Ian Rapoport is reporting that the Titans are doing a simple restructure of Ryan Tannehill’s contract to make room for Julio Jones’s contract under the salary cap. That means Tannehill’s guaranteed salary this season will be converted into bonus money. That gives Tannehill all of that money now, instead of it being paid out over the balance of the season. It also spreads that money across the remaining years of Tannehill's deal.
Titans had to do something to have enough salary cap room to absorb Julio Jones' fully GTD $15.3M base salary. The max cap space created in a Ryan Tannehill simple restructure is $15,616,666 by dropping his $24.5M base salary to $1.075M & converting $23.425M to signing bonus. https://t.co/Xkfiy2cvul— Joel Corry (@corryjoel) June 8, 2021
There was some talk yesterday that the Titans could do a simple restructure to Julio’s contract, but it makes more sense to do it with Tannehill. The way Julio’s contract is structured now, he will make $15.3 million guaranteed this year and $11.513 million guaranteed in both 2022 and 2023. There would be no dead money if the Titans decided to move on after 2022.
This was always the most logical path to getting the Titans under the salary cap to accommodate the trade.