Steelers gave RB LeGarrette Blount a two-year, $3.85M deal, including a $950K signing bonus.— Adam Schefter (@AdamSchefter) March 28, 2014
Prior to the signing, the Steelers were reportedly around $1 million under the cap, and it seemed possible the Steelers might be too cash strapped to secure Blount, or any other running backs services until another roster move was made. And that is taking into account a very soft market for running backs.
However, no roster move (such as a restructuring) has been announced, so Blount's deal obviously keeps the Steelers under the salary cap. Thus, although no year by year breakdown is available we can presume he isn't earning more than $1 million in 2014.
With what was left of the crop of running back free agents in Maurice Jones-Drew and Knowshon Moreno signing today and yesterday respectively, their deals effectively set the market price for Blount, apparently at a level the Steelers were comfortable with.
In addition, the guaranteed signing bonus of $950,000 is a relatively low amount, so if things go badly, and that is a possibility given Blount's temperamental history, the Steelers can part ways without shouldering any significant financial penalty.