According to Field Yates of ESPN, Reed agreed to lower his base salary down from $2.433 million to $1.5 million.
Reed entered the league as an undrafted free agent with the Broncos in 2019. He signed his restricted free agent right-of-first-refusal tender back in March.
In 2021, Reed appeared in 14 games with 13 starts. He recorded 5.0 sacks, three tackles for loss, eight QB hits, a pair of forced fumbles, and a fumble recovery.