Post by The Picks Commissioner on Jul 26, 2008 12:45:09 GMT -5
www.pittsburghlive.com/x/pittsburghtrib/sports/steelers/s_579490.html
Steelers CB Taylor restructures contract
By John Harris
TRIBUNE-REVIEW
Saturday, July 26, 2008
Cornerback Ike Taylor agreed on Friday to restructure his contract to create more salary cap space to help the Steelers sign their top draft pick.
Agent Scott Smith of XAM Sports confirmed that Taylor, who signed a five-year, $23.75 million extension in 2006, will reduce his base salary of $4.1 million this season by $3 million. In return, Taylor, the highest-paid cornerback in franchise history, will receive a signing bonus of $3 million that will be spread over the next three seasons on the team's books -- $1 million in 2008, $1 million in 2009 and $1 million in 2010.
By converting $3 million of Taylor's base salary into a signing bonus, the Steelers were able to free up $2 million in cap space.
Steelers coach Mike Tomlin told reporters Wednesday that all of the team's draft picks would be signed prior to the start of training camp. First-round pick Rashard Mendenhall agreed to terms Friday.
The Steelers have utilized the strategy of restructuring players' contracts in previous years.
Wide receiver Hines Ward, linebacker James Farrior and former Steelers offensive lineman Alan Faneca are among the players who have restructured their contracts to create more salary-cap space.
Taylor, who has totaled $10.5 million in bonus money following the restructuring of his deal, led the team in interceptions and was second in tackles and passes defended in 2007. He became the first player in team history to record interceptions in three consecutive playoff games when he picked off a pass against Jacksonville in the Steelers' 31-29 loss in the AFC wild-card game.
Steelers CB Taylor restructures contract
By John Harris
TRIBUNE-REVIEW
Saturday, July 26, 2008
Cornerback Ike Taylor agreed on Friday to restructure his contract to create more salary cap space to help the Steelers sign their top draft pick.
Agent Scott Smith of XAM Sports confirmed that Taylor, who signed a five-year, $23.75 million extension in 2006, will reduce his base salary of $4.1 million this season by $3 million. In return, Taylor, the highest-paid cornerback in franchise history, will receive a signing bonus of $3 million that will be spread over the next three seasons on the team's books -- $1 million in 2008, $1 million in 2009 and $1 million in 2010.
By converting $3 million of Taylor's base salary into a signing bonus, the Steelers were able to free up $2 million in cap space.
Steelers coach Mike Tomlin told reporters Wednesday that all of the team's draft picks would be signed prior to the start of training camp. First-round pick Rashard Mendenhall agreed to terms Friday.
The Steelers have utilized the strategy of restructuring players' contracts in previous years.
Wide receiver Hines Ward, linebacker James Farrior and former Steelers offensive lineman Alan Faneca are among the players who have restructured their contracts to create more salary-cap space.
Taylor, who has totaled $10.5 million in bonus money following the restructuring of his deal, led the team in interceptions and was second in tackles and passes defended in 2007. He became the first player in team history to record interceptions in three consecutive playoff games when he picked off a pass against Jacksonville in the Steelers' 31-29 loss in the AFC wild-card game.
