Nicks left the Bucs last week after he was unable to recover from a toe injury. He had been scheduled to count $9.375 million against this year's cap.
But that number has taken a dramatic drop. Nicks now only counts $2.357 million toward this year's cap. He also will count $4.714 million against the 2015 cap.
With the adjustment for Nicks, the Bucs are now $16.71 million under this year's cap.
Nicks had $6 million of his $7 million base salary guaranteed for this year. The contract contained no offset language and the actual amount of money Nicks will receive will be reduced by severance pay and future retirement benefits.