Vannett restructured his contract with the Saints on Wednesday, dropping his base salary from $2.6 million to $1.035 million, Field Yates of ESPN reports.
The move free's up $1.55 million in cap space for New Orleans, while Vannett sticks around as a third tight end option in 2022. The 29-year-old has proven himself to be an effective run blocker while he also caught nine passes for 133 yards and a touchdown over seven games with the Saints last season.