They can't restructure Brady's deal until August, that is correct, but what about an extension - can they do that before August?
I'm not sure. I believe that so long as it includes additional money for the year already under contract that they can only do it once a year, and the only way to get cap relief is with a new money component, but I don't really know how a new singing bonus would be treated and whether it constitutes new money within the term of the original contract. My instinct is that it must, because that is the exact reason for having the limit for once per year on deals that lower the current term cap hit by adding new money. So, while I think the rule would be violated in spirit, I cannot say for certain whether it would be violated in fact. But here's the not-exactly-clear language from the CBA:
"The contract of a Veteran Player may not be renegotiated to increase the Salary to be paid to the player during the original terms of the contract for a period of twelve months after the player’s most recent contract renegotiation. The first renegotiation of a Veteran Player Contract, however, may take place at any time."
And here's the definition of "Salary":
“Salary” means any compensation of money, property, investments, loans, or anything else of value that a Club pays to, or is obligated to pay to, a player or Player Affiliate, or is paid to a third party at the request of and for the benefit of a player or Player Affiliate, during a League Year