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The Bills have agreed to terms with Taylor on a restructured contract, the team announced Wednesday.

"We are excited about the opportunity to keep Tyrod with the Bills," head coach Sean McDermott said in a statement. "I've gotten a chance to know Tyrod and study him over the past several weeks and he is both a great person and competitor. Doug and I are confident this was best move for the Bills at this time."

The Bills had to choose whether to pick up the $27 million option bonus by March 11 or cut ties with the quarterback.

While there are faults in Taylor's play, the lack of other options had to be a major factor in keeping him in Buffalo -- that and his willingness to rework his contract.

Taylor, 27, has been the Bills’ starter for the last two seasons and has thrown 37 touchdown passes in that time. His agreement to stay in Buffalo affects the quarterback market and might directly affect the plans for several teams as Taylor was expected to draw immediate interest had he hit the open market.

And that's the key here.

In an NFL where there aren't enough truly starting-caliber quarterbacks to go around, why would you let go of one who's proven at least capable of developing into that given the right circumstances?

Remember, with Sammy Watkins slowed by ongoing foot issues last season, I could easily argue -- and ESPN.com Bills beat writer Mike Rodak confirmed to me multiple times over the course of the 2016 season -- Taylor was working with the worst starting receivers in the NFL. All due respect to players like Robert Woods, who is best suited to a No. 2 role, Marquise Goodwin and Justin Hunter, they simply weren't capable of threatening opposing secondaries in a manner that might maximize Taylor's abilities.

With a new head coach, McDermott, who hired Rick Dennison, who was quarterbacks coach in Baltimore during Taylor's four-year stint as a Raven, as his offensive coordinator, perhaps things can change this year.

If nothing else, Taylor will continue to benefit from a strong rushing attack led by LeSean McCoy. And if Watkins can regain the form that made him the NFL's most dangerous deep threat over the final nine games of the 2015 season, the mobile, athletic Taylor might be somebody the Bills and fantasy owners can work with.

One last note here. ... Taylor has been "medically cleared" following his January groin surgery.