NFL Draft Bust Takes A $10 Million Pay Cut From The Kansas City Chiefs

Jackson was set to make $14.72 million — way more than what he's worth on the open market. The Chiefs were going to cut him if he didn't restructure his contract, and ultimately he agreed to reduce his base salary to $4.2 million, Garafolo reports.

Jackson was picked third-overall in the 2009 NFL Draft, but he has been a big-time bust. He only has five sacks total in four season.

The Chiefs have been by far the most active team in the pre-free agency period of they NFL calender. They cleared out the entire front office and coaching staff from last year and brought in Andy Reid.

The new coach acted quickly, trading a second-round pick this year and another pick next year for 49ers back-up Alex Smith. Then, at the 11th hour of franchise-tag deadline day, they gave wide receiver Dwayne Bowe ~$10 million per year, franchised offensive tackle Brandon Albert (another $10 million), and turned Dustin Colquitt into the highest-paid punter in NFL history.

Yesterday they cut Eric Winston less than a year after he signed a four-year, $22 million contract with the team.

Andy Reid is making moves, and Jackson would have been a causality if he hadn't been willing to take $10 million less this year.