save the Steelers some cap space in 2012. Bouchette reports that $3.8 million of the s $4.5 million base salary that Colon was scheduled to earn in 2012 was turned into signing bonus money and will be prorated out over the remaining 4 years left on the contract.

Colon was scheduled to count $5.7 million against the 2012 salary cap, but with the restructure he will now lower that cap hit down to $2.85 million, a savings of $2.85 million. It was reported last week by Jason La Canfora that Colon was not willing to take a pay-cut, but that report did not mention anything about him not being willing to restructure. Colon has missed nearly all of the last two seasons with an Achilles injury and a torn triceps. He signed a new 5-year, $29 million contract last offseason.

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