Adam Schefter of NFL.com wrote:
(June. 3, 2005) -- After internal discussions about what to do with wide receiver Peerless Price, the Falcons have decided to try to keep him on the roster and restructure his contract. Talks already are underway, and both sides have incentive for finalizing the deal.
Price wants to stay in Atlanta and continue working for the upstart franchise. The Falcons want to keep Price, who has had worked hard this offseason by getting in great shape and catching most every pass thrown his way. Now the two sides need to come to an agreement on what to do with Price's base salary. It seems likely that Price will provide the Falcons with some cap relief for the chance to remain in Atlanta.
Some may be upset by this news, but it is a smart move by the Falcons. The issue with Price is that he's under-producing considering his price tag. Reduce the price tag, and the issue with him is not so grievous.
Right now Price's cap hits are about $3.65 million (2005) and will be around $6.4 million in each of the upcoming 3 seasons (2006-08). The Falcons would be smart to reduce these. I'm not sure about getting an extension to Price, since he still has 4 years left on his contract. But if the Falcons can get him under-fold at a cheaper price. I would expect any restructuring to be a reduced incentive-based contract, with a possibility of voiding it in the upcoming years.
I like this move. It gives the WR corps some stability as Price is going to stay for at least another year (assuming the new deal allows him to stay in 2006), gives Jenkins and Roddy White some more time to develop before we HAVE TO have either fill a starting position.
Price knows the writing is on the wall, and has little leverage against the Falcons. His career has soured since joining Atlanta, and few teams besides maybe Tampa Bay or Oakland would pay premium dollar to get him on their roster. So he knows his best financial security is sticking around in Atlanta for another 2-3 more years.