Broncos 7-Point Offseason Plan to Free Up Cap Space in 2023
The Denver Broncos will enter the 2023 offseason with $9.3 million in salary cap space with 63 players under contract. At first glance, it would appear the Broncos don't have the flexibility to be active in free agency.
However, that's not the case. Chances are the Broncos will cut at least a couple of players, along with renegotiating salaries to bring cap numbers down and possibly do a restructure (converting money into a signing bonus to lower a cap number) if necessary.
The other thing to keep in mind is that the top-51 cutoff takes effect in the offseason. Players with smaller cap hits don't count toward the cap, thus giving the Broncos added flexibility in making offseason moves.
I'm now presenting the first installment of my offseason game plan, where, each year, I break down the key moves the Broncos should make in preparation for free agency. These moves will get the Broncos into a better cap position for the offseason while filling out the roster to a certain degree.
Let's go over seven things I would do in preparation for the 2023 free agency period.
1. Cut OL Graham Glasgow & DL Mike Purcell
The Broncos renegotiated Glasgow's salary last year, reducing his base salary to $3.1M with $1.4M in incentives. I'm not expecting Glasgow to agree to another renegotiation, so it's best to cut him and save $11M in cap and cash.
Purcell has been a solid contributor, but it's not a given he'll fit the scheme that the new defensive coordinator will run. This would be a case of doing right by a player by cutting him and allowing him to join a team with whom he will better fit.
Cap Space After Cuts: $23.8M
2. Renegotiate CB Ronald Darby & RB Chase Edmonds Contracts
Darby has played well when healthy, but the fact he has missed so many games in his career means he's not worth a $9.5M base salary. Edmonds has shown he can be a solid contributor, but his $5.66M base salary is too high for a player who will likely be the No. 2 back in the offense.
My proposal is to reduce Darby's base salary from $9.5M to $4.5M and make it fully guaranteed. His $500,000 per-game roster bonus remains the same, and he can earn $3M back in incentives.
As for Edmonds, I propose reducing his base salary to $2.6M and making it fully guaranteed while leaving the $340,000 per-game roster bonus in place. He can earn back $2M in incentives.
Cap Space: $31.4M.
3. Keep OLB Jacob Martin
Some people have suggested cutting Martin to give the Broncos additional cap space. He is due $4.25M in base salary, with $1M fully guaranteed.
While cutting Martin would save $3.8M in cap space, and the Broncos could get offsets from his fully guaranteed salary, the Broncos have no guarantee of finding a comparable player for a similar amount of money.
It's best, therefore, to keep Martin. The Broncos won't gain that much in cap space by cutting him, and they aren't likely to find another edge rusher in free agency who would be an upgrade and cost the same as Martin.
4. Leave OT Garett Bolles' Contract Alone (but Consider a Restructure if Necessary)
Bolles is due $13.75M in base salary, and it remains to be seen if he'll play at the same level he did prior to his injury.
However, if Bolles was cut or traded, the Broncos would have to find yet another offensive lineman in free agency. They already need a right tackle and at least one interior offensive lineman, so it's best to keep Bolles.
If necessary, the Broncos could approach Bolles about renegotiating his salary. However, the Broncos should be able to add players in free agency without having to do that.
5. Restructure FS Justin Simmons's Contract
While I'm not enthused about restructuring contracts and using void years, I am okay with doing it with Simmons. This is primarily because the expectation is that he should finish out the final two years of his contract.
A restructure does increase Simmons' cap hit in 2024, but the Broncos can free cap space by letting other players go, such as Bolles, Randy Gregory, and Tim Patrick. Thus, a restructure for Simmons shouldn't hurt the Broncos too much.
The restructure I propose would convert $8M of his $14.4M base salary into a signing bonus with two void years added for cap purposes. This reduces Simmons' cap hit for 2023 to $12.15M, while increasing his 2024 hit to $20.25M.
Cap Space: $37.4M.
6. Tender All Exclusive Rights Free Agents
The Broncos' ERFAs are Jonas Griffith, Quinn Bailey, Corliss Waitman, and Jonathan Kongbo. An ERFA tender is a low-cost salary for less than $1M that isn't guaranteed.
The only reason not to tender an ERFA is if he has a significant injury that puts his career into question or if he has a significant off-field issue. Because the money isn't guaranteed, the Broncos can always release the player if they find somebody better.
Cap Space: $37.3M.
7. Re-Sign RFAs Essang Bassey, P.J. Locke & Jacob Bobenmoyer (1-Year Vet Min)
While Bassey, Locke, and Bobenmoyer aren't worth the right-of-first-refusal tender (expected to be $2.62M), they can all be brought back on a one-year deal with no guaranteed money, meaning the Broncos could move on if they find a better player elsewhere.
In my proposal, they are brought back for the minimum salary for their years of services, which is a little more than $1M. That is a fair price to pay for depth players like Locke and Bassey and for a long snapper like Bobenmoyer.
Cap Space: $36.8M.
Bottom Line
At this point, the Broncos would have enough cap space to work with to either bring back certain players or add others in free agency.
The Broncos do have another option to free cap space by trading players. However, a trade should only happen if the Broncos get a good offer for a player, and they should avoid trading away players on a rookie deal unless it's clear the player doesn't fit into their future plans.
As far as the needs the Broncos should address in free agency, I listed those targets in this article.
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