Report: Panthers Restructure Torrey Smith's Contract Amid Gerald McCoy Interest

The Carolina Panthers and wide receiver Torrey Smith have agreed to a $2 million pay cut for the 2019 NFL season, turning a $5 million non-guaranteed salary into $2 million in base pay and $1 million in bonus. 

Field Yates of ESPN reported the news, which comes in light of a report from Jourdan Rodrigue of the Charlotte Observer that Carolina is hosting former Tampa Bay Buccaneers defensive tackle and current free agent Gerald McCoy for a visit.

Smith caught 17 passes for 190 yards and two touchdowns in 11 games last year. The 30-year-old is entering his ninth NFL season.

He figures to compete for snaps with new arrival Chris Hogan, Jairus Wright and Curtis Samuel. Second-year pro DJ Moore is entrenched as the team's No. 1 wideout heading into next year.

Yates reported that Smith's new contract would save the Panthers $2 million in cap space, which could give Carolina more wiggle room in their pursuit of McCoy. Per Rodrigue, the team had about $16 million in space before the Smith pay cut.

Rick Stroud of the Tampa Bay Times reported that McCoy is receiving offers from unnamed teams up to $11 million per season. If that's the case, the Panthers should have more than enough to go after McCoy, who would fill a starting defensive tackle spot alongside fellow Pro Bowler Kawaan Short and could help make the Panthers' front seven one of the NFL's best.

Carolina opens the 2019 season at home against the Los Angeles Rams on Sunday, September 8.