Manning helps Colts create cap space
Peyton Manning has agreed to restructure his contract with the Indianapolis Colts to save the team nearly $8 million in salary cap space.
The Super Bowl MVP was to receive a $10 million roster bonus during the off-season, but by converting the money into a regular signing bonus the Colts can prorate that amount over the remaining four years of his deal. That saves Indianapolis space under the cap, which is $109 million.
The restructuring was disclosed to The Associated Press on Wednesday by a person familiar with the negotiations who spoke on condition of anonymity because the deal had not yet been signed.
Colts spokesman Craig Kelley said the team had no comment.
Manning signed a $98 million contract in March 2004, the season after he shared the league’s MVP award with Steve McNair.
He followed that with a record-setting 2004 season in which he threw 49 touchdown passes and earned his second straight league MVP award.
McGee seeks losses
Buffalo Bills cornerback Terrence McGee thought he was set for life when he signed a contract extension that included a $5 million bonus.
Some 16 months later, McGee’s financial picture doesn’t look so secure: He filed a lawsuit this week seeking to recoup more than $1 million that McGee said his former financial adviser funneled into unauthorized investments.
The suit, filed in Harris County District Court in Texas on Tuesday, accuses Craig Curry of stealing the money from McGee’s account and covering up the theft by making two suspicious investments.
Fisher’s charge dropped
A misdemeanor fourth-degree assault charge against Seattle Seahawks defensive end Bryce Fisher has been dismissed.
Fisher was arrested last April after an early-morning argument and altercation with his wife, in which a police report said Fisher twisted his wife’s arm behind her back. The report said the couple had been struggling for control of Fisher’s cell phone.
Rhodes’ date delayed
Just more than a month after announcing a contract extension for Brian Billick, the Baltimore Ravens confirmed that they have given their head coach a new four-year contract. … Colts running back Dominic Rhodes’ initial court appearance on a drunken driving charge was postponed to Monday after prosecutors did not receive paperwork from the arresting officer in Indianapolis. … Bengals linebacker Odell Thurman pleaded no contest in Cincinnati to driving drunk last September and said he was undergoing treatment for alcohol abuse. … Defensive tackle Vonnie Holliday has signed a $20 million, four-year contract to stay with Miami. … The New York Jets released running back Kevan Barlow after the least-productive season of his career. … Detroit put the franchise tag on defensive tackle Cory Redding, team president Matt Millen said in Indianapolis at the NFL’s scouting combine.