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Insider Only Colon restructures deal, saving Steelers $2.85 million in cap space

The Pittsburgh Steelers have restructured the contract of tackle Willie Colon, Ed Bouchette of the Post-Gazette reports. Colon who was scheduled to carry a cap hit of $5.7 million, will have his base salary of $4.5 million lowered to $700,000 and the $3.8 million will be pro-rated as a signing bonus over the next four years. Colon signed a 5 year, $29 million deal last season with a $6.5 million cap hit. NFLNetwork reported over the weekend that the Steelers asked Colon to take a paycut and but agent Joe Linta refuted that on Monday and Colon will still receive every penny he was previously due this coming season. The Steelers entered the weekend $11.7 million over the salary cap and this move saves them approximately $2.85 million.

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