Quarterback Tyrod Taylor will remain with the Bills under a restructured deal. (Harry Scull Jr./Buffalo News)

The Buffalo Bills announced Wednesday they have restructured Tyrod Taylor's contract to keep the quarterback with the team.

The deal covers five years and includes a $7-million signing bonus, the Buffalo News has learned. Taylor's salary cap number for 2017 will be reduced from $16 million to just under $10 million, a source familiar with the agreement said.

After the first two seasons, the deal will run on a year-to-year basis.

McDermott: Restructuring Taylor's contract was 'best move for the Bills at this time'

The move made it clear the Bills were not prepared to keep Taylor under the terms of his previous agreement, which called for him to receive $30.75 million in guaranteed money if he remained on the roster past Saturday.

"We are excited about the opportunity to keep Tyrod with the Bills," coach Sean McDermott said in a statement released by the club. "I've gotten a chance to know Tyrod and study him over the past several weeks and he is both a great person and competitor. Doug and I are confident this was best move for the Bills at this time."

Tyrod Taylor's teammates pumped to see him stay with Bills

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