Wells is currently in his 3rd year of his 4 year contract that he signed with the Rams when he was a free agent in 2011. Here's more information on his contract from Yates.
Wells had his base salary for 2014 reduced from $5.5 million to $1 million, though he received a roster bonus of $1.65 million upon execution of the restructure and can earn up to $850,000 in per game roster bonuses for the 2014 season.
He also reduced his 2015 base salary from $5.5 million to $2 million, but his 2015 compensation now includes $1.75 million to be earned in the form of a roster bonus.
Now, it looks like Wells decided to take a big pay cut this season. He's been the Rams starting center for the last two years, but it's not a surprise to see him taking this type of deal. Wells has been an injury risk his last two seasons with the Rams - only playing 7 games in 2012 - and although he did play 12 games in 2013, he did fracture his fibula. Also, the Rams could have another starting caliber center on their roster. Tim Barnes filled in for Wells late in the season and the offensive line play didn't seem to suffer too badly. Plus, don't forget the Rams did draft Barrett Jones in the fourth round last year, and it wouldn't be a surprise if the Rams think he could be the future at center.
The restructure creates $2.2125 million in immediate cap space for the Rams for 2014 and another $1.75 million in cap space for 2015.
This restructure was a good move by the Rams. Wells hasn't been one of the best centers since he's been in St. Louis. But the Rams return a starter who will have a really affordable contract, while waiting to see if one of their young centers can develop.