Courtney Cronin of ESPN.com reports that the restructure has been completed. It involved converting much of his $11.1 million base salary into a signing bonus with the cap hit spread across future seasons.
Thielen’s cap number has gone from over $13.468 million to $5.968 million as a result of the move.
There are three years left on Thielen’s contract. He is set to make over $12 million next season, more than $13 million in 2023, and $15.4 million during the final year of his pact.