Tyrod Taylor isn't going anywhere.

Reaching a solution after rampant speculation about the two sides parting ways, the Buffalo Bills are keeping the veteran quarterback under the terms of a restructured contract, the team announced Wednesday.

"We are excited about the opportunity to keep Tyrod with the Bills," head coach Sean McDermott said in a release. '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 (Whaley) and I are confident this was best move for the Bills at this time."

A looming option on the contract extension signed last offseason had brought Taylor's status into doubt heading into free agency. For as promising as his play was over two years as the team's starter, it was unclear whether the Bills would be willing to lock in $30.75 million in guarantees by having him remain on the roster past the third day of the new league year.

Restructuring the terms of the initial agreement will presumably still get Taylor the money he initially earned, but it creates some flexibility for the Bills as they look to bolster the rest of the roster.

The new deal gives Taylor a $7-million signing bonus and lowers his 2017 cap hit from $16 million to under $10 million, according Vic Carucci of The Buffalo News.

Taylor completed 61.7 percent of his passes for 3,023 yards, 17 touchdowns, and just six interceptions last season, adding another 580 yards and six scores on the ground.

Buffalo will likely look to build the offense around the 27-year-old after securing his future with a new deal. The hiring of offensive coordinator Rick Dennison, who worked with Taylor as a quarterbacks coach in Baltimore, bodes well for the new-look unit making the most of his skill set.