Steelers ILB Lawrence Timmons restructures contract to free up $3.32M in salary cap space

Source: Steelers restructured LB Lawrence Timmons' contract. Turned $6.63M into a SB. New base salary in $870K. Creates $3.32M in cap space.

— Field Yates (@FieldYates) September 7, 2015

The Pittsburgh Steelers have restructured Lawrence Timmons' contract, per ESPN's Field Yates. The move turned $6.63 million dollars into a signing bonus, which moves his base salary to $870 thousand dollars. All while creating $3.32 million dollars is salary cap space.

Timmons was due to receive $7.5 million dollars in 2015, but the restructure will help the Steelers in terms of paying the injured players still on the team's payroll, as well as possibly sign other players.

The team still has time to work out a new contract with a number of players who are searching for a new deal. Left tackle Kelvin Beachum would certainly top the list of players deserving of a new contract, but William Gay and Antwon Blake are others who are entering a contract season.

The Steelers have long upheld their stance on not negotiating contracts with players when the season starts, and in Beachum's case, the clock is ticking as the team will be traveling to Foxborough, MA Wednesday for their Thursday night game against the reigning Super Bowl Champions, New England Patriots.