Ian Whetstone first reported that the Chargers have restructured QB Philip Rivers‘ contract and converted $3 million of his salary into signing bonus. This move resulted in $2 million of cap space.
Los Angeles had the least cap space in the NFL before they made this move.
Rivers, 35, is a former first-round pick of the Giants back in 2004 but was traded to the Chargers in return for QB Eli Manning. He’s in the third year of his five-year, $99 million contract that includes $65 million guaranteed and set to make a base salary of $14 million for the 2017 season.