The deal was done several weeks ago, but I haven’t seen it reported anywhere. The Panthers have made other moves since Olsen’s restructure and they currently are the only team in the NFL with less than $1 million in salary-cap space.
The Panthers dropped Olsen’s salary-cap figure from $4.125 million to $2.4 million by converting $2.3 million of his scheduled base salary into a signing bonus that will be pro-rated over the life of his contract. The Panthers also converted a $2.5 million option bonus into a signing bonus that also will be pro-rated over the rest of Olsen’s contract.
Yet another reason why I'm not worried about the cap. I'd expect plenty of this throughout the offseason.