According to Roy Cummings of the Tampa Tribune, the Tampa Bay Buccaneers are trying to "rework" Darrelle Revis' contract. The cornerback is refusing to do so, however, according to Tom Krasniqi of 620 WDAE. In this case, reworking and restructuring means: take a pay cut. The Bucs have the right to unilaterally restructure his contract, pushing cap hits into the future, but that is apparently not an option.
It's no surprise that Revis would be unwilling to take a pay cut. After all, he's orchestrated multiple holdouts and negotiated the richest contract for a cornerback in history. Money matters to him. A lot. And it makes sense, too: he won't make $16 million if he hits the open market, but he'll still get plenty of cash. And a bidding war in free agency is likely to get him a bigger salary than a pay cut with the Bucs.
The question for the Bucs then becomes: how do they fill the hole at cornerback created by Revis' release?