Veteran punter Jeff Feagles, challenged not only by rookie Craig Jarrett but also by a wide disparity in their salary cap values, has agreed to void the final season of his five-year contract with the Seattle Seahawks and sign a new one-year deal.

The move will reduce his 2002 salary cap value by $712,000.

Seahawks coach Mike Holmgren said earlier this week that a decision between Feagles and Jarrett would not be financially motivated, and the contract maneuver by the veteran further reduces the chances he could be a salary cap victim.

Feagles, 36, was scheduled to earn a base salary of $975,000 for the 2002 season. It was the final installment on a five-year, $4.1 million contract the 14-year veteran signed with the Seahawks in 1998. He voided that deal and will now sign a one-year contract for $750,000, with a $25,000 signing bonus.

Because of a new rule that grants a team a cap discount for signing a veteran player to a minimum-salary contract, he will count only $475,000 against the Seattle spending limit for 2002. His previous 2002 cap charge was $1.187 million.

A sixth-round draft choice from Michigan State, the strong-legged Jarrett figures to have a cap charge of about $245,000 to $260,000 for the 2002 season.

Feagles is coming off a 2001 season in which he ranked fifth in the NFL in gross punting, with a 43.9-yard average. His net average of 36.4 yards also was in the top 10. For his career, Feagles has a gross average of 41.7 yards and a 35.7-yard net average.

Len Pasquarelli is a senior writer for ESPN.com.