Terrell Davis, who has played in just 17 of a possible 48 games since rushing for 2,008 yards in 1998, signed a restructured contract with the Denver Broncos on Wednesday.
The deal reportedly will save the team more than $4 million in salary cap room next season.
"The last three years he hasn't been healthy. They've compensated him even though he hasn't been healthy," said Davis' agent, Neil Schwartz. "If we perform, we'll be paid with elite backs of the league, and if we don't there is very little risk for the Broncos."
Wednesday was the next-to-last day for teams to make cap room before free agency starts on Friday.
One of Davis' former teammates, 35-year-old linebacker Bill Romanowski, found a new job with Oakland after being cut last week by the Broncos.
"It's really my kind of place," Romanowski said when he was introduced by the Raiders. "I can't wait to hit somebody."
Arizona, meanwhile, cut wide receiver Rob Moore, who missed the last two seasons with injuries, and Indianapolis restructured the contract of nose tackle Ellis Johnson to save $2 million under the cap. Buffalo declined to make a tender offer to Keion Carpenter, the starter at free safety for most of the past two seasons and Detroit released three veteran starters: linebacker Stephen Boyd, defensive end Tracy Scroggins and strong safety Kurt Schulz.
Boyd had three years and $10 million left on his contract. Schulz was scheduled to make $5.5 million over the next three seasons, and Scroggins had one year at $875,000 left on his deal.
Arizona's Moore, a two-time Pro Bowl selection, said he was torn between playing for another team or retiring.
"When frustration sets in, all kinds of things creep into your mind," he said. "But I never consistently thought, 'I've had enough."'
Davis' case was a team showing loyalty to a player and vice versa, although he considered moving when the Broncos first asked him to restructure his contract.
Davis led the Broncos in rushing last season with 701 yards despite missing half the games. He played in only four in 1999 and five in 2000.
But in his first four seasons after being a sixth-round pick in the 1995 draft, he ran for 6,413 yards, becoming the third fastest to 6,000 yards in NFL history. He won the NFL MVP award in 1998 after rushing for those 2,008 yards, third highest single-season total ever. He also was voted Super Bowl MVP in Denver's win over Green Bay in January of that year.
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