Earlier Saturday, Mac's Football Blog reported that Smith would reduce his salary for the 2012 season from $10 million to $4 million.
The contract that Smith signed as a rookie in 2009 would have seen the Rams pay him $10 million for the 2012 season and $12 million in 2013, the website reported. In addition to the $4 million he will now make in 2012, the restructured deal includes a $500,000 roster bonus.
Smith's original contract went through the 2014 season, but that year was voidable. According to Mac's Football Blog, because the season was voided, Smith will now count for $11.035 million against the team's salary cap for the 2012 season, down from $13.3 million.
The restructuring also affected the 2013 season. Smith is now set to earn $750,000, with an $11.25 million roster bonus, according to the website, and that year can also now be voided.