The separation would have been painful for both the Colts and Reagor. Indianapolis has benefited from Reagor's productivity at right defensive tackle since he joined the team as a free agent out of Denver back in 2003. Over the past three seasons, he's made 105 tackles, 11 sacks, and forced two fumbles. Reagor followed up a 5-sack performance in 2004 with 5.5 sacks in 2005. And he's become a formidable force inside, helping disrupt the timing of running backs with his quick penetration between the gaps in the offensive line.
The benefit of staying in Indy for Reagor is readily apparent. Tony Dungy's system is perfect for a defensive tackle of his size, stature, and quickness. Unless he was lucky enough to land with another Cover 2 defense in free agency, he could struggle to be as productive -- hurting his long-term financial situation. Additionally, Reagor seems to be very happy with his situation in Indy.
The Indianapolis Star and Reagor's agent have stated that he has agreed to restructure his current deal to lower his cap hit. Based on the Colts' current cap situation -- especially without a new Collective Bargaining Agreement -- Reagor likely would have been the top target for being cut on Sunday. While other Colts will hit the cap for more money this year, the lack of a CBA extension would accelerate their future bonuses into this season, nullifying any savings by cutting them now. That wasn't the case for Reagor.
According to figures provided to ColtPower, Reagor was scheduled to hit the cap for almost $3.9 million this year in salary and bonuses. By releasing him under his current contract, the Colts could have saved roughly $2.5 million against the cap this year under the terms of his contract that ran through the 2008 season. No financial details have been released yet regarding his restructured contract.
With the hit the Colts are currently taking -- due to the Manning and Harrison roster bonuses counting in full this season rather than being spread out over the remaining years of their contract as expected -- the figures provided to us show the team $12 million over the cap prior to Reagor's restructuring. The Colts are attempting to avoid having to take the full hit for Manning and Harrison's bonuses through a couple of options that will be outlined later today in a separate article.