Miller was entering the final year of his current contract, and recently had his contract restructured, according to an NFL Network report. Whether that restructuring meant a paycut or an extension wasn't finalized until today, as Miller is now signed through 2016, according to Ian Whetstone.
Looks like maybe Miller took the Hines Ward deal: no increase in total 2014 compensation, $4M/year in the extension years.— Ian Whetstone (@IanWhetstone) March 5, 2014
That would make it $5M in signing bonus, bases of $1.02M (2014), $4M ('15), and $4M ('16).— Ian Whetstone (@IanWhetstone) March 5, 2014
Prorating the $5 million signing bonus over three years reduces Miller's 2014 cap number by roughly $3.3 million.
With more salary cap room coming over the next two years, it's a smart move to extend Miller, who, at 32 years of age, gets one more payday from the team he started with nine seasons ago.