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Steelers clear $11.7 million with Timmons, Woodley restructurings

Lamarr+Woodley+Super+Bowl+XLV+ejXNY8xC-x8l Getty Images

On Thursday, MDS pointed out that the Steelers have begun chipping away at a $25 million cap bulge by restructuring the contracts of linebackers LaMarr Woodley and Lawrence Timmons.

A league source has supplied the specifics to PFT.

As to Woodley, his 2012 cap number has dropped from $11.5 million to $4.94 million, creating $6.56 million in cap room.  The move results from the conversion of a combined base salary and roster bonus of $8.9 million into a $700,000 base salary and an $8.2 million signing bonus.

The simple restructuring pushes the extra $6.56 million into the final four years of the contract, at a rate of $1.64 million extra per year.

For Timmons, his cap number of $9.125 million drops to $3.985 million, creating $5.14 million in cap space.  The extra money comes from the conversion of $7.125 million in salary and roster bonus into a salary of $700,000 and a signing bonus of $6.425 million.  It results in an extra $1.285 million being charged under Timmons’ name in the final four years of his contract.

It’s unclear at this point what else the Steelers will do to get under the cap.  But they need to be there by the start of the league year on March 13.  With these two restructurings, the Steelers pushed $11.7 million in current cap space into future years.

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33 Responses to “Steelers clear $11.7 million with Timmons, Woodley restructurings”
  1. that_e says: Feb 10, 2012 12:29 AM

    Also good news for Steelers with their restructured contracts: if they get suspended their fines (the game checks for those weeks) are much smaller!

  2. mayfieldroadboy says: Feb 10, 2012 12:30 AM

    So the bulk is just pushed into future years. Eventually, the piper needs paid.

  3. hillbillyjim says: Feb 10, 2012 12:47 AM

    Who are the Steelers?

  4. cornellsteelers says: Feb 10, 2012 12:48 AM

    @mayfieldroadboy

    In a few years the salary cap will jump up due to the new TV contract. I think I’ll trust the judgment of the Steelers organization over that of a few anonymous internet commenters.

  5. vincentbojackson says: Feb 10, 2012 12:52 AM

    The only things guaranteed in life are death, taxes, and the Steelers reloading.

    Steelers salary cap wizard Omar Khan working his magic again. The Steelers will get under the cap, kill it in the draft like they always do, and be in the hunt once again at the end of next season.

    Yawn

  6. Soulman45 says: Feb 10, 2012 12:54 AM

    They will be cut before it s due.

  7. rexismybff says: Feb 10, 2012 12:57 AM

    “It’s unclear at this point what else the Steelers will do to get under the cap. ”

    Cutting the entire offensive line except their young center, Pouncey, would be a great start.

  8. brenenostler says: Feb 10, 2012 1:01 AM

    Glad there are guys that do it for the love of the game and not the money

  9. rhondasays says: Feb 10, 2012 1:07 AM

    LOL Steelers can’t mae AFC north champs next season anyway. Steelers will be looking up at Flacco and Ravens and press will HAVE to stop berated Flacco. Beye-beye Steelers and Hell-o Ravens.

  10. paulbrown46 says: Feb 10, 2012 1:22 AM

    The Denver playoff game was the beginning of a pattern of problems for the Steelers.

  11. goawayeverybody says: Feb 10, 2012 1:34 AM

    I sure hope the Saints pull off some of these types of moves.

  12. nomorewhodey says: Feb 10, 2012 1:41 AM

    Expect them to dismantle within a few years too many big salaries piling up. Still have to pay mike Wallace he’s gonna command big money.

  13. paulbrown46 says: Feb 10, 2012 1:45 AM

    The wheels are coming off. Hubris cost them the Denver game, and lack of vision will cost them the future.

  14. redguy12588 says: Feb 10, 2012 1:46 AM

    The Steelers have been doing this sort of thing for years. A
    It’s not going to bite them in the ass.

  15. hairpie says: Feb 10, 2012 1:56 AM

    more salary cap cheating im sure.

  16. quittsburghstoolers says: Feb 10, 2012 2:18 AM

    Steeler fans are happy now but are not gonna
    be happy in a couple of years.

    Teams in the past have done this, trying to
    hold their team together for “one last run”.
    (The ’02 Titans come to mind. There have been many others)

    Even if they do have success, at some point the team
    will have to cut many high priced veteran guys and
    go with lots of lesser talent at several positions.

    The smarter way to do things is to try to always have
    young backups getting ready to be the next starter at key positions.

    If you do not, then you wind up like the Colts.
    They went “all-in” with Peyton Manning and
    had no decent replacement getting ready.

    Unless something unforeseen happens, I predict
    the Steelers being a truly awful team by 2014…

  17. worldwidebleater says: Feb 10, 2012 4:30 AM

    Salary does not get paid if you don’t play. And these guys will never play out their contracts. That way the money that they took from “today’s” bonus money, and promised in the future will never get paid. The players should have fought harder to get more during CBA negotiations.

    These big contracts you hear about never get paid out. Example: Albert Haynesworth. There was all of this talk about $100 mil., but he ended up getting about 30mil. But he stole every damn dime of it, so he should have no complaints.

  18. kahnsbushymustache says: Feb 10, 2012 5:54 AM

    Many a team has found the entrance to Salary Cap Hell is a door marked “Restructure”…

  19. toegoat says: Feb 10, 2012 6:24 AM

    I think the bulk was given to them thru “signing bonus” so u could say the piper already got his……. Khan is a wizard

  20. dkrauss93 says: Feb 10, 2012 8:06 AM

    Now these are great team players. I wish other players would do the same thing because they’re still making millions.

  21. napoleonblownapart6887 says: Feb 10, 2012 8:39 AM

    The Steelers have been doing this for years. Restructuring veteran deals and then cutting ties with people after they’ve squeezed every drop out that they can (a la Joey Porter, Willie Parker, Larry Foote and Bryant McFadden the first time around, Alan Faneca, Jason Gildon, etc…) and every year people say – oh this is the year it all comes back to bite them. But it never is because they draft so well and have low cost guys to replace them. The Steelers will be fine in 2012 and beyond. In Colbert we trust.

  22. steelforce43 says: Feb 10, 2012 8:55 AM

    Obviously, all you haters know more about the cap than the Steelers. Really, the Steelers are done… Didn’t you all say the same thing & jump on Sapp’s band wagon. How did that work out for you? Seriously, the Steelers have a great core of young talent & have areas of need but what team doesn’t. The Ravens heart and soul (Ray Ray & Reed) will soon be gone. Then what? Cinncy will be better and the Browns are a joke. Steelers will continue to be the measuring stick for the AFC North.

  23. jgo304 says: Feb 10, 2012 9:04 AM

    Colbert is not quite the GM the Yinzers make him out to be. They had a horrid draft last year and are 25-11= 14 mill over the cap still.

    How many more of their stars will restructure? This restructuring will eventually bit them as well.

    Holes at Dline, Oline, RB, CB, and now dealing with a real treat of a new OC with 14 Mil over the cap on top its not looking good.

  24. leksington says: Feb 10, 2012 9:52 AM

    “The Ravens heart and soul (Ray Ray & Reed) will soon be gone. Then what?”
    ————————————–

    Here’s what: DPotY Terrell Suggs(29), Haloti Ngata(28) and Jimmy Smith(23).

  25. leksington says: Feb 10, 2012 10:02 AM

    “Salary does not get paid if you don’t play. And these guys will never play out their contracts. That way the money that they took from “today’s” bonus money, and promised in the future will never get paid. The players should have fought harder to get more during CBA negotiations.”
    ————————————————–

    Today’s bonus money will definitely get paid. 100% of it. I’m not sure you understand how restructuring a contract or signing/roster bonus money works.

  26. napoleonblownapart6887 says: Feb 10, 2012 10:35 AM

    @jgo – you don’t know how our draft was you can’t judge it after one year. Timmons and Woodley were drafted and didn’t start for a couple years… Howd that work out? Marcus Gilbert turned into a reliable starter and Heyward is the heir apparent to Key in the line.

    Also we were the number 1 pass defense in the league last year so I think we’re set at CB

  27. steelforce43 says: Feb 10, 2012 10:37 AM

    @leksington
    Here’s what: DPotY Terrell Suggs(29), Haloti Ngata(28) and Jimmy Smith(23).

    They are EXCELLENT players. However, no two players have embodied a defense’s identity like those two guys. As good as Suggs and Ngata are they are an afterthought compared to Lewis and Reed. Also, when Ray leaves so does your DC, as he is the DC on that team no matter what coach holds that title.

  28. slateken says: Feb 10, 2012 12:00 PM

    @worldwidebleater who wrote, ‘Salary does not get paid if you don’t play. And these guys will never play out their contracts. That way the money that they took from “today’s” bonus money, and promised in the future will never get paid.’

    The salary portions of their pay was converted into signing bonus, which is prorated, not paid over the remaining years of the contract. So it is actually the opposite of what you wrote. The only monies they are not guaranteed are the smaller salary amounts. The big money is already in their bank accounts and will count against the cap whether they are on the team or kicking it w/ Lebron in Miami.

  29. Deb says: Feb 10, 2012 12:53 PM

    Omar Khan has been our numbers guru for the last decade, and let’s hope the Rams’ request to interview him for their GM job isn’t tempting. Caps haven’t been an issue for the past couple of years, but the Steelers have done a good job of working through these issues before, and I’m not worried about our ability to handle it now. The only thing I’m worried about–as usual–is the offensive line and gaining depth in a few other positions.

  30. GoHawks.info says: Feb 10, 2012 1:09 PM

    For those of you saying the Steelers can cut these players down the road and avoid the cap…you couldn’t be further from the truth. If they are cut, the entire pro-rated amount of the signing bonuses hits the cap that year. Their only option would be to either pay them or trade them. The Steelers are in trouble…they have the oldest defense in the NFL, even if it was the #1 unit. They need to replace aging players and will only be able to do so much in the draft, as they have issues on the OL and skilled positions that need to be addressed. Remember the 9ers from 15-20 years ago? Cap wranglings killed that franchise, too.

  31. shaydu22 says: Feb 10, 2012 2:02 PM

    Hillbillyjim…..The Steelers are what all others are judged by!!!!!!!

  32. Deb says: Feb 10, 2012 2:44 PM

    @GoHawks.info …

    We’re not in trouble; we have some numbers to crunch. We’ve been addressing our aging defense all along, grooming young players to take over for aging veterans. You missed the third option: Players can retire. It’s very possible James Farrior, Aaron Smith, and Casey Hampton will opt to do that given their ages–and in Smith and Hampton’s cases, their injuries.

    None of the three will be picked up by other teams, and they know it. Farrior can still perform at a high level despite his age, but both Smith and Hamptom are only playing part-time as it is. We’ve already got talented people backing them up. If they decide to stay, they’ll likely lose their starting positions and have no choice but to take paycuts.

    Harrison and Polamalu are at their peak in terms of age/effectiveness. Polamalu was the only Steeler to make All Pro for 2011. They haven’t yet started to decline although they will over the next few years, and we’ll address those positions as that happens. In the meantime, I’m sure both will be willing to restructure their contracts. Working around the cap is an intricate business, but it’s one the Steelers have managed well for some time.

  33. bolgheri says: Feb 10, 2012 2:47 PM

    Gee from reading this article there are clearly many people posting here that have a superior grasp on the ramifications of contract restructuring relative to the current and future salary cap trends…why are the Rams interested in speaking with y’all instead of Omar Khan ?
    ;-)))

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