The Colts have successfully restructured the contracts of both Peyton Manning and Marvin Harrison to keep the team under the $94.5 million salary cap, according to the Indianapolis Star.
Prior to a special master's ruling last Wednesday that roster bonuses for the pair couldn't be converted through a routing bookkeeping move to prorate them into remaining years, the Colts were roughly $2 million under the cap. The decision threw all of Harrison and Manning's bonus money -- an estimated $12 million, way over the cap up to $10 million.
The full restructuring of both players' deal reverses the damage and puts the Colts near, but under the cap based on our figures provided by cap expert David Whiteley. They should now be $2 million to $3 million under the cap, even with their recent signings. Manning's restructured deal will reportedly reduce his cap hit by $5.3 million while Harrison's will reduce the hit by $7.5 million.
With Edgerrin James, David Thornton and others ready to become free agents Thursday morning -- barring another delay -- the Colts won't likely be able to do much to retain them without releasing some players or restructuring more deals -- unless the cap is set significantly higher as some have projected. But at least the Colts now have some breathing room and should no longer be listed amongst the teams that may face massive cuts if a CBA extension doesn't get done before free agency opens.
Colts Get Back Under the Cap
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