Thigpen had the final year of his contract wiped out in exchange for the reduction, which means that Thigpen will be a free agent in 2013.
Also, even with the pay cut, Thigpen will earn $1.5 million. Specifically, he gets $500,000 roster bonus and a base salary of $1 million. Thigpen was due to earn a base salary of $2.5 million.
It’s not a bad deal for Thigpen, given that the Bills had to be seriously considering the possibility of cutting him.