Timmons creates $5.34375 million in cap space

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The second annual Lawrence Timmons contract restructuring has created a nice chunk of cap space for the Steelers.

Per a source with knowledge of the deal, Timmons dropped his compensation to a base salary of $750,000 in 2013.  The rest of the money he was due to earn — $7.125 million — became a signing bonus.

With four years left on Timmons’ deal, the $7.125 gets divided by four, with 25 percent of the amount applying to the cap in each of the next four seasons.

That creates $5.34375 million in cap space in 2013, pushing that money, in increments of $1.78125 million, into 2014, 2015, and 2016.

It was, then, a “simple restructuring,” with Timmons getting the bulk of his 2013 money now — and the Steelers kicking a $5.34375 million cap can down the road to future years.  The player loses nothing at all, and the team gains cap space.

If Tom Brady’s new contract was sufficient to justify sainthood, they should at least make Timmons a knight, or something.