The news comes via Larry Holder (the only local Saints reported to ever break any news) on Twitter, per an unnamed source:
#Saints DE Will Smith and LB Jonathan Vilma restructured their contracts to remain with the team, source says.— Larry Holder (@LarryHolder) March 12, 2013
Still no word on how much their new contracts are worth or how much money these moves will save the Saints, but it does get the team under the $123 million salary cap.
The good news about this move is that the Saints get to keep two of their biggest leaders on the defensive side of the ball. The bad news is that both players have been less than stellar recently, and the argument could be made that it might be better just to let them go and move on. What do you think?