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Note: I don't think the Cowboys should reduce quarterback Tony Romo's contract, nor is there any chance of that happening. Instead, they should look at shifting around some of the money to open up 2014 cap space.
According to Spotrac, Romo is set to cost $21.8 million against the 2014 salary cap, which is a massive number. The Cowboys can reduce that cap hit by converting some of Romo's base salary, which is $13.5 million in 2014, into a signing bonus. That signing bonus would then be dispersed over the remaining life of the contract, reducing Romo's cap charge this season.
I think it's important to note that this decision isn't without risk, obviously, since the Cowboys would be guaranteeing more of Romo's contract. The cap move is actually one reason the Cowboys have a little cap trouble now.
When you guarantee money to a player who isn't worth it (think running back Marion Barber), it can really hurt in subsequent seasons if the player is no longer a contributor or even off of the team. You never want to mortgage the future.
However, I've found that quarterbacks can play at a very high level late into their 30s. I had no worries about Romo finishing his contract when he signed it, and I still don't. As long as Romo finishes the deal playing at a high level, there's no downside to guaranteeing him more money; his overall contract value wouldn't increase, but rather just when he gets the money.
Most important, restructuring Romo would open up 2014 cap space the Cowboys desperately need.