Report: Phil Loadholt Restructures Contract
Just an hour into the legal tampering period of Free Agency, the Minnesota Vikings have agreed to terms with veteran offensive tackle Phil Loadholt. According to Darren Wolfson with KSTP, Loadholt has significantly restructured his contract.
Told Phil Loadholt is a done deal. Back to #Vikings. $2M base. Can earn up to $3.5M with incentives.
— Darren Wolfson (@DWolfsonKSTP) March 7, 2016
Before this deal, Loadholt was set to have a 2016 cap hit of $7.75 million dollars. If the numbers being reported are correct, this new deal would net the Vikings approximately $4-5 million in additional cap space.
Loadholt has been a staple of the Vikings offensive line since he was drafted by the team in 2009. However, he has struggled to find his way on the field the past couple seasons due to injuries. This fact coupled with his increasing age is likely what led the Vikings to seek a revised deal.
Cutting Phil Loadholt would have cost the team only $1.75 million in dead money giving the Vikings a powerful bargaining chip when negotiating. At first glance, the $2 million base contract seems like a great deal for Minnesota if Loadholt can get healthy and become a solid contributor again.
We’ll provide any more updates on this deal as they become available. In the time being, make sure to check out our Free Agency Live Blog for up-to-the-minute coverage of the latest moves.