Barry Cofield Restructures Contract, Saves Cap Money
The nose tackle, signed through 2016, agreed to restructure the terms of his contract so the Redskins can enter the regular season with an additional $2.4 million in cap room.
BY ZAC BOYER
ASHBURN – Barry Cofield said Monday it was an easy decision to restructure his contract, which will now save the Redskins room against the salary cap entering the regular season.
Cofield agreed to a change late last week that will save the team approximately $2.4 million in salary cap space this season, according to The Washington Post. His original base salary of $4.05 million was reduced to $840,000, the minimum available to a player with seven to nine years’ experience, with the remaining $3.21 million converted to a bonus.
The bonus money will then be spread over the remainder of Cofield’s contract, which lasts through the 2016 season. He previously counted for $6.3 million against the cap, which was the third-highest number on the team, according to a review of the team’s salary cap records.
“They came to me and asked me to do it to help the team, and I’m more than willing to help the team,” Cofield said. “That doesn’t really change my situation too much. It’s just some complex math that my agent had to explain to me in a way that helps the team. If it frees up money for the team, it shows somewhat of an investment for me in the future, and from what I’m told, they don’t do that type of thing with guys they don’t plan on having in the future, so it shows some confidence in me and I plan to repay it.”
Bruce Allen said three weeks ago, as the team wrapped up training camp in Richmond, that it may have to rework some contracts to give the Redskins additional flexibility against the salary cap entering the season.
The team is working with an $18 million penalty that will restrict its salary cap to just around $105 million this season. All teams have to be under the salary cap by Wednesday at 4 p.m. as the Rule of 51, which counts just the 51 largest offseason contracts against the cap, expires.
Cofield said he was aware of the team’s salary cap situation and expected to be asked at some point to restructure his contract, so he wasn’t surprised when the question arose.
“I heard there’s different ramifications about doing it later in the calendar year as opposed to doing it earlier, so they were really looking out for us with the way they did it,” Cofield said. “Anything that can help the team. I mean, I feel like the future’s bright. I want to be here the rest of my career, and anything I can do to make this team better going forward, I’m gonna do it.”