This is....kind of meaningless.
Chargers QB Philip Rivers restructured his contract. Cut $12M base to $7M, received $5M signing bonus. Move creates $6.7M in 2013 cap space— Brian McIntyre (@brian_mcintyre) September 6, 2013
So, if I'm understanding this correctly, the team handed Philip Rivers a check for $5 million dollars and said "Your salary will now be $5 million less this season." Well, I suppose that's one way to clear cap space.
Many were left wondering, after the San Diego Chargers went over the cap by cutting WR Robert Meachem, how they would go about getting that cap space back. It would appear that they had a handshake agreement with Rivers to move that money from salary to signing bonus.
I don't think this changes the team's situation with Rivers next year. I believe they're still able to release him with almost no cap penalty, and his salary is still gigantic.
@Jason_OTC It's weird in that SDC can move on from Rivers after 2013 w/minimal cap hit. Strange they'd kick the can down the road w/him— Brian McIntyre (@brian_mcintyre) September 6, 2013
That's not very clear. Does "kick the can down the road with him" mean some sort of extension? I don't think so.
If it was this simple to clear up cap space, it makes you wonder why teams and players wouldn't do this more often. My only guess is that it puts the team more at risk, having to pay that money whether or not Rivers ends up getting injured this season, but that's just a guess.