According to Spotrac, Peters is scheduled to make $9.95 million in base salary this year, plus an extra $1 million in a signing bonus, and $250,000 in a workout bonus, putting his 2017 cap hit at $11.2 million.
If the Eagles wanted to, they could theoretically cut Peters and save $9.2 million against the cap. However, they would be cutting a Pro Bowl-caliber left tackle without a proven entity as a replacement, on an offensive line that could already be seeing one or two shakeups at center and left guard, if reports about the futures of Jason Kelce and Allen Barbre come to fruition.
The Eagles, thanks to a busy last offseason featuring hefty contracts handed out to Zach Ertz, Vinny Curry, and Fletcher Cox, are a bit strapped for cap space at the moment. A Peters re-structuring would give the team more wiggle room to pursue weapons to help second-year quarterback Carson Wentz develop into the franchise quarterback they hope he can be.