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Cowboys Restructure Romo’s Deal; Nearly Under Salary Cap
IRVING, Texas – When the Cowboys signed Tony Romo to a $108 million contract last March, they knew exactly what would happen about 11 months later.
That time is now, and so it’s no surprise the club has exercised a restructure clause that was placed in the deal that frees up about $10 million in cap space. It reverts his scheduled $21.7 million base salary down to $11.7 million, and more importantly for the club, helps the Cowboys get closer to the projected $134 million salary cap.
Romo becomes the third player in two days to have his contract restructured for salary-cap relief. The Cowboys did the same with cornerback Orlando Scandrick and linebacker Sean Lee. Those moves saved about $7.5 million.
With free agency set to begin on March 11, which is the start of the new league calendar year, the Cowboys and all teams must be under the cap.
Last year, the Cowboys found a way to shave about $30 million in cap space to not only get under the cap, but also clear enough room to pay Anthony Spencer his $10.63 million franchise tag.
The Cowboys did not issue the franchise tag this year and Spencer is one of nine unrestricted free agents, along with defensive tackle Jason Hatcher.
To try and sign either player, the Cowboys will need to get more room under the cap, but they can do that by cutting a few more veterans.
Wide receiver Miles Austin is expected to be one of them, but it likely won’t happen until March 11. If the Cowboys make Austin a post-June 1 cut, they cannot do that before the new league year. Cutting him now only saves the team about $450,000 in cap space but they can save $5.5 million by designating him a June 1 cut. However, while Austin would be released and free to sign with any team, that money won’t be off the Cowboys’ books until June 1.
Of course, DeMarcus Ware’s future has been cloudy as Cowboys owner and GM Jerry Jones said a decision needs to be made on the club’s all-time sack leader. If Ware is released, the Cowboys would save about $7.5 million, but it appears the two sides will first attempt to either