Olsen, who had the best season for a tight end in Panthers history in 2012, converted base salary to bonus money in a move that creates a savings of $2.4 million vs. the cap this year, news first reported by Pro Football Talk.
Carolina is still about $6.6 million over the cap, according to Joe Person of the Charlotte Observer, leaving the franchise with some heavy lifting to do. Olsen is the fourth player to complete a restructure and Person expects the Panthers to release cornerback Chris Gamble and defensive tackle Ron Edwards, moves that would combine to free up some $10.4 million in cap space.
There is still time for the Panthers to crunch numbers and maybe be in position to pursue a wide receiver in free agency.
Follow me on Twitter: @BradBiggs
Brad Biggs covers the Bears for the Chicago Tribune
This story originally appeared on Nationalfootballpost.com
- American Football
- Sports & Recreation
- Carolina Panthers