Penn was previously scheduled to earn $6 million in base salary for both the 2018 and 2019 seasons, with $3 million guaranteed for the 2018 campaign. As part of the restructuring, Penn will reportedly receive more guaranteed money over the next two seasons, according to the Las Vegas Review-Journal's Michael Gehlken.
The 35-year-old has been named to the Pro Bowl in consecutive seasons, while also earning a selection in 2010. Penn remains on the physically unable to perform list while recovering from foot surgery that he underwent in December 2017.
Penn hadn't missed a start since 2007 prior to last season's injury.