The way I understand it (but may be very wrong) is that the rules don't allow contract values to be reduced within the time period of the contract, only upgraded. So as part of his extension we still need to pay his current contract value by the end October next year.
I would guess that the restructured offer of 2.3m over the next 3 years would be (his reported) 1.2m next season (though with some of that likely included in this year's cap) and probably an upgrade of say about 200k this season. Making his 24 and 25 salary about 450k per season. Which if you then add in the 100k concession it's only 350k on the cap.
Na man.... New contract.
Pretty sure we did the same with Rowdy.
We did the same with Stefano - Only difference is the money went the other way....