Ferguson was scheduled to earn $8 million in 2013, a sum comprised of a $7.25 million base salary (which was guaranteed for skill) and a $750,000 workout bonus, and had a cap number of $10.716 million.
According to a source with knowledge of the restructured contract, Ferguson will still earn $8 million, but his $7.25 million base salary has been reduced to the league minimum for a player with seven accrued seasons ($840,000) and the remaining $6.41 million has been converted to a signing bonus that will be prorated over the next five seasons. Ferguson's $840,000 base salary is guaranteed for skill and his $750,000 workout bonus is unchanged.
As a result of the restructure, which is similar to the one that the 2006 first-round pick agreed to last February, Ferguson's cap number has decreased to $5,588,667, a cap savings of $5.128 for the 2013 season. The Jets are currently $12.379 million under their adjusted cap number of $126.528 million for the 2013 season.
Ferguson's cap numbers in 2014 through 2017 will increase by $1.2825 million which figures to lead to further adjustments. Ferguson's cap number the next two seasons will be $11.699 million and will jump to $14.107 million in 2016 and $14.307 million in 2017, the final year of his contract.
To fix a tight salary cap situation this offseason, the Jets purged their roster of several veterans, releasing linebackers Bart Scott and Calvin Pace, nose tackle Sione Po'uha, offensive tackle Jason Smith, and safety Eric Smith. The Jets have since re-signed Pace to a veteran minimum contract.