The Panthers continue to make moves to get under the salary cap by the March 12 start of the league year.
Tight end Greg Olsen has restructured his contract, converting base salary to bonus money in a move that created $2.4 million against the cap, a source with knowledge of the situation said Friday.
With the cap expected to be at $123 million, according to an NFL.com report, Olsen's restructuring leaves the Panthers approximately $6.6 million over the cap.
Olsen becomes the fourth player to restructure his deal this offseason, joining center Ryan Kalil, running back Jonathan Stewart and free safety Haruki Nakamura.
The Panthers are expected to release a pair of veteran defensive starters cornerback Chris Gamble, who has a cap figure of $10.9 million, and defensive tackle Ron Edwards ($3.3 million cap number).
Cutting Gamble and Edwards would free up $10.4 million against the cap.
Olsen, 27, who is signed through 2015, was scheduled to make $3.75 million in base salary this year. His total compensation will not change, but the shift of the base to bonus money is more cap-friendly for the Panthers, the source said.
Olsen is coming off the best season by a tight end in Panthers' history. He caught 69 passes for 843 yards to break Wesley Walls' single-season records in each category.