Lawrence Timmons restructures contract, Steelers save $5 million

The first restructure of the off-season has been reported for the Pittsburgh Steelers. According to Albert Breer of NFL.com and NFL Network, Lawrence Timmons restructured his deal today, and the team is expected to save approximately $5 million against the 2013 NFL salary cap.

Steelers have restructured Lawrence Timmons' contract, saving approximately $5 million in cap space. Roethlisberger is next.

— Albert Breer (@AlbertBreer) February 27, 2013

The restructures of Timmons and Ben Roethlisberger were expected. With Timmons confirmed, news on Roethlisberger should come shortly. LaMarr Woodley is also widely considered a candidate for restructure, leaving the team about $6 million to clear with his.

Timmons was scheduled for a base salary of $5.375 million plus a $2.5 million roster bonus - which is restructurable - in 2013. His restructure turned part of his convertible salary into a signing bonus, which for cap purposes spread the amount of converted salary across the four years remaining on his contract, counting 2013. In other words, the Steelers saved $5 million against 2013, but added almost $1.7 million in dead money to each of the three remaining years. This also means, Timmons' resulting signing bonus was in the neighborhood of $6.7 million, which he received up front. Any remaining money will be paid out to him on a weekly basis per CBA policies.

The Steelers still have some work to do to prepare for the March 12th deadline, when they must be cap compliant to the rule of 51. Good news speculated by PFT is placing the new salary cap even higher, suggesting it could surpass $123 million. This alleviates some of the need for cap space, but not all.

Mr. Roethlisberger, you're on the clock.