The Saints just cut $4.8 million in this year's cap number with a simple wave of a pen. Jairus Byrd and the Saints have agreed to change Byrd's due roster bonus into a signing bonus that can be prorated throughout the length of Byrd's contract.
It breaks down like this: Byrd was scheduled for a $6 million roster bonus for the upcoming season. The restructuring turned this into a signing bonus, which will count just $1.2 million this year, as well as each remaining year of Byrd's deal (5 years). Byrd’s overall 2015 cap space went from $10.3 million down to just $5.5 million. If you get out your fancy calculators, you'll see with me that this restructuring adds up, er, subtracts out to $4.8 million in cap savings for the team this year.
While this move certainly helps, the Saints still find themselves about $15 million over the cap limit. With the team having until 4pm ET on Tuesday to cut that extra money, expect several more moves over the next few days... maybe hours.
Who will be the next to be restructured? Junior Galette, Jimmy Graham, Drew Brees? I'm giddy in anticipation.