Posted by ESPN.com's Bill Williamson
The San Francisco Chronicle is reporting that Walker restructured his contract and will save Oakland $8 million in salary-cap room this season. The huge cut allows Walker to stay in Oakland and try to salvage his career with the team that gave him a six-year, $55 million contract last year.
Walker had a disastrous 2008, suffering an ankle injury that ended his season early. Three of Walker's past four seasons have been seriously affected by injuries. He had just 15 catches last season.
Because of his injury history and his advancing age (30), it may be too much to expect Walker to be an effective top receiver again. But he still has a chance to be a contributor.
This move was good for both Walker and the Raiders. Walker likely wouldn't have gotten much interest had he refused to take a pay cut and been released. The move gives the Raiders another option at receiver and clears up room.
Also, if the Raiders end up pursuing Terrell Owens, Walker will not get in the way because he will likely be a rotation receiver anyway.