The Seahawks have restructured the contract of safety Jeron Johnson. Per OverTheCap.com, Johnson gets a $250K signing bonus with the new deal (his previous deal was a $2.187M tender with zero guarantees), a $109K roster bonus and $1M base salary - which adds up to a cap hit of $1.359M for the Seahawks. Johnson can earn up to $2M in incentives in 2014 (playing time, game-day active incentives, likely).
The move saves the Seahawks about $830K in cap space for this season and as Brian McIntyre points out, puts them at about ~$15.85M under their adjusted cap number.
It also tells you that the Seahawks value Johnson quite highly as a veteran backup at safety. He was signed out of Boise State as a UDFA back in 2011 and caught onto the roster by beating out 5th round draft pick Mark LeGree in camp that year. He's been with the team ever since, but spent a good portion of the year on the IR in 2014.
Johnson's a hard-hitting box safety that plays an important role on special teams. I'm sure the club would like for him to be a leader on that group and an impact player there -- and his upcoming salary is indicative of that. Past that, it gives Seattle flexibility in the Draft and gives them a security blanket if Kam Chancellor gets injured.