According to ESPN's Field Yates, the Ravens did just that on Thursday, the second day of free agency.
Baltimore generated $5.625 million in cap savings by converting $7.5 million of Williams' base salary into a bonus, which can be spread over the four remaining years of his contract. It's important to note that Williams didn't take a pay cut. This is just a cap maneuver where a team creates immediate cap room by pushing the cap hit into future years.
In 2018, Williams' cap figure drops from $11.545 million to $5.92 million (which creates the $5.625 in savings). But his cap numbers increase by $1.875 million in 2019, 2020 and 2021. His cap hit in 2019 is now $14.17 (after initially being $12.295).
The Ravens had $12.2 million in cap space entering Thursday, according to the ESPN Roster Management System. That's before the contracts of wide receivers Ryan Grant and John Brown become official (they have to pass physicals) and the restructuring of Williams' contract.
This is the second straight year that Baltimore has restructured the contract of Williams, who signed a five-year, $52.5 million deal last offseason. The next candidate to get restructured is safety Tony Jefferson. The team can free up an additional $3.33 million with that move.
This offseason, the Ravens have created $17.175 in cap savings by parting ways with four players (wide receiver Jeremy Maclin, defensive back Lardarius Webb, running back Danny Woodhead and offensive tackle Austin Howard) and restructuring the contract of Williams.