I know I had read some things recently about the St. Louis Rams potentially parting ways with 2011 3rd round draft pick Austin Pettis, but it would now seem as if his roster spot is safe moving forward.
Per a source, Pettis agreed to a $481,000 pay cut, reducing his base salary from $1.431 million to $700,000 and also receiving a $250,000 signing bonus. This is a common type of contract negotiation that occurs in the late summer where a borderline player is essentially offered a guarantee in return for taking a pay cut. Pettis will still be a free agent after the season.
The Rams have likely reworked at least one other contract in order to comply with the salary cap. As soon as we know which that is we will get it out there and update their cap tables accordingly.
View Austin Pettis Salary Cap and Contract Page