According to Pat Yasinskas of ESPN safety Cody Grimm has taken a $500,000 pay cut to stay with the Buccaneers. Grimm was scheduled to make $1.323 million this season, so this would reduce his salary to a much more manageable $823,000.
Grimm was a seventh-round pick in 2010 and looked like a solid player in his rookie season, when he was forced to start for most of the season when Tanard Jackson found himself suspended for the season. Grimm's career was derailed with two season-ending injuries, however, and he was relegated to special teams duty only last season. Ahmad Black and Keith Tandy both got on the field at safety ahead of Grimm, and with Dashon Goldson's addition Grimm's chances of getting on the field as a safety appear to be slim.
In fact, his chances of remaining on the team seem a little slim, too, even with this pay cut. Unless his salary is now guaranteed, which is not out of the question.
Grimm's pay cut gives the Bucs around $18.25 million in cap space. The Bucs plan to extend Mike Williams' contract, and will happily roll over any remaining space to 2014. The Buccaneers will need all the cap space they can get next season.