When the Patriots acquired receiver Chad Ochocinco via trade in 2011, which at the time was the final year of his contract, the two sides added two more years.
With a base salary of $3 million due in 2012 and a base salary of $3 million due in 2013, and with Ochocinco doing nothing in 2011 to justify such compensation, it’s no surprise that the Patriots want to adjust the deal.
Liz Mullen of SportsBusiness Journal reports, and PFT has confirmed, that the Patriots have approached Ochocinco regarding the possibility of restructuring the contract.
It’s unknown at this point whether the Patriots wish to do a “simple restructuring,” which would give him up to $2.075 million in the form of a signing bonus and drop his 2012 cap number by up to $1.0375 million, or whether the Pats want Ochocinco to roll back his base salary to a lower amount.
Many league insiders believe that the Patriots opted not to cut Ochocinco during the 2011 season because the team paid him a $6 million signing bonus upon extending his contract after the trade that sent him from Cincinnati to New England. There’s a much greater chance that, if he won’t re-do his deal, he’ll be cut before the 2012 season begins.