Smith’s contract called for him to be paid $11.039 million in base salary this season and now $10 million of that will be converted into a signing bonus.
Dallas is about $12 million under the salary cap as the official free agency period starts Tuesday at 4 p.m. ET.
Smith signed an eight-year contract extension worth $109 million with $40 million guaranteed last season. Smith, 24, started all 16 games in 2014 for Dallas, helping the league’s second-ranked rushing offense.
According to the report, the Cowboys can create more cap space by restructuring quarterback Tony Romo’s contract. Romo is set to make $17 million this season and has a $27.773 million cap hit for 2015, the highest in the NFL.
- Scooby Axson