Tony Romo's contract restructured

IRVING, Texas -- The Dallas Cowboys officially turned in the restructured contract of quarterback Tony Romo to the league Wednesday, giving Romo a $1 million base salary for the second straight year.

"I'll probably do the restructure here shortly," Romo said on "Mike & Mike on ESPN Radio" earlier in the day. "As far as the pay cut, I mean, I don't think that's a big deal if they ever come ask me for that."

A restructuring would convert $16 million of Romo's original $17 million salary into a signing bonus, thus reducing his cap figure from an NFL-high $27.773 million to $14.973 million.

As part of the extension Romo signed in 2013, the ability to restructure is built into his contract if the team opts to make the move. The team does not cut him a signing-bonus check in what amounts to an accounting move for salary-cap purposes.

The move will create $12.8 million in cap room for the Cowboys to fit the one-year deal agreed to by linebacker Rolando McClain, as well as enough money to account for the per-game roster bonuses totaling close to $8 million in the one-year deal signed by defensive end Greg Hardy and the team's seven draft picks.

According to ESPN Stats & Information, the Cowboys have roughly $1.98 million in cap space before McClain signs his deal.

While a Romo restructuring will give the Cowboys some flexibility this season, it adds $3.2 million to his cap figures from 2016-19 -- $20.8 million in '16, $24.7 million in '17, $25.2 million in '18 and $23.7 million in '19.

The Cowboys can carve out more cap space by reaching a long-term deal with wide receiver Dez Bryant, who is set to count $12.823 million on the franchise tag, or redo cornerback Brandon Carr's contract or release him. The Cowboys have not had talks with Bryant's representatives and face a July 15 deadline to reach a deal with the Pro Bowl wide receiver, or else he'll play this season on the tag.

Carr is set to count $12.717 million against the cap with an $8 million base salary. Carr's agent, Ben Dogra, said at the recent owners meetings his client would not accept a pay cut, according to reports, but the Cowboys do not have to make a decision quickly. They can designate him a post -June 1 cut and save $8 million in room, but they would not get the cap credit until June and would have $7.4 million in dead money against the 2016 cap.