Colts re-work Manning, Harrison deals to stay under cap
By Mike Chappell
mike.chappell@indystar.comWhile the NFL and players' union spent the weekend trying to extend their labor agreement, the Indianapolis Colts occupied their time with bookkeeping measures that enabled them to get under the league's potential $94.5 million salary cap.
The team restructured the contracts of quarterback Peyton Manning and wide receiver Marvin Harrison, creating approximately $12.5 million in cap savings. Manning provided about $5 million and Harrison approximately $7.5 million in cap relief, according to a person with knowledge of the situation.
Had the Colts not restructured those contracts, they would have faced the task of cutting players to be in compliance with the salary cap if a new contract is not eventually worked out. Late Sunday the league and the players' union agreed to delay the start of the free agent period another 72 hours to give the sides more time to try to reach an agreement.
The Colts faced the possibility of being nearly $10 million over the cap last week after special master Stephen Burbank, a professor at the University of Pennsylvania Law School, ruled they could not restructure the contracts of Manning and Harrison to convert roster bonuses into signing bonuses. Burbank ruled the restructuring violated provisions that go into effect without an extension to the collection bargaining agreement.
The team considered seeking a temporary injunction to Burbank's ruling. Instead, it worked with agent Tom Condon, who represents both players, and found a way that did not violate league rules to lower each player's salary cap number.
The source declined to elaborate on the nature of the changes. The result is that Manning's $17.776 million cap number was lowered to about $12.5 million and Harrison's $14.4 million number was sliced to approximately $6.9 million.
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