NFL Network and NFL.com reporter Albert Breer received a text message from McKinnie that read: "We couldn't come to an agreement on the restructure of my contract, which leads to me being released."
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Moments later, Breer received another text message from McKinnie that read: "Not officially over yet just got a call."
McKinnie is set to earn $3.2 million this season, which according to The Sun is already set to be garnished as part of a lockout-related lawsuit. The Ravens want to significantly reduce that, and McKinnie is not opposed to restructuring on some level. The source said McKinnie is open to a "significant" cut, just not as much as the Ravens want.
The deal still could get done today, with McKinnie's camp holding out hope for a reworked deal, which looked unlikely at first. The sides are expecting a resolution at some point Tuesday.
If McKinnie is waived, Baltimore would be looking for a new left tackle, and a talented option would be on the market.