The report, citing a league source, indicates that No. 85 dropped his 2012 salary from a scheduled $3 million down to $1 million and that the former Pro Bowler will be in training camp this summer.
But there would seem to be no guarantees with the reworked deal – whether it be financial or that Ochocinco will be on the roster for 2012. This is more a pay cut for a guy who didn't produce up to his paycheck.
In all likelihood Ochocinco will be competing with the likes of recently signed receivers Donte Stallworth, Anthony Gonzalez and others for a spot on the roster. As it stands to today it's likely that Wes Welker, newly-signed Brandon Lloyd and Tom Brady-favorite Deion Branch are likely to fill out the top three spots on the Patriots wide receiver depth chart.
The 34-year-old Ochocinco caught just 15 passes for 276 yards and one touchdown in 2011 after joining the team via trade from the Bengals last summer. Including bonus money and salary, Ochocinco reportedly pocketed in the range of $6 million from New England last summer/fall.
What do you think of the Ochocinco restructure? Do you think he will make the team in 2012? Let us know with a comment below!