Source: Buffalo Bills restructure contract of WR Stefon Diggs

BUFFALO, N.Y. — The Buffalo Bills converted more than $11.7 million of wide receiver Stefon Diggs’ base salary into a signing bonus, a source told ESPN’s Field Yates, saving the team roughly $8 million of salary-cap space.

Diggs was slated to make roughly $12.7 million in base salary in 2021; that figure is now down to $990,000. Buffalo, meanwhile, now has $11,084,995 in cap space, per Spotrac.

The timing of Diggs’ restructured deal comes as teams can take on less dead cap money after a June 1 trade or release — and will generate some curiosity as multiple players, including Philadelphia’s Zach Ertz and Atlanta’s Julio Jones, are expected to be moved from their current teams. It also creates more breathing room for the Bills, who have yet to sign first-round pick Greg Rousseau or third-round pick Spencer Brown.

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There’s also the matter of an upcoming extension for quarterback Josh Allen, who finished as the league’s MVP runner-up in 2020. Bills GM Brandon Beane has publicly expressed interest in signing Allen long term — interest Allen has reciprocated over the past year. Beane said a deal likely won’t be done until this summer at the earliest but didn’t rule out negotiations extending into next offseason. Either way, Spotrac estimates Allen’s market value at $42.2 million per year, which would make him the second-highest-paid player in the league

Diggs, the NFL’s leader in receptions and receiving yards last season, is not the only Bills player to rework his contract this offseason. Buffalo has also agreed to restructures or pay cuts with Mitch Morse, Vernon Butler and Mario Addison.