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Steelers restructure Ike Taylor’s contract, too

Wild Card Playoffs - Pittsburgh Steelers v Denver Broncos

DENVER, CO - JANUARY 08: Demaryius Thomas #88 of the Denver Broncos stiff arms Ike Taylor #24 of the Pittsburgh Steelers to score an 80 yard touchdown in overtime during the AFC Wild Card Playoff game at Sports Authority Field at Mile High on January 8, 2012 in Denver, Colorado. The Denver Broncos defeated the the Pittsburgh Steelers in over time 23 - 29. (Photo by Doug Pensinger/Getty Images)

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Before dumping contracts and/or forcing players to take pay cuts, the Steelers are willing to give out millions in signing bonuses in exchange for the ability to push cap dollars into future years.

A source with knowledge of the situation tells PFT that cornerback Ike Taylor, who signed a four-year deal with the Steelers before the 2011 season, has converted the maximum amount of his $5.75 million base salary for 2012 into a signing bonus. Since the minimum base salary for a player with Taylor’s experience is $825,00, the team was able to give him $4.925 million now.

The maneuver pushed $3.28 million in cap space into future years, pushing the total cap space created by three restructurings to nearly $15 million. The Steelers created $11.7 million by pushing the maximum amount of their 2012 compensation into the form of a signing bonus for linebackers LaMarr Woodley and Lawrence Timmons.

After getting torched by the Broncos in the 2011 wild-card round, Taylor should be thrilled he didn’t see his $5.75 million base salary converted into a one-way ticket out of town.