That makes it likely Crosby will be the Packers' Week 1 kicker. He is currently the only kicker on the roster after the Packers released two other kickers, Giorgio Tavecchio and Zach Ramirez, this week.
Crosby's decision to accept a pay cut was first reported by Yahoo! Sports.
While the deal gives the Packers safeguards in case Crosby continues to struggle, it also allows him to earn back his full pay.
Crosby, who made a league-low 63.6 percent of his field goals in 2012, is 4-for-4 on field goals this preseason.
"Mason had zero interest in leaving the Packers," McCartney told ESPN.com. "He is really confident that last year is behind him."
According to an NFL source, the contract lowered Crosby's base salary for this season from $2.4 million to $800,000. However, Crosby can make up the difference based on roster bonuses and incentives. If Crosby is on the Packers' roster in Weeks 5 and 10, he will receive $400,000 bonuses each time. He could earn an additional $800,000 in incentives -- $200,000 if he makes 75 percent of his field goals, $400,000 if he makes 80 percent and the entire $800,000 if he makes 85 percent.
Crosby signed a five-year, $14.75 million contract shortly before the 2011 season. He has made 76.8 percent of his career field goals. His best season was in 2011, when he made 85.7 percent.