NEW YORK (CBSNewYork) -- Jets guard James Carpenter has reportedly agreed to restructure his contract, freeing up nearly $2.5 million in salary cap space for the team.
The Jets are converting $3.69 million of Carpenter's $4.45 million base salary into a signing bonus, according to multiple reports. The move lowers Carpenter's cap figure from $5.575 million to $3.115 million.
While the move gives the Jets some relief under this year's salary cap, Carpenter's cap number will jump to around $6.8 million the next two years.
The Jets sit about $5 million under the cap, according to estimates by OverTheCap.com and Spotrac.com.
More financial maneuvering is possible. The team is still trying to sign free agent quarterback Ryan Fitzpatrick and needs around $5 million to sign its draft picks.
Carpenter started all 16 games for the Jets last season, his first in New York after signing as a free agent following four years in Seattle.
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