According to ESPN’s Pat Yasinskas, the New Orleans Saints will save $4.78 million in cap room after restructuring defensive end Will Smith’s contract on Monday.
Smith’s 2012 salary from brought down from $7 million to the veteran minimum of $825,000, since the Saints turned his salary into a $6.175 million signing bonus.
Smith will also earn a $1 million roster bonus in late March and a $150,000 for participating in a certain number of offseason workouts.
The Saints are hoping that the extra cap room will help them re-sign upcoming free agents like Carl Nicks and Marques Colston.
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