Philip Rivers restructures contract

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.

Aaron Wilson
Aaron Wilson covers the NFL for National Football Post, his second stint at the Post. He has previously written for Pro Football Talk and FOX Sports-Scout. Entering his 13th year covering the Baltimore Ravens, he's a beat writer for The Baltimore Sun. Wilson has also covered the Jacksonville Jaguars and Tennessee Titans.

Upcoming Games

Sep 26th, 1:00 PM

Indianapolis +3 -115

Tennessee -3 -115

@

Sep 26th, 1:00 PM

LA Chargers +7.5 -107

Kansas City -7.5 -107

@

Sep 26th, 1:00 PM

Washington +7 -102

Buffalo -7 -102

@

Sep 26th, 1:00 PM

Chicago +8.5 -107

Cleveland -8.5 -107

@

Sep 26th, 1:00 PM

Atlanta +2.5 -107

NY Giants -2.5 -107

@

Sep 26th, 1:00 PM

Cincinnati +6.5 -107

Pittsburgh -6.5 -107

@

Sep 26th, 1:00 PM

Baltimore -7.5 -110

Detroit +7.5 -110

@

Sep 26th, 1:00 PM

New Orleans +3 -110

New England -3 -110

@

Sep 26th, 1:00 PM

Arizona -6 -110

Jacksonville +6 -110

@

Sep 26th, 4:05 PM

Miami +1 -107

Las Vegas -1 -107

@

Sep 26th, 4:05 PM

NY Jets +7.5 -107

Denver -7.5 -107

@

Sep 26th, 4:25 PM

Tampa Bay +2.5 -110

LA Rams -2.5 -110

@

Sep 26th, 4:25 PM

Seattle -2.5 -107

Minnesota +2.5 -107

@

Sep 26th, 8:20 PM

Green Bay +3 -107

San Francisco -3 -107

@

Sep 27th, 8:15 PM

Philadelphia +3.5 -110

Dallas -3.5 -110

@

Sep 30th, 8:20 PM

Jacksonville +0.5 -116

Cincinnati -0.5 -116

@

Oct 3rd, 1:00 PM

Detroit +6 -110

Chicago -6 -110

@

Oct 3rd, 1:00 PM

Carolina +5.5 -110

Dallas -5.5 -110

@

Oct 3rd, 1:00 PM

NY Giants +6.5 -110

New Orleans -6.5 -110

@

Oct 3rd, 1:00 PM

Cleveland -1 -110

Minnesota +1 -110

@

Oct 3rd, 1:00 PM

Houston +16.5 -110

Buffalo -16.5 -110

@

Oct 3rd, 1:00 PM

Tennessee -6.5 -110

NY Jets +6.5 -110

@

Oct 3rd, 1:00 PM

Kansas City -6.5 -110

Philadelphia +6.5 -110

@

Oct 3rd, 1:00 PM

Indianapolis +2.5 -110

Miami -2.5 -110

@

Oct 3rd, 1:00 PM

Washington -2.5 -110

Atlanta +2.5 -110

@

Oct 3rd, 4:05 PM

Seattle +3.5 -110

San Francisco -3.5 -110

@

Oct 3rd, 4:05 PM

Arizona +6 -110

LA Rams -6 -110

@

Oct 3rd, 4:25 PM

Baltimore -1.5 -110

Denver +1.5 -110

@

Oct 3rd, 4:25 PM

Pittsburgh +6.5 -110

Green Bay -6.5 -110

@

Oct 3rd, 8:20 PM

Tampa Bay -3.5 -123

New England +3.5 -123

@