One-time Pro Bowl defensive end Will Smith agreed to restructure his current contract with the New Orleans Saints today. By restructuring, Smith will take less money and the Saints will save $5 to $6 million of salary cap space.

Smith was scheduled to chew up more than $10 million of cap space under his old deal. With the projected salary cap (NFL hasn't released official number yet), the Saints are currently somewhere in the vicinity of $20 million under the cap.

Mickey Loomis and the Saints front office have a lot of work to do before free agency begins on March 13th. Currently knee deep in contract negotiations with quarterback Drew Brees, the Saints have 15 other unrestricted free agents.

Expect to see the Saints ask other players to restructure their current deals. Based on the potential cap hits under current contracts, possible restructuring candidates include Jonathan Vilma ($7.4 million cap hit), Sedrick Ellis ($7.4 million cap hit), and Devery Henderson ($3.6 million cap hit).