Panthers restucture Greg Olsen, working to get under cap

Brad Biggs

The Carolina Panthers are going to be busy working to improve their position under the NFL’s salary cap and they took a step earlier today when they reworked the contract of tight end Greg Olsen.

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.

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Brad Biggs covers the Bears for the Chicago Tribune

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