A league source tells PFT that Olsen, who was initially owed a $3.75 million base salary, will now get a $3 million option bonus and a $750,000 base salary. The option bonus will be due between the first and 10th day of the league year, which begins March 12.
The move will save the Panthers $2.4 million on this year’s salary cap.
Olsen, who also restructured his contract to save the Panthers some cap room last year, is coming off a 2012 season in which he started all 16 games and had a career-high 69 catches for a career-high 843 receiving yards.
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