McIntyre reported Owens will take a $395,000 cut to his base pay, but can make $200,000 of that up with "per game" incentives. That lowers Detroit's cap number by $195,000 -- money the Lions will need with free agency looming.
Owens was due to make $1,525,000 as a cap number next season and a cash value of $1.4 million. He is also due a roster bonus of $100,000 if he is with the team in March and a workout bonus of $50,o00.
Mostly a special teams player, Owens signed with Detroit before the 2012 season. He was hampered by injuries throughout the season. He was initially sent to injured reserve designated to return before the opening week of the season. He returned in Week 10 and played five snaps (three special teams, two offensive) before injuring his knee and being placed on injured reserve to end the season.
He is one of five running backs under contract with Detroit next season. Reggie Bush, Mikel Leshoure and Theo Riddick are under contract for 2014 and Joique Bell is a restricted free agent, but would like to remain with the club.