According to a report, newly acquired Oakland Raiders quarterback Matt Schaub cut his base salary by more than half when he agreed to a restructured contract with the Raiders.
Scott Bair of CSNBayArea.com, citing documents obtained from the NFL Players Association, reported that Schaub was due $10 million in base salary and a $1 million roster bonus this season, with raises in base pay in both 2015 and 2016 under the terms of his old deal, signed while he was with the Houston Texans.
The new contract runs through 2015 and guarantees Schaub $4.5 million in base salary, guaranteed, with a $3.5 million signing bonus due Monday.
There are also $3 million in incentives, according to the report.
The reworked contract affords both sides flexibility. For the Raiders, it leaves them with more than $12.6 million in salary cap space, according to the NFLPA.
For Schaub, he has reachable incentives and if he is able to return to the form that got him picked to two Pro Bowls during his tenure with the Texans, then he can cash in on a bigger deal after the 2015 season or the Raiders could choose to renegotiate or extend his current deal.
On the other hand, if Schaub struggles for a second straight year, the restructured deal would be far less painful for the Raiders to swallow if it came down to that.