Kyle Long taking a pay cut was great news. It did the Chicago Bears a huge favor as they do not have much salary cap space. It also ensured that he will finish his career with the Bears.
However, the Bears could have saved more money letting him go altogether. it is also fair to wonder if he would get any more money had he hit the open market.
He likely would have tested his value and came back to Chicago at the same reduced price he just took. This is a player over the age of 30 who have started 25 games in the past three seasons.