Wayne's agent, Joby Branion, confirmed that the deal was completed, but he didn't provide details about how much money the Colts would save.
Players frequently restructure contracts by accepting bonuses after agreeing to lower their annual salaries. The bonuses are then prorated over the remaining length of the deal, in Wayne's case three years, to lower the team's salary-cap number in the first year.
Wayne has been the Colts' primary receiver the past two seasons and is expected to play a more prominent role in 2009 after Marvin Harrison, the franchise's career receiving leader, was released in February.
Wayne, a first-round draft pick by Indianapolis in 2001, had a career-high 104 receptions for a league-leading 1,510 yards and 10 touchdowns in 2007. He caught 82 passes for 1,145 yards and six touchdowns last season.
Wayne ranks third all-time on the Colts' career list for receptions (576), receiving yards (8,129) and touchdown receptions (53), trailing only Harrison and Hall of Fame wide receiver Raymond Berry in each category. Only Harrison has more 100-yard receiving games in franchise history than Wayne's 26, and Wayne has played in the last three Pro Bowls.
Copyright 2009 by The Associated Press