Jason La Canfora reports that Ike Taylor has renegotiated his contract with the Steelers. La Canfora states that Ike’s new deal is for one year at $2.75 Mil. His previous base salary was $7Mil. Doing the math here, that’s a $4.25 Mil pay cut for Taylor. The Steelers are still on the hook for his signing bonus money of almost $5 Mil, that doesn’t just go away, but clearing $4.25 Mil in cap space is as good as the team could hope for.

If this is true, it takes Ike’s 2014 cap number from $11,942,404 down to $7,692,404. It’s hard to say if the Steelers reported interest in various CB’s helped negotiations or not. Either way, Ike certainly must have known that he was going to see a reduced value if he hit the crowded free agent market.

The Steelers now have some cap room to work with for signing free agents…namely their own.