I have some doubt MacPherson has signed on reduced terms, if they are reduced it won't be massively reduced.
I'd be surprised if he accepted a large reduction in terms & a one year deal.
Often the compromise is if the player is going to accept a reduction in terms they'll get a longer contract. Although it's not like he's in a strong negotiating position.
I'd quite like Saints to go back to the kind of contracts they offered during the Tommy Wright days. Fairly average basic salary but good bonuses.