The Tennessee Titans have freed up some cap space by restructuring the contract of wide receiver Robert Woods.
According to ESPN’s Field Yates, the Titans converted some of Woods’ base salary into a signing bonus, which creates $2.6 million in cap space.
Of course, the hope is that this was done to create space for some kind of significant addition, but chances are it was done to give the cash-strapped Titans wiggle room to operate the rest of the season.
Woods, who was acquired via trade with the Los Angeles Rams this past offseason, leads the Titans with 34 catches and 351 yards, but he has only found the end zone once.
The Titans restructured the contract of WR Robert Woods by converting base salary into a signing bonus, creating $2.6M in salary cap space. Tennessee was tight to the cap prior to the move.
— Field Yates (@FieldYates) November 29, 2022
The 30-year-old’s current contract runs through 2025, but it isn’t clear if this restructure will have any impact on the future years of the deal. As things stand now, Tennessee can cut Woods in 2023 and save $12 million, while only incurring a $2.6 million dead cap charge.