The Baltimore Ravens have been shuffling a lot of money around in the past few days with restructured contracts and pay cuts. Ravens cornerback Jimmy Smith isn't taking a pay cut, but he is helping the Ravens create additional cap space for the 2016 season.
JimmySmith reduced his '16 base salary of $7M down to $1M. Gets a bonus of $6M, which is prorated over 4 yrs of deal. Creates $4.5M for 2016— Brian McFarland (@RavensSalaryCap) March 10, 2016
Between Yanda and Jimmy Smith restructures, Arrington pay cut, new Flacco deal, Ravens have opened more than $15 mill of cap space.— Jeff Zrebiec (@jeffzrebiecsun) March 10, 2016
A couple of weeks ago, when Ravens general manager Ozzie Newsome was talking about how the Ravens could create more cap space without having to re-work Joe Flacco's contract, this is probably what he had in mind.
However, while it is nice to see the Ravens being able to work through these situations now, all the organization is doing is kicking a can down the road. Eventually, the Ravens will have deal with all of the contracts on its roster especially the bad ones.