Chad Ochocinco has been approached by the New England Patriots to restructure his contract, according to Liz Mullen of the Sports Business Journal. After catching just 15 passes for 276 yards last season, the veteran receiver is likely to take a pay cut to give the Pats more room under the salary. Ochocinco is currently set to make $3.1 million next season in New England.
Ochocinco signed a 3-year, $11.5 million deal with the Patriots in July of 2011 to help facilitate a trade away from the Cincinnati Begals. Since, it's fair to say he hasn't quite lived up to his price tag. If a mutual deal can be struck, Ochocinco would be able to stay with the Super Bowl runners-up, and the Pats would gain more flexibility to re-sign free agent priorities like Wes Welker, BenJarvus Green-Ellis, and Shaun Ellis.
Ochocinco could still be headed for an outright release, especially if he pushes back against a pay cut. It's difficult to see him suddenly regaining his prime considering he will be 34 next season.