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Ryan Lilja and Adam Vinatieri do indeed re-work contract; Colts have $5 million in cap space

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As Colts Cap speculated four days ago, the Indy Star confirms the Colts have indeed re-worked the contracts for Ryan Lilja and Adam Vinatieri:

The Colts freed up $1.73 million against the cap by reworking the contract of guard Ryan Lilja, significantly lowering his base salaries the next four seasons. That includes a reduction from $2.35 million to $620,000 in 2009.

The move could result in Lilja, who has had three operations on his right knee in the past year and missed all of last season, missing out on approximately $10.5 million of the $20 million contract he signed last offseason. He could earn some of that back if he makes a full recovery and regains his starting spot.

The team saved another $255,000 against the cap by converting a portion of kicker Adam Vinatieri's $2 million base salary into a $510,000 signing bonus and spreading it over the next two seasons.

The re-working puts the Colts $5 million under the cap. That is just enough to sign draft picks and rookie free agents. So, any speculation about signing free agents is just that. The Colts simply do not have the money to sign anyone that is a veteran.