Carolina Panthers linebacker Jon Beason accepted a $4.25 million pay cut earlier this week, a source who has seen the contract said Friday.
The restructured contract drops Beason's 2013 base salary from $5.25 million to $1 million and gives the Panthers valuable salary-cap savings. Beason's 2013 cap figure was $9.5 million; his new 2013 cap figure is unknown.
But Beason has a chance to recover much of the lost money. According to the source, Beason's restructured deal includes a $250,000 workout bonus and a $500,000 roster bonus (which will be paid Saturday). He also will receive a $1.75 million roster bonus in 2014 and a $500,000 bonus if he makes the Pro Bowl. Beason's 2013 base salary now is fully guaranteed.
Beason has three years remaining on the five-year, $51.5 million contract he signed during the 2011 offseason. The deal included $25 million in guaranteed money.
Injuries have limited Beason to just five games since he signed the contract.
The Panthers were $9.45 million under the 2013 cap limit of $123 million before they restructured Beason's contract, according to Aaron Wilson of the National Football Post.