Remember that the term “restructure” is often used too broadly by the media. It should specifically refer to the technique of converting base salary to a signing bonus for the purposes of gaining cap space in the current year. While possible with Stephenson, I highly doubt that was the case here. I would instead be thinking Stephenson either took a pay cut or agreed to some other alteration to make the contract friendlier for Denver.
UPDATE – 9:30 AM MT: Stephenson and the Broncos have agreed to split the difference between his pending $4 million salary guarantee:
If Stephenson does not make the final 53, the dead money will depend on how Stephenson will receive the $2 million:
- If the $2 million is still part of his salary, the Broncos would incur $3 million of dead money in 2017, and $1 million in 2018.
- If the $2 million was given as a signing bonus, the Broncos would incur $2 million in dead money in both 2017 and 2018.