Chargers quarterback Philip Rivers has agreed to restructure his deal, according to a report from freelance writer Brian McIntyre.

Rivers' base salary was initially to be $12 million for the 2013 season. That has now been cut to $7 million. The $5 million difference has been converted to a signing bonus, which frees up $6.3 million in 2013 cap space.

Rivers was once considered one of the NFL's elite quarterbacks but has since dropped off from that category in recent years.

In 2012, Rivers threw for 3,606 yards and 26 touchdowns, marking the first time he didn't reach the 4,000-yard barrier since 2007.

Follow me on Twitter: @RavensInsider

Aaron Wilson covers the Ravens for The Baltimore Sun.