The Chiefs had a little over $3 million in cap space on Wednesday, according to the NFL Players Association, which was a sharp contrast from previous days, where the number was around negative-$900,000.
So what happened? It appears there’s been an adjustment to wide receiver Rod Streater’s contract. Streater’s cap number dropped from $4.8 million to $810,000 due to a restructure of contract’s incentives that was filed in early August.
The renegotiation created cap room because Streater’s incentives — which were for things like receiving yards, touchdowns and receptions and total $4 million — were restructured to go from being likely-to-be-earned (and thus, counting against the cap) to not-like-to-be-earned (and thus, not counting against the cap).
It is unclear why the change occurred — the Chiefs don’t comment publicly on business matters — but the Chiefs now find themselves with an adequate amount of cap room to play with as the season draws near.