Cofield's new contract gives Redskins more cap space
The Redskins needed some help to get under the NFL salary cap and Barry Cofield was happy to give it to them.
“They came to me and asked me to do it to help the team and I'm more than willing to help the team,” said Cofield.
Cofield agreed to restructure his contract in order to give the Redskins some more cap space. According to the Washington Post, he reduced his 2013 salary from $4.05 million down to $840,000 and he will receive $3.21 million as a bonus. Since the team can spread the bonus amount over the remaining four years of his contract. The restructure reduces Cofield’s cap number from $6.3 million to about $3.9 million, a reduction of $2.4 million.
The advantage for a team doing this is that it creates immediate cap space. The downsides are that it creates higher cap charge to the player’s contract in future seasons and it makes it difficult to release a player due to a large dead cap hit.
“It frees up money for the team and shows an investment for me in the future,” said Cofield. “I was told the don't bother doing things like that with guys they don't plan on having in the future.”
Apparently, they plan on keeping Cofield around for a while.