It had been speculated for more than a week that the Buffalo Bills would try to re-structure the contract of veteran defensive back Corey Graham, and that speculation came to fruition on Thursday, with the Bills announcing that the two sides had agreed to contract alterations.
Terms of the deal have not yet been revealed, but it's believed that Graham agreed to a reduced salary that will save the team a bit over $1 million. At some point, the league and the NFLPA will file the new contract terms, at which point we'll have a better idea of how much the Bills saved against the 2016 salary cap.
Graham is one of two veteran defensive backs that the Bills have reportedly been attempting to do this with; the other, Leodis McKelvin, will probably have to agree to reduced pay in order to stay with the team, given that Buffalo would save $3.9 million against the cap by releasing him outright.
Adding this move to the slew of roster changes announced earlier this week, it's likely that the Bills have in excess of $10 million in cap space with the start of free agency looming on March 9.