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Sure, the timing of it was bad, but restructuring and keeping one of the 5 best WRs in football is better than trading him to Philly for Lito and a pick and taking the massive cap hit... Other than the timing and them waiting to long to realize it was going to be a problem, there's nothing botched about it.
The timing is exactly why it was botched. They cost themselves at least Faneca and Pace by dragging their feet on a deal that could have been made monthsearly. It's one of the worst management moves I can recall. Yes, it was best for them to restructure and keep him no matter what. But they absolutely shotthemselves in the foot by waiting. Now they have a WR in Boldin who sees Fitz getting more money than him when Boldin is just as good, if not better than Fitz.