After having his contract called "out of whack" by team president John Elway, Denver Broncos defensive end Elvis Dumervil agreed to reduce his salary.

Dumervil's 2013 salary was cut from $12 million to $8 million, according to ESPN NFL Insider Adam Schefter. Had Dumervil not agreed to the restructured deal by 4 p.m. ET, he faced the prospect of getting released.

Dumervil's deal also includes a $3.5 million guarantee on the second day of the league year in 2014.

"It's not all about dollars. But when it's way out of whack? Then it's so out of whack that you've got to say: That [salary] can't be it," Elway had said Thursday, according to the Denver Post. "Especially when you look at the market and what's out there now. It's so far out of whack. Hopefully, he realizes that."

Dumervil signed a six-year, $61.5 million contract in 2010 when Josh McDaniels was coaching the team and before Elway joined the Denver front office.