Cole Holcomb contract restructure means Steelers have something big in the works

With two weeks of Steelers training camp practices in the books, Cole Holcomb has yet to return to the practice field. The veteran linebacker began camp on the Physically Unable to Perform list (PUP) and as he nurses his way back from a gruesome knee injury he suffered halfway through the 2023 season.

Recent speculation from Gerry Dulac of the Pittsburgh Post-Gazette suggested that Holcomb is nowhere near ready to suit up and that Pittsburgh could waive the injured linebacker by the start of the season.

However, on August 2, Steelers fans received news they didn't expect.

NFL Insider Aaron Wilson reported that the Steelers have restructured the contract of Holcomb, adding $3.1 million in split and base guarantees to his contract.

Though we don't yet have all the details, this contract restructure makes it increasingly likely that Holcomb is on track to make the team. Adding these guarantees gives Holcomb more cash while lowering his base salary for the team.

What's interesting is the Pittsburgh Steelers already possessed over $15.94 million in effective cap space prior to this contract restructure, according to Over the Cap. This could be a sign that something big is brewing in the front office.

Steelers likely gearing up for a roster move or contract extension

Steelers fans are already beginning to speculate that a blockbuster trade could be in the works. The name they continue to circle back to is Brandon Aiyuk -- the talented 49ers receiver who has been rumored in trade talks all offseason.

The timing of this trade would make sense, as Roman Wilson is sidelined with an ankle injury, and there has already been interest on the part of the Steelers to add talent to the position before the season.

But something else could be in the works that's a bit more reasonable.

Freeing up additional money could mean that the Steelers are in the final stages of contract negotiations for one of their players entering a contract year. Perhaps it's tight end Pat Freiermuth or defensive lineman Cameron Heyward. Both players have expiring contracts following the 2024 season, and Omar Khan could be making a proactive move to get something done.

Freiermuth is looking for a bounce-back year after suffering a hamstring injury early in the 2023 season, while Heyward has made it clear that he's not going to give the Steelers a discount to stay in Pittsburgh.

All we know for sure at this juncture is the Steelers decided to restructure Cole Holcomb's contract. When they did this with Alex Highsmith just before the 2024 NFL Draft, nothing became of it. We'll see if things are different this time around.