The New England Patriots are hoping to sign Wes Welker to a new contract, and Tom Brady just gave them some more salary cap space to do so. According to NFLPA records (via Brian McIntyre), Brady restructured his contract, which results in more salary cap space for the Patriots.
The details of the restructure, per McIntyre:
Signed to a four-year, $72 million contract extension on September 10, 2010, Brady was scheduled to earn $5.75 million in base salary with a $6 million roster bonus and $250,000 workout bonus this season. Under the restructure, Brady's base salary was reduced to a fully guaranteed $950,000, with the leftover amount ($4.8 million) combined with the roster bonus and converted into a $10.8 million signing bonus that will be prorated over the three remaining years on Brady's contract.
The final result is taking Brady's 2012 cap number from $15.2 million to $8 million for a cap savings of $7.2 million. Brady doesn't receive any less money, or anything like that. It's just restructuring the accounting of that money to give the Pats more salary cap space.