Broncos' Salary-Cap Situation is Much Better Than Fans Think
Stop me if you have heard this before.
The Denver Broncos are screwed. The Broncos have no money and are tied to Russell Wilson and his contract.
Or so it goes.
There is no doubt that if Wilson does not bounce back from the exceedingly poor showing he displayed on the field in 2022, Denver is going to be in a tight spot for the next few seasons.
Whether keeping Wilson after the 2023 season and absorbing the large salary-cap hits in 2024 and beyond, or releasing him and incurring massive dead-cap charges following a post-June 1 release, the Broncos' immediate and long-term success is directly tied to Wilson regaining his pre-Denver.
Fortunately, while Wilson’s contract and play will continue to be a point of conversation and concern going forward, the Broncos do not find themselves in a poor position from a salary cap perspective.
Yes, the Broncos have by far the wealthiest ownership group in the NFL, and with those cash resources, the team can circumvent salary cap parameters better than NFL many teams. Still, the cap is an equalizer in the league.
Denver is tied to Wilson and a few other veteran players on the roster, but overall, the Broncos are not in a bad position when it comes to 2023. Denver does not have the absurd amount of cap space like the Chicago Bears or Atlanta Falcons, who likely will be tossing money around like no other teams this offseason, but the Broncos certainly don't have to sit on the sidelines in free agency.
According to a recent article by Pro Football Focus' Sam Monson, the Broncos are one of the eight teams in the NFL well-positioned for free agency this offseason.
Available Cap Space: $9,406,724
Effective Cap Space: $6,826,153
Believe it or not, despite Russell Wilson’s contract hanging around the team’s neck like a giant, corny albatross, the Broncos aren't actually in a bad spot when it comes to this offseason. The team only has around $7 million in effective cap space, but they can free up a colossal amount of money by restructuring contracts already in place.
Denver is effectively stuck with Wilson for at least another year, and their head coaching search is likely focused almost exclusively on a candidate’s ability to resuscitate Wilson’s career. Still, they do have the ability to ensure that they can build around him and alleviate some of the issues from 2022, such as an offensive line that ranked 20th in PFF pass-blocking efficiency after surrendering 167 pressures as a unit.
The Broncos certainly can free up a large portion of cap space if the team so chooses this offseason. By releasing offensive lineman Graham Glasgow, cornerback Ronald Darby, running back Chase Edmonds, and edge rusher Jacob Marin, Denver can effectively create an additional $30M in cap space with only $7M in dead cap.
Further, the Broncos could approach the likes of kicker Brandon McManus, defensive tackle Mike Purcell, left tackle Garett Bolles, and safety Justin Simmons with restructures to raise those players’ guarantees while lowering their respective cap hits for 2023.
Doing so could give the Sean Payton-led Broncos the cap space to be aggressive this offseason in their quest to improve the offensive line, further fortify the running back position, and add to their defensive front. Creating that cap space can also give the Broncos an avenue in setting up their 2024 cap to take on a potential dead-cap hit from Wilson if his play is so poor in 2023 and Denver feels obligated to move on from the quarterback.
The Broncos did roll over $10.6M from last year to this upcoming season, and they could do something similar again next year if they deem it advantageous.
The Broncos are certainly tied to Wilson, and as it stands right now, his contract looks horrible. He and Payton have to figure out how to improve his play and justify his contract.
However, for as poor as the trade and contract look right now, the Broncos are not in a horrific situation with their cap. On top of having exceedingly rich ownership now in charge, and a new head coach, the Broncos should not be limited this offseason in their pursuit of free agents to improve the roster.
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