According to NFL writer Brian McIntyre, San Diego Chargers quarterback Philip Rivers restructured his contract which added $6.7 million worth of cap space for 2013. This was a move that I suggested a few months ago, but I thought it would be done if Rivers struggles this season.
Rivers had 54 total touchdowns and 47 turnovers over the last two seasons. While some of these turnovers can be attributed to a poor offensive line in 2012, Rivers needs to have better ball security.
Former Chargers general manager A.J. Smith made it clear that the team would not spend too much money on one player in free agency last year. San Diego did not re-sign WR Vincent Jackson, who went to the Tampa Bay Buccaneers. Jackson led the league in yards per reception and finished fifth in receiving yards last year. It could be better late than never, but Rivers said he wanted San Diego to re-sign Jackson, so one has to wonder why he waited until this year as opposed to last year to restructure his contract.
Rivers has a 70-42 record as a starter in the regular season but is coming off his first season with a losing record. The move to restructure his deal could be smart on Rivers’ part depending on what move or moves Tom Telesco makes with the money. New England Patriots QB Tom Brady restructured his deal so the team could re-sign Wes Welker, but it did not work because he signed with the Denver Broncos.
San Diego could use most of the $6.7 million to go after free agent wide receiver Brandon Lloyd. The Chargers don’t have a player on the current roster with at least 70 receptions or 900 receiving yards in a season since 2009. Lloyd had at least 70 receptions and 900 receiving yards from 2010-2012. He led the NFL with 1,448 receiving yards to go along with 11 touchdown receptions in 2010.
Rivers has two years left on his contract after 2013, and signing Lloyd could be a move that makes San Diego competitive again.