Broncos Salary Cap Update After Flurry of Roster Cuts & Tweaks
Going into the 2024 offseason, the Denver Broncos were projected to be above the salary cap by a fair amount. After several moves made last week, the Broncos have rectified that situation.
The Broncos made one somewhat surprising move: They released safety Justin Simmons, traded wide receiver Jerry Jeudy, renegotiated the contract of wide receiver Tim Patrick, and released tight end Chris Manhertz. The team also restructured the contract of offensive tackle Mike McGlinchey.
In doing so, the Broncos now have $30.5 million in cap space with 59 players under contract. This puts the team in a better position than they were a week ago. However, it doesn't include the new two-year deal worth up to $9M given to safety P.J. Locke.
In getting there, the Broncos converted Patrick's salary to the veteran minimum of $1.125M, plus a $170,00 per-game roster bonus, though the team likely added incentives to the contract. Any incentives would apply to the 2025 cap.
McGlinchey's deal saw his base salary of $15M reduced to $1.125M with the remainder converted into a signing bonus. The Broncos also added a void year in 2028 for cap purposes.
However, even though the Broncos now have more cap space to work with, that doesn't mean they can spend big in free agency. After going big in free agency last year, the Broncos need to be wiser when it comes to utilizing available cap space.
GM George Paton has already said that the Broncos won't be as active as last year in the first wave of free agency, but they could be active in the second wave, where there's a better chance for value deals.
There's also the matter of how Russell Wilson's release will be handled. The Broncos could now choose to decline his 2024 option bonus and take the full brunt of the cap impact from that guaranteed money.
Doing so would mean a $53M dead-money charge with a post-June 1 designation, as opposed to a $35.4M dead money charge with that designation but exercising the option bonus.
Also, with the Wilson contract, there's the question of how much of his 2024 salary will be offset. While it's expected a new team would sign him for the veteran minimum, we've seen stranger things happen.
The Broncos may not be done with making moves, either. As of this writing, defensive tackle D.J. Jones is still on the roster and could be released or have his salary reduced. It's also possible the Broncos trade another player.
Regardless, the Broncos are in a better position as far as the cap goes. Just don't expect them to make a splash in free agency this time around, given that all signs suggest they are entering a rebuild.
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