The restructured deal keeps McLeod with the team for the upcoming season and reduces his cap hit. McLeod's previous contract signed him through the 2020 season with a cap hit of $9.9 million. Financial details of the agreement were not disclosed.
"It's a very exciting time," McLeod told the team's official website. "Honestly, Philly is where I want to be. I'm glad we were able to get things done and handled early on. I really get to focus more on rehab and getting back out there with the boys and getting back to making plays for the team this year."
McLeod joined the Eagles as a free agent before the 2016 season after spending four seasons with the then-St. Louis Rams. The Rams signed McLeod after he went undrafted in the 2012 NFL Draft.
McLeod suffered a season-ending knee injury in Week 3 against the Indianapolis Colts in the 2018 season. The safety said he expects to be ready for the beginning of the 2019 campaign.
"It was rough. It was probably one of my hardest years honestly physically, more so mentally, being involved in the game and not being able to play and be able to reflect now on the season with my teammates," McLeod said. "You cherish those moments the most and that's what I missed -- celebrating, making plays, and making a difference, and so I felt like I let my teammates down for not being out there.
"But at the end of the day, I'm thankful for them and thankful that I'm able to come back next season ready to go."
McLeod has 372 total tackles, 11 interceptions, nine forced fumbles, eight fumble recoveries and 35 passes defensed in 97 career NFL games.