Philip Rivers, Chargers Agree to New Contract: Latest Details and Reaction

The San Diego Chargers and starting quarterback Philip Rivers reportedly agreed to a restructured contract that gives the organization $4.5 million in additional space under the salary cap. 

Field Yates of ESPN reported Friday the sides turned $6 million in base salary into a roster bonus to create the extra flexibility. ESPN.com's Eric Williams noted the reworked contract will give the Chargers around $10.8 million in cap space.

Rivers is under contract with the Chargers through the 2019 season after signing a four-year extension that included $65 million in guaranteed money last year, per Spotrac. He was scheduled to count $21 million against the cap in 2016 before the restructure.

The 34-year-old NC State product has been one of the league's best quarterbacks since arriving in San Diego in a 2004 draft-day deal that also involved Eli Manning. He owns a 95.5 career passer rating with 281 passing touchdowns and 135 interceptions across 164 games.

Rivers has led the Chargers to four division titles and five playoff appearances since taking over as the full-time starter in 2006. The team only reached the AFC Championship Game once during that span, however, losing to the New England Patriots in 2007.

More recently, San Diego is coming off the worst campaign of the Rivers era, going just 4-12 last season. The quarterback told Bill Williamson of Today's Pigskin he's confident in a bounce-back year, though Joe Osborne of Odds Shark noted the Bolts are one of the league's Super Bowl long shots.

"We think we can win the AFC West," Rivers said in August. "That's just what we think. That's how we got to think, but we do … Now, we got to go do it. We know we were 4-12, and that can't happen. We got to go out and get it done, but there is a juice, a swagger about this team."

Ultimately, the revamped contract doesn't change much for the long-term outlook. Rivers is still under contract for three more seasons beyond 2016, and given his age, the five-time Pro Bowler should be able to fulfill that obligation.

This is merely a procedural move to give the Chargers' front office a little more room to work with during the course of the season. General manager Tom Telesco and Co. won't have to worry about getting up against the cap as injuries arise and signings are necessary.