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