One of the conditions the Seattle Seahawks had before agreeing to trade linebacker Julian Peterson to the Detroit Lions for Corey Redding and a 5th round pick was Redding's willingness to restructure the 5-years and $32.225 million dollars he had remaining on the 7-year, $49 million contract he signed with the Lions in 2007.
And they've restructured the hell out of it.
According to NFLPA records, Redding is now signed through just the 2009 season, with a base salary of $2 million dollars. Redding was due to make $3.55 million dollars this season ($3.3M base salary plus a $250K workout bonus), so the Seahawks have saved an additional $1.55 million in salary cap space, bringing the net cap savings from the Peterson-for-Redding and a 5th round pick to $2.2 million dollars.
Seattle has also gotten out from under the $28.675 million dollars remaining on the back-end of Redding's deal, which was to run through 2013. (Peterson has not restructured his contract, which is scheduled to pay him $30.5 million dollars between 2009-12, since being acquired by Detroit.)
UPDATE: Mike Sando of ESPN.com has confirmed the restructure, adding that Redding will receive just the $2 million dollar base salary in 2009.
Since being acquired from Detroit, Redding has been billed as a defensive end on 1st and 2nd down, who'll slide inside to rush the passer from the defensive tackle position on passing downs. In other words, he was to be what the Seahawks had hoped Lawrence Jackson would be in his rookie season. A restructure this severe, though, combined with reports that the Seahawks had concerns about Redding's knee, indicates that Redding is more likely to be a rotational defensive end who can spell Brandon Mebane at the three-technique, instead of the defensive line dynamo he was originally thought to be.
What it also indicates was that Julian Peterson was 100% on his way out of Seattle, deal or no deal with Detroit, and that the defensive line is still an area the Seahawks could address on April 25, or more likely, April 26.