The team restructured Heath Miller’s contract yesterday to free up cap space for recent signings. Going into Tuesday, the Steelers only had approximately $1.5 million in available cap space, so the team really had little choice but to restructure after getting hit by the injury tsunami on Sunday. None of the three players who required surgery this week had split contracts that would provide cap relief to the team in case of injury.
$3,187,500 of Heath’s $5,162,000 2013 base salary was converted into a prorated signing bonus. The move freed up just under $1.6 Mil of cap room this year. Heath’s salary cap numbers for 2013 and 2014 are as follows:
Here are the financials for the signings the team made this week:
Base Salary Cap Number
Jonathan Dwyer~ $630,000 $592,941
Fernando Velasco~ $715,000 $522,353
Shayne Graham~ $940,000 $522,353
The three signings combined cost the team $1,637,647, so before restructuring Heath Miller’s contract, the signings were not possible. As of right now, the team has $1,385,253 in salary cap space, and that includes restructuring Heath.