Chargers looking to create cap room

November 11, 2012; Tampa, FL, USA; San Diego Chargers defensive end Antonio Garay (71) works out prior to the game against the Tampa Bay Buccaneers at Raymond James Stadium. Mandatory Credit: Kim Klement-USA TODAY Sports

The Chargers are in the midst of trying to free up some money. With free agency just around the corner, the Bolts seem to be wanting to have some much needed spending money. Currently, they’re about $8 million under the salary cap. This past week, Tom Brady and Ben Roethlesberger both restructured while Joe Flacco got paid. The Chargers haven’t mentioned Philip Rivers name in any contract talks, yet. Both Rivers and safety Eric Weddle have said that they would be willing to restructure but neither have been contacted about doing so.

Rumors have been circulating that the Chargers are close to cutting nose tackle Antonio Garay. After signing a two-year deal last season, he’s due to make $3.5 million this season as opposed to his $825,000 salary last season with a $750,000 signing bonus. If he’s cut, he’ll only be owed the prorated $375,000 left from his signing bonus, giving the Bolts an immediate sum of money.

If Garay is let go, there’ll be another need to fill: defensive tackle.

Veteran tight end Randy McMichael has also been rumored to be on the list of possible players to be let go. He’s due a base salary of $1.25 million. It hasn’t been said one way or the other if he’ll be back with the Chargers or not.

Dec 16, 2012; San Diego, CA, USA; San Diego Chargers inside linebacker Takeo Spikes (51) runs out of the smoke during pregame introduction before a game against the Carolina Panthers at Qualcomm Stadium. Mandatory Credit: Jake Roth-USA TODAY Sports

Lastly, is linebacker Takeo Spikes. His name hasn’t floated around in cut talks, but in restructuring talks. 2013 will be the final season of his three-year deal and he’s set to make $3 million in 2013, just up from his $2.85 million from 2012. He carries one of the biggest cap hits for 2013 with a $3.7 million cap value.

San Diego isn’t in desperate need for cap space but if they want to make a serious run in free agency, every dollar helps.

Free agency starts March 12th at 1 pm ET. 

You can follow Matt on Twitter @Welch1048.