BOSTON (CBS) – Two of the newest New England Patriots have agreed to restructure their contracts.
Receiver Chad Ochocinco and defensive lineman Albert Haynesworth have each taken a pay cut upon joining New England, helping their new team when it comes to the salary cap.
Ochocinco was scheduled to earn $6 million this season, but has agreed to a $1 million salary for 2011. ESPN Boston’s Mike Reiss is reporting Ocho received a $4.5 million signing bonus for this year’s deal. The receiver’s new deal goes through the 2013 season, with a base salary of $3 million each year.
Haynesworth was scheduled to make $5.4 million with the Titans, but has restructured his deal to $1.5 million plus performance bonuses. He will make $6.7 million in 2012.
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The Patriots sent a 2012 5th round pick and 2013 6th round pick to the Bengals for Ochocinco, while shipping a 2013 5th round pick to the Redskins for Haynesworth.