Crosby was supposed to make $2.4 million in base salary this season. Instead, under the new restructured deal, he will earn $800,000 in base salary, which will be fully guaranteed if he's on the Packers roster on Saturday, Sept. 7.
Last season, Crosby hit 21 of 33 field goal attempts, for a career-low 63.6 percent.
Crosby can also make up the $1.6 million difference in salary through roster bonuses and performance incentives.
Crosby, 28, signed a five-year, $14.75 million deal, which included $3 million in guaranteed money in 2011.