Panthers Restructure Steve Smith's Contract

EAST RUTHERFORD NJ - SEPTEMBER 12: Steve Smith #89 of the Carolina Panthers celebrates his touchdown against the New York Giants on September 12 2010 at the New Meadowlands Stadium in East Rutherford New Jersey. (Photo by Jim McIsaac/Getty Images)

Breaking News: The Panthers have reportedly restructured WR Steve Smith's current contract. It's reportedly a new 3 year deal, with a team option in 2014 to add a 4th year.

Although financial numbers were not immediately available, Smith was due to earn $7.75 million in 2012, and the Panthers likely will pay more than that amount, including guaranteed money up front, for this season. Smith’s deal is believed to be structured similarly to that of the one signed by WR Reggie Wayne with the Colts earlier this offseason, in terms of his guaranteed money and base salaries for the next three seasons.

Frees up some cap space...the Panthers might not be done just yet. The best part if the greatest Panther of this generation will remain in Carolina for three four more seasons.

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