Bowen was set to count $4 million against the cap this season, but now will count roughly $2.1 million.
Bowen agreed to reduce his base salary from $4 million to $1.6 million. He has a chance to earn some of that money back through playing-time incentives totaling $1.45 million and per-game roster bonuses totaling $750,000.
According to NFLPA records, Washington now has $4,170,393.00 in cap space.
The 30-year-old Bowen is entering his fourth season with the Redskins. He missed six games last season due to a knee injury and had to have microfracture surgery late in the year. He has yet to fully recover and opened training camp on the physically unable to perform list.
Staff writer Mark Maske contributed to this report.